A New York judge has ruled that Donald Trump must pay $355 million and is banned from running companies in the state for three years over fraud allegations. The judgment comes as a significant blow to Trump’s business empire and financial standing. The ruling found Trump liable for unlawfully inflating his wealth and manipulating property values to secure favorable bank loans and insurance terms. Trump, likely to be the Republican presidential nominee, accused President Joe Biden of driving the case, calling it a “weaponization” against a political opponent. The judge criticized Trump’s lack of contrition, describing it as pathological, and imposed financially shattering penalties. Trump’s sons, Eric and Donald Trump Jr., were also found liable and ordered to pay over $4 million each.

The Trump Organization will have an independent compliance director appointed. This ruling follows a legal whirlwind week for Trump, including a criminal trial in New York and other charges in Atlanta and Washington, DC.