NewsDonald Trump ordered to pay £263m penalty over asset inflation fraud, banned from directorship

Donald Trump ordered to pay £263m penalty over asset inflation fraud, banned from directorship

Judge Arthur Engoron banned Trump from holding the position of director of any New York company for a period of 3 years.

Donald Trump ordered to pay £263m penalty over asset inflation fraud, banned from directorship
Images source: © GETTY | Joe Raedle
ed. KKG

17 February 2024 07:49

In the lawsuit, New York Attorney General Letitia James accused Trump's firms and his family of inflating the value of their net assets by £2.7 billion over 10 years in order to obtain better loan repayment terms.

Trump denies having broken the law and claims that the case is political revenge by Democrat James. He has announced he will appeal.

"Complete lack of remorse"

In his justification, the judge pointed to a "complete lack of remorse and guilt" on the part of the defendants, which he felt "borders on pathology".

The New York civil fraud case could seriously harm Donald Trump. In September, Engoron ruled that Trump had committed fraud and ordered the partial dissolution of his business empire. However, he revoked this latest decision on Friday.

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