Trump fined $355m and given NY trade ban

By Susie Coen US CorreSpondent in New York

DONALD TRUMP has been fined more than $355million (£281million) and effectively banned from serving as a director of his own company for three years, a judge ruled yesterday.

In a damning ruling, Judge Arthur Engoron, who has been overseeing Mr Trump’s civil fraud trial, also barred Mr Trump’s adult sons from running the family firm for two years.

The Trump Organisation said the ruling was a “gross miscarriage of justice” and said the firm had “never missed any loan payment or been in default”.

“Every member of the New York business community, no matter the industry, should be gravely concerned with this gross overreach and brazen attempt by the Attorney General to exert limitless power where no private or public harm has been established,” a spokesman said.

“If allowed to stand, this ruling will only further expedite the continuing exodus of companies from New York.”

The ruling is likely to please Letitia James, the New York Attorney General who had been seeking $370million and a ban on Mr Trump and the other defendants doing business in the state.

In the 92-page filing, Mr Engoron said Mr Trump and his co-defendants had submitted “blatantly false financial data” to secure loans and ordered the former president to pay $354,868,768.

Mr Trump and the other defendants in the case “are incapable of admitting the error of their ways”, Mr Engoron wrote. “Their complete lack of contrition and remorse borders on pathological. Instead, they adopt a ‘See no evil, hear no evil, speak no evil’ posture that the evidence belies.”

Commenting on Mr Trump’s testimony, Mr Engoron said the former president “rarely responded to the questions asked, and he frequently interjected long, irrelevant speeches on issues far beyond the scope of the trial.”

He added: “His refusal to answer questions directly, or in some cases, at all, severely compromised his credibility.”

As well as being banned from serving as an officer or director for any New York company, Eric and Donald Jr were also ordered to pay more than $4million each.

Mr Trump’s lawyer Alina Habba said in a statement that the ruling was a “manifest injustice” and “culmination of a multi-year, politically fuelled witch hunt” against Mr Trump.

“This is not just about Donald Trump – if this decision stands, it will serve as a signal to every single American that New York is no longer open for business,” Ms Habba said, adding that she plans to appeal.

The punitive verdict will wound the real estate empire that helped Mr Trump craft his image as a billionaire businessman and helped vaulted him to fame and the White House.

Along with the fine, Mr Trump was understood have incurred $98million in interest fees, bringing the total owed to more than $450million. He is expected to appeal, but he will have to pay the funds or secure a bond within the next 30 days.

The former president branded the judge’s decision “a complete and total sham” and railed against “partisan, deluded, biased judges and prosecutors”. He said in statement: “There were no victims, no damages, no complaints. Only satisfied banks and insurance companies (which made a ton of money), GREAT financial statements, that didn’t even include the most valuable asset – the TRUMP brand.”

Meanwhile, Ms James hailed what she called a “tremendous victory”.

She said Mr Trump was “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”.

Former US president is effectively barred from running his own company in damning court ruling