Former US President Donald Trump, his sons and associates have been directed to pay USD 355 million to New York state for lying about the values of his properties, a judge ruled on Friday.
Judge Arthur Engoron also banned Trump from serving as a company director or taking out loans from banks in the state for three years.
“The frauds found here leap off the page and shock the conscience,” Judge Arthur Engoron wrote in his decision as quoted by The Guardian.
“Overall, Donald Trump rarely responded to the questions asked and he frequently interjected long, irrelevant speeches on issues far beyond the scope of the trial. His refusal to answer the questions directly, or in some cases, at all, severely compromised his credibility,” Engoron wrote.
The judge continued the appointment of an independent monitor, ordered the installation of an independent director of compliance and limited defendants’ right to conduct business in New York for a few years, reported Xinhua news agency.
Donald Trump, Allen Weisselberg, and Jeffrey McConney are each banned from serving as an officer or director of any New York company for three years.
Allen Weisselberg and Jeffrey McConney are additionally banned from serving in a financial management role in any New York company for life.
Donald Trump Jr. and Eric Trump are banned from serving as an officer or director of any New York company for two years.
Donald Trump and his companies are banned from applying for loans from any New York bank or financial institution for three years.
A new, Independent Director of Compliance role will be created at the Trump Organization to ensure the company establishes internal protocols and meets financial reporting obligations.
Moreover, Weisselberg, as well as Donald Trump Jr. and Eric Trump, were fined USD 1 million, USD 4.01 million and USD 4.01 million, respectively.
Donald Trump reacts
Criticising the verdict, Trump was quoted as saying by BBC: “A crooked New York state judge just ruled I have to pay a fine for $355m for having built a perfect company.”
“It’s a very sad day for – in my opinion – the country,” he said.
New York Attorney General Letitia James described the verdict as a victory for the state
“Today, justice has been served. This is a tremendous victory for this state, this nation, and for everyone who believes that we all must play by the same rules — even former presidents,” she said.
“Now, Donald Trump is finally facing accountability for his lying, cheating, and staggering fraud. Because no matter how big, rich, or powerful you think you are, no one is above the law,” she said.