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
Trump attorneys call trial 'election interference'
Members of Donald Trump's legal team, speaking to reporters outside the courthouse prior to the start of the trial, called the fraud allegations against the former president "election interference."
Trump's attorneys said that Democrats were using the case to fight Trump's efforts to retake the White House in 2024.
Attorney general arrives at courthouse
New York Attorney General Letitia James has arrived at the courthouse in lower Manhattan.
"No matter how powerful you are, no matter how much money you think you may have, no one is above the law," James said to the cameras before entering the courthouse.
"Today we will prove our case in court," she said. "Justice will prevail."
Demonstrators across the street from the courthouse cheered and applauded as the AG arrived.
Trump on way to courthouse
Former President Trump is in a motorcade on his way to the courthouse in lower Manhattan where his fraud trial will get underway this morning.
Opening statements in the case are scheduled to get underway at 10 a.m. ET.
-John Santucci
NY attorney general releases statement on 1st day of trial
New York Attorney General Letitia James released a statement on Monday just hours before the first day of trial in her fraud case against former President Donald Trump.
"For years, Donald Trump falsely inflated his net worth to enrich himself and cheat the system," James said. "We won the foundation of our case last week and proved that his purported net worth has long been rooted in incredible fraud. In this country, there are consequences for this type of persistent fraud, and we look forward to demonstrating the full extent of his fraud and illegality during trial."
"No matter how rich or powerful you are, there are not two sets of laws for people in this country," she added. "The rule of law must apply equally to everyone, and it is my responsibility to make sure that it does."
Jack Weisselberg set to continue testimony
Day 13 of the trial is scheduled to get underway this morning with continued testimony from Ladder Capital executive Jack Weisselberg, who took the stand yesterday afternoon.
The son of former Trump Organization CFO Allen Weisselberg, who is a defendant in the case, Jack Weisselberg said yesterday that he often worked directly with his father while working on a 2015 deal to refinance the Trump Organization's $160 million mortgage of its 40 Wall Street office building.
The younger Weisselberg also described interactions with the Trump Organization executives who worked to protect the sensitivity of Trump's financial information.
"I think they were concerned about confidentiality and wanted to make sure it got into my hands," said Jack Weisselberg, describing how Trump's financial documents were sent to him via a messenger.
He also testified how, when Trump Organization executives were contemplating a 2012 loan, they appeared sensitive about making certain financial documents public -- including how much fashion brand Gucci paid in rent at Trump Tower.
"He is also nervous about Gucci's rent becoming public knowledge, as he tends to embellish from time to time," Jack Weisselberg wrote in a 2012 email that was entered into evidence, apparently referring to Trump.
"I recall it being public was a concern," Jack Weisselberg said when asked about the information referenced in the email.