A $355 million penalty and business ban: Takeaways from Trump’s New York civil fraud verdict

By JENNIFER PELTZ and ALANNA DURKIN RICHER
Associated Press

NEW YORK (AP) — Donald Trump suffered a big blow Friday as a New York judge ordered the former president and his companies to pay $355 million in penalties for what the judge described as a scheme to deceive banks and insurers by exaggerating his wealth on his annual financial statements. The stunning ruling adds Trump’s legal woes as he prepares to defend himself at trial against criminal charges in four cases while also vying for the Republican presidential primary nomination. New York Attorney General Letitia James called it was a “tremendous victory.” Trump attorney Christopher Kise said it could “cause irreparable damage to both the business community and the rule of law in our country” if not overturned.