Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
A New York judge has ordered Donald Trump, two of his sons and some of his business associates to pay a total of $364mn in penalties for persistent fraud committed by his real estate empire, and banned the former US president from conducting further business for three years in the state where he amassed his fortune and celebrity.
Judge Arthur Engoron made his determination following a civil fraud trial in which lawyers for New York attorney-general Letitia James detailed numerous instances in which the Trumps vastly overstated the value of their properties. Doing so allowed them to obtain loans on more favourable terms from the likes of Deutsche Bank, among other benefits, the court found.
However Engoron stopped short of ordering the dissolution of Trump’s existing businesses in New York.
This is a developing story
Read the full article here
