Trump fined $355 million in fraud case

International Desk: Former US President Donald Trump and his Trump Organization have been fined about $355 million in a fraud case.

The verdict was handed down on Friday local time in New York. Not only that, the ruling also banned Trump from taking loans from any New York institution for three years and ordered him to refrain from serving as an officer or director of any New York corporation.

Justice Arthur Ngoron delivered the 92-page judgment in the case. The ruling is one of the largest corporate verdicts in New York history. However, Trump said he will appeal the ruling. But before that probably $354.9 million will have to be deposited.

The ruling also imposed punitive sanctions against two Trump administration officials. A nearly identical order has been issued to Trump's two sons. In his ruling, the judge chastised Trump, his two adult sons and two officials for not admitting their wrongdoing four years after breaking the law.

New York Attorney General Letitia James was pleased with the ruling. He said, it has won the state, the country and the believers in equal opportunities for all. He filed this case in 2022.

Trump is charged with continuing fraud, misrepresentation of business information, conspiracy to commit false business information, misrepresentation of financial statements, insurance fraud, conspiracy to commit insurance fraud. The complaint alleges that Trump's assets are grossly overstated. As a result he got insurance and other benefits.