(Patria) - Former US President and this year's White House contender Donald Trump has been fined $350 million for financial fraud, inflating the value of his properties to gain business advantages, agencies reported.
Arthur Engoron, a judge in a New York court, also ruled that Trump is banned from serving as a director of a company in that state for three years. His sons, Donald Trump Jr. and Eric Trump, were each fined four million dollars, and they are banned from heading a company in New York for a period of two years. Trump stated that this trial is a political witch hunt.
Despite the right to appeal, Trump must raise the money within 30 days.
The lawsuit against Trump and his family was filed two years ago by New York Attorney General Letitia James. She accused them of obtaining tax and insurance benefits for doing business in New York by falsifying their net worth in key financial statements. The prosecutor sought a penalty of $370 million.
Trump's lawyers will appeal the decision, but he and his family must raise the money or secure a bond within 30 days in the meantime.
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