Trump civil fraud case: Judge fines Trump $354 million, says frauds 'shock the conscience'
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.
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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
State attorney says defense provided 'no new facts'
"We're back to hearing the same arguments," Kevin Wallace, an attorney with the New York state AG's office, began his closing statement following closing arguments from Trump's defense team.
"Donald Trump is rich, banks like rich people," Wallace said. "What we have not heard from defendants is any new facts."
Wallace said the defense failed to assert that any of the alleged fraud was a mistake, other than the overvaluation of the Trump Tower penthouse, and that the defense did not argue the numbers Trump used on his statements of financial condition were accurate.
"If you look at it across time, it becomes clear that fraud was central to the operation of the Trump Organization's business," Wallace said.
Wallace took aim at the testimony of defense expert witnesses, calling them a "murderer's row of experts" who Trump collectively paid at least $2.5 million.
"None of the experts actually presented evidence that is helpful to the court as a fact-finder," Wallace claimed.
Defense attorney Chris Kise stood up to interject, calling Wallace's murderer's row reference "outrageous." Wallace joked he was referring to the 1927 Yankees.
Trump, outside court, says 'it's been a pretty successful trial'
Moments after delivering his closing statement, Donald Trump exited the courtroom to criticize the trial as politically motivated.
"This is a political witch hunt the likes of which nobody's ever seen before. They owe me damages for what they've done," Trump said, repeating his claim that the case against him would scare businesses away from New York.
Nevertheless, the former president appeared pleased with his defense.
"It's been a pretty successful trial," said. "I don't know that we're going get a fair ruling. But everybody knows what I just said -- this is a sham and it's a shame," Trump said.
With the defense team's closings concluded, the state's closing is scheduled to begin following a break.
'Not how this should have been done,' judge says of Trump statement
Judge Engoron mostly kept his head down for the duration of Donald Trump's closing summation, which Trump delivered from his seat at the defense counsel table.
"This is not how this should have been done," Engoron said seconds before Trump launched into his statement, which contained several accusations that Engonron had tried to prohibit Trump from making.
Calling the state attorneys "disgraceful" and the statute used against him "vicious," Trump repeated many of his lawyer's claims before arguing that he is the only victim of fraud in the case.
Trump also criticized Engoron himself, claiming that the judge would not listen to him.
"You can't listen for one minute," Trump said.
"Mr. Kise please control your client," Engoron said while attempting to reign in Trump. But Trump continued.
"I did nothing wrong. They should pay me for what we had to go through," Trump said. "She sued me to try to get publicity," he said of New York Attorney General Letitia James.
Engoron then held up his phone screen to signal to Trump that he had run out of time for his remarks, then the judge called for a break.
Trump, ignoring judge's warning, tells court he's an 'innocent man'
Before Judge Arthur Engoron could even get Trump to agree to the terms the judge had laid down for the delivery of Trump's closing statement, the former president launched into a five-minute address while seated at the defense table.
It began when defense attorney Christopher Kise asked the judge to reconsider his decision and allow Trump to speak, and Engoron asked Trump if he would stay within the bounds of his closing argument.
Trump pressed immediately on.
"Well I think, your honor, this case goes outside the facts," Trump said. "The financial statements were perfect. The banks got all their money back. They were as happy as can be."
Ignoring the judge's prohibition regarding delving into politics, Trump said, "This is a political witch hunt that should be set aside. We should receive damages for what we've gone through."
He also attacked New York Attorney General Letitia James.
"I'm an innocent man. I've been persecuted by someone running for office," Trump said. "This statute is vicious. It doesn't give me a jury. It takes away my rights."
He said the tripling of the square footage of his Trump Tower penthouse on his statement of financial condition was a mistake -- "an honest mistake" that was corrected.
Trump declared, "This is a fraud on me. What's happened here, sir, is a fraud on me."
Cohen says he's 'looking forward' to seeing Trump
Exiting his New York City apartment this morning, Michael Cohen told reporters he was "looking forward" to seeing Trump in court.
"It's been five years since we've been in the same room," Cohen said.
Cohen preemptively defended the credibility of his testimony and reiterated that he previously perjured himself "concert with and for the benefit of Donald J. Trump."
"My credibility should not be in question," Cohen said.
-ABC News' Eric Avram contributed to this report.