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Former US President Donald Trump faces a hefty fine of $354.9 million (£281.6 million) following a civil fraud trial in New York. Including interest, he must pay at least $453.5 million (£359.9 million).
According to a report on Sky News, the verdict also imposes a three-year ban on Trump and his sons, Eric and Donald Jr, from running businesses in New York. Additionally, Trump Organization is barred from seeking loans from New York financial institutions for three years.
The trial stemmed from allegations that Trump inflated his wealth in financial statements to secure loans and deals. Judge Arthur Engoron, in an earlier ruling, found Trump guilty of exaggerating his finances.
Trump, expressing his frustration on his Truth Social platform, criticized the decision, labeling it a "sham" and accusing the judge and prosecutors of bias. He vowed to appeal, claiming to be the victim of a political witch hunt orchestrated by President Joe Biden.
His lawyer, Alina Habba, denounced the ruling as a "manifest injustice" fueled by politics. New York Attorney General Letitia James sought $370 million (£294 million) and a ban on Trump and others from business activities in the state.
The fine poses a significant threat to Trump's real estate empire, a cornerstone of his public persona and political career.
Judge Engoron's ruling included a scathing assessment of Trump's conduct, calling the fraud "shocking" and highlighting a lack of remorse. Trump's sons were also ordered to pay fines.
Despite Trump's claims of innocence, the court found substantial evidence of wrongdoing, including inflated financial statements and defamatory remarks against court staff.
Trump faces other legal battles, including criminal investigations in New York and charges in Florida, Washington, and Georgia. Despite the hefty fine, Trump avoids jail time as the case remains civil rather than criminal.
[With information sourced from Sky News]
