Extract from ABC News
Donald Trump must pay $US354.9 million ($A543m) in penalties for fraudulently overstating his net worth to dupe lenders, a New York judge has ruled, handing the former US president another legal setback in a civil case that imperils his real estate empire.
Justice Arthur Engoron also banned Mr Trump from serving as an officer or director of any New York corporation for three years.
Justice Engoron cancelled his prior ruling from September ordering the "dissolution" of companies that control pillars of Mr Trump's real estate empire, saying on Friday that this was no longer necessary because he is appointing an independent monitor and compliance director to oversee Mr Trump's businesses.
In the ruling, Justice Engoron wrote that Mr Trump and the other defendants in the case "are incapable of admitting the error of their ways".
"Their complete lack of contrition and remorse borders on pathological," Justice Engoron wrote.
"Instead, they adopt a 'see no evil, hear no evil, speak no evil' posture that the evidence belies."
The lawsuit brought by New York Attorney General Letitia James accused Mr Trump and his family businesses of overstating his net worth by as much $US3.6 billion a year over a decade to fool bankers into giving him better loan terms.
Mr Trump's lawyer, Alina Habba, said in a statement that the ruling was a "manifest injustice" and "culmination of a multi-year, politically fuelled witch hunt" against him.
"This is not just about Donald Trump — if this decision stands, it will serve as a signal to every single American that New York is no longer open for business," Ms Habba said, adding that she plans to appeal.
Mr Trump and his adult sons, Don Jr and Eric, were defendants in the case. Don Jr and Eric Trump were each ordered by the judge to pay $US4 million.
Mr Trump has denied wrongdoing and called the case a political vendetta by James, an elected Democrat.
Ruling a blow to Trump's real estate empire
The civil fraud case could deal a major blow to Mr Trump's real estate empire as the businessman turned politician leads the race for the Republican nomination to challenge Democratic President Joe Biden in the November 5 US election.
Justice Engoron had previously ruled in September that Mr Trump had engaged in fraud and ordered his business empire be partially dissolved.
Friday's ruling came after a contentious three-month trial in Manhattan.
During defiant and meandering testimony in November, Mr Trump conceded that some of his property values were inaccurate but insisted banks were obligated to do their own due diligence.
He used his occasional court appearances as impromptu campaign stops, delivering incendiary remarks to reporters and insisting his enemies are using the courts to prevent him from retaking the White House.
Mr Trump is cruising to the Republican nomination despite a host of other legal troubles.
He is under indictment in four criminal cases, including one in New York related to hush money payments he made to a porn star ahead of the 2016 election.
The judge overseeing that case on Thursday set a March 25 trial date over the objections of Mr Trump's lawyers, who sought to delay it due to his crowded legal and political schedule.
Mr Trump has also been charged in Florida for his handling of classified documents upon leaving office and in Washington and in Georgia for his efforts to overturn his 2020 election loss.
He has pleaded not guilty in all four cases.
Reuters
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