The former president was found to have defrauded lenders.
Former President Donald Trump has been fined $354.8 million plus approximately $100 million in interest in a civil fraud lawsuit that could alter the personal fortune and real estate empire that helped propel him to the White House. In the decision, Judge Arthur Engoron excoriated Trump, saying the president's credibility was "severely compromised," that the frauds "shock the conscience" and that Trump and his co-defendants showed a "complete lack of contrition and remorse" that he said "borders on pathological."
Engoron also hit Donald Trump Jr. and Eric Trump with $4 million fines and barred all three from helming New York companies for years. New York Attorney General Letitia James accused Trump and his adult sons of engaging in a decade-long scheme in which they used "numerous acts of fraud and misrepresentation" to inflate Trump's net worth in order get more favorable loan terms. The former president has denied all wrongdoing and has said he will appeal.
Donald Trump and his adult sons were hit with millions in fines in the civil fraud trial and barred for years from being officers in New York companies. The judge said the frauds "shock the conscience."
Donald Trump: $354 million fine + approx. $100 million in interest
+ barred for 3 years from serving as officer of NY company
Donald Trump Jr.: $4 million fine
+ barred for 2 years from serving as officer of NY company
Eric Trump: $4 million fine
+ barred for 2 years from serving as officer of NY company
Former Trump Organization CFO Allen Weisselberg: $1 million fine
+ barred for 3 years from serving as officer of NY company
+ barred for life from financial management role in NY company
Former Trump Organization controller Jeffrey McConney:
+ barred for 3 years from serving as officer of NY company
+ barred for life from financial management role in NY company
Exiting court during the break, Trump told reporters positioned nearby that the financial statements being reviewed in court included disclaimers, which his legal team has argued absolves him of wrongdoing.
"This case is a scam," Trump said during his walk back to court.
When asked if he would consider testifying, Trump said he might.
An attorney with for the New York attorney general's office spent the first hour of direct examination methodically walking Mazars accountant Donald Bender through the Trump Organization's financial documents from 2012 through 2016.
As he addressed each document, Bender reiterated that the Trump Organization and its trustees were responsible for the accounting principles used in the records, the disclosures in reports, and the information from which the reports were based.
The state appears to be using Bender's testimony to not only get Trump's financials statements into evidence, but also to demonstrate the relatively consistent process the Trump Organization used to compile and finalize their statements of financial condition over a decade.
Justice Arthur Engoron, who was a frequent target of Trump's attacks yesterday, began the trial's second day by clarifying some of his closing remarks about the statute of limitations in the case.
After court yesterday, Trump construed his remarks as a victory, suggesting "80% of the cases is over" after leaving court on Monday.
Engoron apologized for his comments and stated that any future real estate deals "restart" the statute of limitations --- meaning that the attorney general's office needs to "connect the dots" to include the evidence about a 2011 deal discussed on Monday.
"I understand that the defendants strongly disagree on this and will appeal on this ground," Engoron said.
He concluded his remarks by reminding counsel not to relitigate issues already decided -- something that Trump's attorneys seemingly did on Day One of the trial.
"This trial is not an opportunity to relitigate what I have already decided ... that is why we have appeals," Engoron said.
Former President Donald Trump continued his attacks on New York Attorney General Letitia James before entering the courtroom for the second day of his $250 million civil fraud trial in downtown Manhattan.
"She ran on the basis 'I will get Trump' without knowing anything about me," he said to reporters outside court.
Both Trump and James are present this morning in court, where state attorneys are set to continue their direct examination of longtime Mazars accountant Donald Bender.
