In the ruling, Donald Trump was also barred from operating a business in NY for three years
Former President Donald Trump, his sons, associates, and businesses were ordered to pay around $364 million yesterday in the New York civil fraud case alleging he inflated wealth to gain lower interest rates from banks.
NY Judge Arthur Engoron announced the ruling, which includes that Trump and his various organizations pay nearly $355 million, sons Eric and Donald Jr. pay more than $4 million, and business associate Allen Weisselberg pays $1 million.
The penalties could cost Trump 13% to 18% of his money, according to Forbes and the NY Attorney General’s office.
Trump criticized the judgment as politically motivated and plans to appeal. He won’t have to pay the amount while the higher court considers his case.
Other penalties
- Trump was also barred from operating a business in NY for three years, while his sons, Eric and Trump Jr., were barred for two years.
- Trump associates Weisselberg and Jeffrey McConney were permanently banned from controlling the finances of any NY businesses.
Friday’s ruling is Trump’s second major courtroom loss in two months. Last month, a Manhattan jury ordered him to pay over $83 million in damages for defaming writer E. Jean Carroll.
Trump faces several cases totaling 91 felony counts as he pursues the Republican presidential nomination.