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
Nov 13, 2023, 1:12 PM EST
Trump Jr. assails judge's finding on Mar-a-Lago
In presenting a slideshow chronicling the Trump Organization's properties, Donald Trump Jr. highlighted many of their luxury features and iconic views -- implicitly suggesting their value.
That's particularly true of Trump's Mar-a-Lago Club, which Judge Engoron in a pretrial ruling determined was worth only a fraction of the amount claimed by Donald Trump, because Trump signed a deed that restricted its use to a social club, thereby limiting its resale value.
In this Aug. 10, 2022, file photo, an aerial view of former President Donald Trump's Mar-a-Lago estate is shown in Palm Beach, Fla.
Steve Helber/AP, FILE
Describing how he took "umbrage" to the judge's determination that Mar-a-Lago was worth between $18 and $28 million, Trump Jr. highlighted specific features to challenge that finding. Showing an aerial photo of the property, Trump Jr. said that a nearby home whose size was dwarfed by the social club has been on sale for $50 million.
"You couldn't build that atrium for $18 million today," Trump Jr. said while presenting a photo of the building's historic atrium.
Nov 13, 2023, 12:53 PM EST
With glossy slides, Trump Jr. recounts firm's story
Donald Trump's testimony in the defense's case has so far centered around a slide show being presented by the defense, entitled "The Trump Story," that paints a timeline of Donald Trump's real estate acquisitions. When state attorneys objected to the glossy presentation -- which Trump Jr. acknowledged was created by his marketing team -- the judge allowed the slides, and thus permitted Trump Jr. to testify unrestrained about the company's properties.
"He's an artist with real estate. He sees the things other people don't," Trump Jr. said at one point when describing his father.
As he narrates the slide show, Trump Jr.'s testimony resembles a lecture on real estate, sprinkled with details about his family's properties -- such as the individual stones used to construct the Seven Springs estate or the bank safes at 40 Wall Street, which he said once stored gold from the Federal Reserve.
"They're actually spectacular ... it's truly a mechanical work of art," Trump Jr. said of the safes.
Referencing broken down historic properties that the company has transformed back to their former glory, Trump Jr. called such properties the "canvas" for his his "father's art."
"He understands and has an incredible vision that other people don't," Trump Jr. said.
After a particular lengthy response, Trump Jr. referenced his father's own tendency to speak in prolonged monologues, joking, "I got half the genes."
Nov 13, 2023, 11:06 AM EST
Trump Jr. details history of Trump Organization
Testifying for the defense, former President Trump's eldest son described his father as a real estate "visionary" who "sees the sexiness in a real estate project," creating value for the family business that cannot be captured on paper.
Donald Trump Jr. began his testimony with a quip after Judge Engoron welcomed him back to the stand following his testimony earlier in the month.
"I'd say it's good to be here, but the attorney general would probably sue me for perjury," Trump Jr. joked.
In his testimony, Trump Jr. described the Trump Organization as "a large family business," with Trump and his eldest children at the top and other executives handling many of the details.
"If there were numbers and things, I would rely on them to give me that," Trump Jr. said.
Donald Trump Jr., attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, Nov. 13, 2023.
Brendan Mcdermid/Reuters
He recounted the history of the Trump Organization, beginning with his great-grandfather who he said built hotels in the Yukon Territories of Canada. His grandfather, Fred Trump, "started working on job sites around Queens, learned the trades" and eventually "created an incredible portfolio, by the time of his passing, of rental apartments in Brooklyn and Queens."
A state attorney jokingly objected that references to the 1800s were outside the statute of limitations -- then more seriously objected to the history lesson's relevance.
"I think it is relevant to get the historical perspective -- I find it interesting," Judge Engoron said in overruling the objection. "Let him go ahead and say how great the Trump Organization is."
Trump Jr. obliged.
"My father learned a lot of the business from him, but had some flair and saw New York City and Manhattan as the ultimate frontier," he said. Speaking of Trump Tower, he said, "I think it would have been one of the first, I think great, ultra-luxury real estate emerging in Manhattan."
Nov 13, 2023, 10:20 AM EST
Donald Trump Jr. takes the stand for the defense
"Would you like to call your first witness, defense?" Judge Arthur Engoron asked to begin court this morning.
"The defense calls Donald Trump Jr. to the stand," defense attorney Clifford Robert responded.
Like his last time on the witness stand when he was called by state attorneys, Trump Jr. appears comfortable on the stand, punctuating his testimony with lighthearted remarks.
Robert began his direct examination with some questions about Trump Jr. 's biography, starting with his graduation from the University of Pennsylvania.
"Was a bartender for about 18 months," Trump Jr. said about his first job out of college.
"Did you enjoy that?" Robert asked.
"I did," said Trump Jr., joking that he had a challenging conversation with his father when he began that job.
