A New York court has fined former President Donald Trump over $350 million for fraud related to his business empire, also barring him from running companies in the state for three years. This ruling comes after an extensive investigation found Trump guilty of inflating his net worth to secure better loan terms. Trump has announced intentions to appeal the decision, labeling the case as a witch hunt. This case adds to a series of legal challenges for Trump, who is also the front runner for the Republican Party presidential nomination.
A New York court fined Donald Trump over $350 million for fraud involving his business practices.
Trump is barred from running companies in New York for three years.
The case found Trump guilty of inflating his net worth to secure better loan terms.
Trump vows to appeal the decision, condemning it as a witch hunt.
The investigation spanned three years, involved more than 40 witnesses, weeks of trial testimony, and thousands of pages of evidence.
Financial penalties were also levied against Trump’s adult sons, Eric and Donald Jr., and several former Trump Organization executives.
Trump’s legal challenges may influence donor support for his presidential campaign.
Forbes estimated Trump’s net worth at around $2.6 billion in 2023, with $426 million in cash and liquid assets available for legal obligations.
Bloomberg estimated that the $453 million fine could consume up to 15% of Trump’s net worth.
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