Trump appeals $355 million ruling in NY civil fraud case

26/02/2024

breaking news

Donald Trump on Monday appealed a judge’s decision to impose $354.9 million in penalties on the former president and curtail his ability to do business in New York state for fraudulently exaggerating his net worth to secure better loan terms.

Trump asked an intermediate-level state appellate court to overturn Justice Arthur Engoron’s Feb. 16 ruling in a civil fraud lawsuit brought in 2022 by New York Attorney General Letitia James.

The penalties, along with sizable jury awards in two other civil cases, could become a drain on Trump’s cash reserves and hobble parts of his real estate empire as he pursues the Republican nomination to challenge President Joe Biden in the Nov. 5 US election.

James, a Democrat, accused Trump in the lawsuit of overstating his net worth by as much as $3.6 billion in financial statements provided to banks. Trump has accused James and Engoron of political bias against him.

In addition to imposing the monetary penalties, Engoron’s decision barred Trump from running a corporation in New York or seeking loans with banks chartered or registered in the state for three years. The judge also enhanced the powers of a court-appointed financial watchdog at the Trump Organization, the umbrella entity for the former president’s business ventures.

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