A New York judge on Friday ruled that Donald Trump must pay about $355 million in penalties for fraudulently overstating his net worth to dupe lenders, in a decision that is likely to have major ramifications for the former president's real estate empire.
New York Attorney General Letitia James had accused Mr Trump and his businesses of inflating his net worth by as much as $3.6 billion over the course of a decade.
Ms James had sought penalties amounting to $370 million and to have Mr Trump and the other defendants banned from conducting business in New York.
Two of his sons, Donald Trump Jr and Eric Trump, who were also named in the case, have been barred from serving as officers or directors of any New York corporation for two years. They were ordered to pay $4 million each.
The stiff penalty was a victory for Ms James, a Democrat, who sued Mr Trump over what she said was not harmless bragging but years of deceptive practices, as he built the multinational collection of skyscrapers, golf courses and other properties that catapulted him to wealth, fame and the White House.
By making himself seem richer, Mr Trump was able to qualify for better loan terms, saved on interest and was able to complete projects he might otherwise not have finished, New York state lawyers said.
Mr Trump's legal team had said even before the verdict was announced that they would appeal.
Judge Arthur Engoron had already ruled in a pretrial hearing that Mr Trump had committed fraud. During that ruling, Mr Engoron had ordered Mr Trump's business licences to be cancelled.
Donald Trump’s legal woes – in pictures
Mr Engoron cancelled his prior ruling ordering the “dissolution” of companies that control pillars of Mr Trump's real estate empire, saying on Friday that this was no longer necessary because he is appointing an independent monitor and compliance director to oversee the businesses.
In the ruling, Mr Engoron wrote that Mr Trump and the other defendants in the case “are incapable of admitting the error of their ways”.
“Their complete lack of contrition and remorse borders on pathological,” the judge wrote.
“Instead, they adopt a 'See no evil, hear no evil, speak no evil' posture that the evidence belies.”
After the verdict was announced, Ms James told reporters: "There cannot be different rules for different people in this country, and former presidents are no exception.
"This decision is a massive victory for anyone who believes in that simple but fundamental pillar of our democracy, that the rule of law applies to all of us equally, fairly and justly."
The former president attended several hearings, using the televised proceedings as a de facto campaign stop in which he proclaimed his innocence and said the case was politically motivated.
Friday's ruling comes during a critical week for Mr Trump, seen as the likely Republican nominee in the 2024 US election.
A separate judge in New York gave the go-ahead for Mr Trump's federal hush-money trial to begin as scheduled on March 25.
Meanwhile, in Atlanta, where he faces dozens of racketeering charges related to his efforts to overturn the 2020 electoral results in Georgia, his lawyers are seeking to disqualify the lead prosecutor in the case.
Mr Trump faces two additional federal cases in Florida and Washington related to his mishandling of classified documents since leaving office and for his efforts to overturn his 2020 electoral defeat.
Donald Trump zips his lips after testifying in civil case - video
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Global state-owned investor ranking by size
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China
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UAE
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Norway
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Canada
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Singapore
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South Korea
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
ASSASSIN'S%20CREED%20MIRAGE
%3Cp%3E%0DDeveloper%3A%20Ubisoft%20Bordeaux%0D%3Cbr%3EPublisher%3A%20Ubisoft%0D%3Cbr%3EConsoles%3A%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20Series%20S%26amp%3BX%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
COMPANY%20PROFILE
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