New York (USA), August 21 (LaPresse/AP) – A New York appeals court has overturned a major civil penalty issued against U.S. President Donald Trump for fraud. The ruling spares the tycoon from a potential $500 million fine but maintains a ban on him and his two eldest sons from holding leadership roles in companies for several years.
The decision comes seven months after Trump’s return to the White House. A five-judge panel of New York’s intermediate Appellate Division called the original sentence “excessive.” The ruling had risked costing Trump over $515 million and severely shaking his real estate empire.
Last year, Judge Arthur Engoron found that Trump had committed fraud by massively inflating financial statements submitted to banks and insurers and had ordered him to pay $355 million in penalties. With interest, the amount climbed beyond $515 million. The total — including penalties against other Trump Organization executives, such as Eric and Donald Jr. — now exceeds $527 million with interest.
Other penalties issued by Engoron, which were upheld by the appeals court, had been put on hold during Trump’s appeal, during which he avoided payment by posting a $175 million bond.
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