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

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 to 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 nomination. His lawyers said they would appeal.

Trump and his sons, who serve as top executives of the family’s Trump Organization, denied any wrongdoing and characterized the case brought by Democratic New York Attorney General Letitia James as politically motivated.

The former president posted, as he often has in relation to his cases, “Election Interference. Witch Hunt,” in all-capital letters.

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Trump attorney Christopher Kise said the decision from Judge Arthur Engoron could “cause