Nov 01, 2023, 4:40 PM EDT
Trump Jr. to resume testimony tomorrow
Donald Trump Jr. has stepped down from the witness stand.
He is due to return to the courtroom tomorrow morning to resume his direct examination.
Court is now adjourned for the day.
Trump civil fraud case: Judge fines Trump $354M, says frauds 'shock the conscience'
The former president was found to have defrauded lenders.
Last Updated: November 1, 2023, 4:40 PM EDT
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.
Top headlines:
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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
Nov 01, 2023, 4:25 PM EDT
"Move it along," judge tells lawyer questioning Trump Jr.
Donald Trump Jr. and state attorney Colleen Faherty got into a rhythm of quick questions and answers during the first hour of direct examination.
"I moved to Florida, but kept the New York pace," Trump Jr. joked at one point when asked by the judge to speak slower.
So far the state attorney has focused most of her questions on Trump Jr.'s broader roles and responsibilities at his family's firm, rather than any specific allegations in the attorney general's complaint.
"I don't see where we are going at all with this," Trump attorney Chris Kise said at one point regarding the questioning.
"Move it along as fast as you can," Judge Engoron told Faherty.
Nov 01, 2023, 3:47 PM EDT
Trump Jr. pressed about departure of ex-CFO
Donald Trump Jr. struggled to answer questions when pressed about why former Trump Organization CFO Allen Weisselberg departed the family's firm.
"Because some legal issues he got himself into," Trump Jr. said, declining to offer specifics about Weisselberg's guilty plea on tax evasion charges last year.
Previously giving lengthy answers to questions about his background and even smiling with the judge, Trump Jr. appeared tense on the witness stand as he answered questions about Weisselberg.
"The specific event was he was indicted," Trump Jr. said.
He added that when began working for the Trump Organization as an executive vice president in the 2010s, Weisselberg outranked him. Trump Jr. would seek Weisselberg's approval for certain business decisions such as refinancing loans.
Seth Wenig/Getty Images
"Who is above you in your role as an executive vice president in the Trump Organization?" state attorney Colleen Faherty asked.
"Obviously I would have reported to my father in that period of time … people like Allen Weisselberg would have still been senior to me," Trump Jr. said of that time period.
Trump Jr. said he gained more responsibility in 2016 when his father became president and he was named a trustee of his father's revocable trust. He said that he, Weisselberg and his brother Eric Trump became a kind of triumvirate running the Trump Organization.
"We stopped reporting to my father on decisions involving the business," Trump Jr. said.
That relationship broke down once Weisselberg got himself into "legal issues," Trump Jr. said. He testified that he could not recall the circumstances of Weisselberg's exit, including the multimillion-dollar severance deal that Weisselberg received, which Weisselberg faced questions about during his own testimony earlier this month.
"I have no knowledge of the specifics of how it happened. He is no longer working at the Trump Organization," Trump Jr. said of the former CFO.
Nov 01, 2023, 3:22 PM EDT
'I leave it to my CPAs,' Trump Jr. says of accounting standards
"Sounds very exciting, but no," Donald Trump Jr. answered to a state attorney's question about whether he knows about accounting certifications, professional organizations, or accounting standards other than GAAP, which stands for "Generally Accepted Accounting Principles."
"I know nothing about GAAP," Trump Jr. said, adding, "I leave it to my CPAs."
"I'm a real estate broker," Trump Jr. said as he introduced himself on the witness stand. He testified that he began working in the family real estate business "right after 9/11," working on Trump Park Avenue and the former Sun Times building in Chicago.
State attorney Colleen Faherty tried to pressed him on his lack of accounting knowledge, prompting several objections from the defense.
Judge Engoron sustained the objections and admonished Faherty against asking negative questions.
