Trump incurs over $350 million fine and prohibited from doing business in New York state for 3 years

A significant setback was delivered to former U.S. President Donald J. Trump by a New York judge on Friday, Feb. 16 in his civil fraud lawsuit. 

The judge found Trump guilty of conspiring to inflate his net worth and imposed a financial penalty surpassing $350 million, which could exhaust his liquid assets.

The judgment by Justice Arthur F. Engoron concludes a long and eventful lawsuit initiated by the New York Attorney General, which investigated Trump's exaggerated wealth claims. 

With the decision solely in Justice Engoron's hands, he issued a ruling that could jeopardize Trump's business dealings in the state. Trump also faces four criminal cases and aspires for a presidential comeback.

Justice Engoron not only enforced a three-year prohibition on Trump serving as an officer or director of any New York-based company but extended this restriction to his adult sons for two years. Eric Trump, the second son of the former president, serves as the acting CEO of the Trump Organization.

Trump plans to appeal against the financial sanction, which could increase to $400 million with added interest, and must either pay the fine or obtain a bond within 30 days.

 Although the ruling won't bankrupt him due to his real estate holdings, Trump is likely to seek a suspension of the operational restrictions on him and his sons during the appellate process.

The judgment also extends the work of an independent monitor, Barbara Jones, assigned to oversee the Trump Organization for an additional three years. Trump's legal team has criticized Jones' involvement, arguing it has cost the company over $2.5 million.

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