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Trump liable for $354.9M in civil fraud case, New York judge rules

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Former U.S. president Donald Trump, his adult sons and his New York business entities were fined a total of US$364 million on Friday, over what the judge ruled was a years-long scheme to fraudulently inflate the value of their assets to secure favourable loans from banks.

Trump will also be barred from serving as an officer or director of any New York state corporation or applying for loans from New York financial institutions for three years. His sons Donald Trump Jr. and Eric Trump, who co-run the Trump Organization, will be barred from New York businesses for two years, Judge Arthur Engoron ruled.

But the ruling also saw Engoron back away from a prior decision that would have dissolved the former U.S. president’s companies in the state. Instead, he said his appointment of a pair of independent financial overseers makes the cancellation of Trump’s business licenses “no longer necessary.”

Global's Reggie Cecchini reports.

For more info, please go to https://globalnews.ca/news/10299317/trump-ny-civil-fraud-trial-verdict/

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Category
U.S. & Canada
Tags
global news, donald trump, donald trump jr
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