Trump to pay $478m; barred from NY business: Court rules

Judge finds that former leader fraudulently overstated his net worth to dupe lenders

Donald Trump must pay US$354.9 million (S$478 million) in penalties for fraudulently overstating his net worth to dupe lenders, a New York judge ruled on Feb 16, handing the former US president another legal setback in a civil case that imperils his real estate empire.

Justice Arthur Engoron also banned Trump from serving as an officer or director of any New York corporation for three years.

Justice Engoron cancelled his prior ruling from September ordering the "dissolution" of companies that control pillars of Trump's real estate empire, saying on Feb 16 that this was no longer necessary because he is appointing an independent monitor and compliance director to oversee Trump's businesses.

Trump and the other defendants in the case, Justice Engoron wrote in the ruling, "are incapable of admitting the error of their ways".

"Their complete lack of contrition and remorse borders on pathological," he wrote. "Instead, they adopt a 'See no evil, hear no evil, speak no evil' posture that the evidence belies."

The lawsuit brought by New York Attorney-General Letitia James accused Trump and his family businesses of overstating his net worth by as much as US$3.6 billion a year over a decade to fool bankers into giving him better loan terms.

In posts on his social media platform, Trump called Justice Engoron "crooked", Ms James "corrupt", and the case against him "ELECTION INTERFERENCE" and a "WITCH HUNT".

"This decision' is a Complete and Total SHAM," Trump wrote.

"We cannot let injustice stand." Justice Engoron, who decided the case without a jury, also barred Trump and his companies named in the suit from applying for loans from any financial institution chartered in New York for three years, which could curtail his ability to obtain credit from major US banks.