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.
Here's how the news is developing. All times Eastern.
Feb 16, 2024, 4:07 PM EST
Summary of penalties
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
Oct 04, 2023, 10:30 AM EDT
Trump says his net worth is 'much higher' than statements say
Former President Trump, on his way into court for Day Three of his trial, said that his financial statements under-report his wealth, despite the judge in his case already ruling that his financial records were fraudulently inflated.
"My real net worth is much higher than that, much higher than the statement," Trump told reporters.
Former President Donald Trump speaks to the media as he arrives at a Manhattan courthouse trial in a civil fraud case brought by state Attorney General Letitia James against him, his adult sons, the Trump Organization and others in New York City, Oct. 4, 2023.
Mike Segar/Reuters
Decrying his trial as the "beginning of communism in our country," Trump continued his attacks on New York Attorney General Letitia James, but did not comment on Judge Arthur Engoron.
"This is just a continuation of the witch hunt that started the day I came down the escalator in Trump Tower," Trump said.
Oct 04, 2023, 10:03 AM EDT
Trump back in court for Day Three
Former President Trump is back in court for Day Three of the trial, where defense counsel is expected to continue its cross examination of longtime Mazars accountant Donald Bender.
Once questioning of Bender concludes, the state says they plan to call Whitley Penn audit partner Camron Harris, who took over Trump's accounting after Mazars.
Justice Arthur Engoron may also address the narrow gag order he placed on Trump and the other defendants yesterday regarding making statements about the judge's staff, after the former president made what Engoron described as a "disparaging, untrue, and personally identifying post" involving Engoron's clerk.
Oct 03, 2023, 5:46 PM EDT
Trump, following closed proceedings, says he'll be back Wednesday
Former President Trump told reporters he plans to return to court on Wednesday as he left the courtroom following a closed proceeding Tuesday afternoon.
Judge Arthur Engoron held multiple closed proceedings during the afternoon after issuing a warning to Trump not post anything to social media about his staff.
Neither Trump nor New York Attorney General Letitia James answered questions about the nature of the closed sessions when they left the courthouse at the end of the day.
Former President Donald Trump leaves the courtroom at the end of the second day in his civil business fraud trial at New York Supreme Court, Oct. 3, 2023, in New York.
Seth Wenig/AP
Earlier, Mazars accountant Donald Bender underwent a forceful cross examination by Trump lawyer Jesus Suarez. Mixing criticism of Bender with praise of Trump -- who Suarez described as "the leader of the free world" and "possibly even the 47th president of the United States" -- Suarez attempted to paint Blender as an incompetent accountant who "messed up" and landed Trump in court.
As part of his cross examination, Suarez questioned Bender about why he failed to raise concerns about Trump inaccurately overstating the size of his triplex apartment in Manhattan's Trump Tower.
"Do you think two thirds of his [triplex] disappearing is not something you should have said to the leader of the free world?" Suarez asked during a portion of his questioning that was so theatrical that it prompted occasional laughter in the courtroom.
Oct 03, 2023, 4:15 PM EDT
Judge admonishes Trump after he posts about clerk
As court resumed after the lunch break, Judge Engoron admonished Donald Trump for a post he made this afternoon on his Truth Social platform regarding Engoron's clerk, Alison Greenfield.
"Personal attacks on members of my court staff are unacceptable and inappropriate. Consider this statement a gag order forbidding all parties from posting, emailing or speaking publicly about any of my staff," the judge said in his admonishment.
The post, which included a photo of Greenfield with Senate Majority Leader Chuck Schumer, made unsubstantiated claims about her connections with Schumer and falsely claimed that Greenfield is "running" the case against Trump.
Trump apparently made the post, which linked to Greenfield's Instagram account, while the former president was sitting in the courtroom.
Former President Donald Trump appears in court for a civil fraud case at a Manhattan courthouse, in New York, on Oct. 3, 2023.
Dave Sanders/Pool via AP
The post was deleted shortly before the judge's admonishment, but it was up for at least an hour and a half. Engoron lamented that the sentiment was shared to millions.
The judge did not mention Trump by name but noted the post came from one of the defendants.
Greenfield sits at the bench to Engoron's immediate right and the judge is often seen conferring with her over legal and logistical matters.
In a statement, Schumer spokesperson Allison Biasotti called Trump's post "ridiculous, absurd, and false," saying that "Sen. Schumer does not know Ms. Greenfield. As is well known, Sen. Schumer attends countless events in every corner of the state where tens of thousands of constituents take photos with him, just like this one, which was taken at a stop at an annual brunch in Manhattan.”
-ABC News' Peter Charalambous, Aaron Katersky, Soo Rin Kim, Lalee Ibssa and Kendall Ross
