A New York judge ordered former American President Donald Trump on Friday to pay a penalty of $354.9 million plus interest after finding him liable for conspiring to manipulate his net worth, reported several local media.
Justice Arthur Engoron also imposed a three-year ban on Trump from serving as an officer or director of any New York corporation.
According to Reuters, Trump’s lawyer Alina Habba intends to appeal the ruling.
Engoron reversed his September ruling, which ordered the “dissolution” of companies controlling key aspects of Trump’s real estate empire. Instead, he announced the appointment of an independent monitor and compliance director to oversee Trump’s businesses.
In his ruling, Engoron said that Trump and the other defendants in the case “are incapable of admitting the error of their ways.”
The lawsuit, brought by New York Attorney General Letitia James, alleged that Trump and his family businesses had inflated his net worth by as much as $3.6 billion annually for a decade to deceive bankers into offering more favorable loan terms.
Trump has denied wrongdoing and called the case a political vendetta by James, an elected Democrat.