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, 4:07 pm
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 18, 2023, 10:06 AM EDT
Trump returns for second day in a row
Former President Trump is back in court for the second day in a row.
New York Attorney General Letitia James is also attending the proceedings this morning.
Former President Donald Trump arrives to the Manhattan courthouse for trial in a civil fraud case in New York, Oct. 18, 2023.
Brendan McDermid/Reuters
Trump was met with a swarm of cameras on his way into the court, though the courtroom itself is half empty, largely filled with reporters and security officers.
Like yesterday, Trump is sitting at the counsel table between his attorneys Chris Kise and Alina Habba.
Oct 18, 2023, 8:49 AM EDT
Trump expected back in court
Former President Trump is expected to be in court today for the second day in a row.
Lawyers for Trump have also suggested the former president plans to attend court during the testimony of his former lawyer Michael Cohen when Cohen eventually takes the stand.
Cohen delayed his testimony, which was originally scheduled to begin yesterday, due to a medical issue.
"[Trump] might have significant conflicts on 1st, 2nd, 3rd, and 8th" of November, Trump attorney Chris Kise told Judge Engoron regarding Trump's schedule in relation to Cohen's testimony.
"We are still operating on the assumption of Monday at the earliest" for Cohen to begin his testimony, Engoron said, adding that Cohen had submitted a "fairly extensive doctor's note."
Trump attorney Alina Habba, citing a conflict, requested Cohen's testimony begin on Tuesday at the earliest.
State attorney Kevin Wallace said he would confer with Cohen on timing and provide a schedule update this week.
Oct 18, 2023, 8:36 AM EDT
Appraiser set to conclude testimony
Real estate executive Doug Larson, whose cross-examination began yesterday afternoon, is scheduled to complete his testimony this morning.
Larson, who testified yesterday that phone calls with him that were referenced in Trump Organization financial documents did not actually take place, faced hours of cross-examination yesterday by defense attorney Lazaro Fields.
Fields grilled Larson on discrepancies in the final drafts of appraisals --- a process that Larson acknowledged was less of a "science" than an "art."
Jack Weisselberg, an executive at the real estate investment firm Ladder Capital who is also the son of Trump Organization ex-CFO Allen Weisselberg, is scheduled to testify next about his work refinancing a loan of Trump's 40 Wall Street property.
"I suggest we call him Jack," said Judge Arthur Engoron, anticipating confusion regarding the actions of both Weisselbergs.
Oct 17, 2023, 5:32 PM EDT
Trump's empire 'built on lies,' AG says after court ends for the day
After court adjourned for the day, New York Attorney General Letitia James offered one of her firmest repudiations of the former president's claims.
"He can call me names, he can engage in distractions, but at the end of the day ... his entire empire was built on nothing but lies and on sinking sand," James told reporters outside the lower Manhattan courthouse.
New York Attorney General Letitia James speaks the the media outside the courthouse during the civil business fraud trial of former President Donald Trump at New York Supreme Court, Oct. 17, 2023, in New York.
Stefan Jeremiah/AP
Trump has frequently targeted James in his comments during courtroom breaks, criticizing her efforts as politically motivated and pushing an unfounded theory that the case against him is part of a plot of interfere in the 2024 election.
"This is an attorney general ... that went out and campaigned on 'I will get Trump,'" Trump said before entering court this morning, repeating attacks that he's made on social media.
James fired back that her team has repeatedly demonstrated that Trump committed fraud, both in the first two weeks of the trial, as well as in Judge Arthur Engoron's pretrial ruling about Trump's fraudulent financial statements.
"He will again attempt to distract each and every one of you, attempt to raise his voice and scream," James told reporters. "But at the end of the day, justice will be served, and I'm confident that victory will be mine."
