In an unprecedented turn of events, a New York court has sentenced Donald Trump to pay a staggering $354.9 million, equivalent to over 128 billion Hungarian forints at Friday's exchange rate, in a civil case for misleading banks.
Former President
Donald Trump has been ordered by the court to pay a fine of $354.9 million for fraudulently inflating his assets in an effort to deceive creditors, according to a ruling handed down by a New York court last Friday.
Justice Arthur Engoron also barred Trump from serving as an officer or director of any New York company for three years, reports Reuters.
However, the judge presiding over the civil case set aside his previous decision from September that ordered the "dissolution" of companies steering the pillars of Trump's real estate empire, deeming it unnecessary since he plans to appoint an independent monitor to oversee Trump's businesses.
In the lawsuit brought by New York Attorney General Letitia James, Trump and his family enterprises were accused of overvaluing their net assets by as much as $3.6 billion per year over a decade to deceive bankers for more favorable loan terms.
Alina Habba, Trump's attorney, stated following the verdict announcement that the judgment represented "an obvious injustice" and the "culmination of a multi-year, politically motivated witch hunt."
“This case is not just about
Donald Trump - if this decision stands, it will signal to every American that New York is no longer open for business,” said Habba, adding that she plans to file an appeal.
If Trump is eventually compelled to pay, the payment would significantly reduce his financial resources above previous judgments, potentially undermining his image as a successful businessman. Meanwhile, Trump is facing four additional criminal investigations and one more civil lawsuit.