A New York judge has ruled that Donald Trump must pay $355 million for fraud allegations and has banned him from running companies in the state for three years, dealing a significant blow to his business empire and financial reputation.

 

Trump, likely to be the Republican presidential nominee, was found guilty of inflating his wealth and manipulating property values to secure favorable bank loans or insurance terms.

 

Trump’s defense lawyer, Alina Habba, criticized the ruling as unfair and promised to appeal.

 

Although the ruling is civil, not criminal, Trump faces no imprisonment threat. He has criticized the ban on conducting business in New York as a “corporate death penalty.”

 

Facing multiple criminal indictments, Trump has used his legal troubles to rally supporters and criticize his likely opponent, President Joe Biden.

 

Judge Arthur Engoron justified the hefty penalties, criticizing the defendants’ lack of remorse and likening their actions to pathological behavior.

 

Trump’s sons, Eric and Donald Jr., were also held liable and ordered to pay significant sums.

 

The ruling marks a victory for New York Attorney General Letitia James, who sought compensation and a business ban for Trump.

 

Trump has attacked James and the judge, Engoron, whom he called “out of control.”

 

During the trial, it was revealed that Trump inflated the value of properties like Mar-a-Lago.

 

Trump’s lawyer argued there was no clear evidence of intent or fraud.

 

This ruling comes amid a busy legal week for Trump, including appearances in criminal trials and accusations of election conspiracy in Georgia.

 

Separate trials on overturning the 2020 election and charges of taking secret documents are pending.

 

Recently, another New York court ordered Trump to compensate writer E. Jean Carroll for sexual assault and defamation claims.