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A New York judge has mandated former President Donald Trump to pay nearly $355 million in penalties in a civil fraud lawsuit, a decision that could significantly impact his business empire.

The ruling follows allegations by New York Attorney General Letitia James that Trump and the Trump Organization falsified financial statements to gain tax and insurance advantages. “This is a tremendous victory for this state, this nation, and for everyone who believes that we must all play by the same rules – even former presidents,” James stated.

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Judge Arthur Engoron’s decision, culminating from a trial enriched with testimony from 40 witnesses, determined Trump and several executives’ liability for fraud. “With interest, the figure Trump and his business must pay could surpass $450 million,” according to the New York attorney general’s office. The judgment bars Trump from participating in New York business for three years and imposes additional penalties on his sons, Donald Trump Jr. and Eric Trump, and former CFO Allen Weisselberg, among others. Engoron emphasized the continuity of an independent monitor and the introduction of an “Independent Director of Compliance” to oversee Trump’s business dealings.

In response to the ruling, Trump’s legal team has signaled their intention to appeal, criticizing the verdict as unjust and politically motivated. “This ruling is a manifest injustice,” said Trump’s lawyer Alina Habba, describing the case as a “multi-year, politically fueled witch hunt.” Lead lawyer Chris Kise echoed this sentiment, decrying the proceedings as an “unjust political crusade” and warning of the “sobering future consequences of this tyrannical abuse of power.”

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