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."
NY AG claims Trump Jr., Eric Trump lied to enrich father
After a day of testimony in which tempers at times flared on all sides, Eric Trump will return to court this morning for what is expected to be his final day on the witness stand.
In a video statement posted to social media last night, New York Attorney General Letitia James suggested that Donald Trump Jr. and Eric Trump's testimony yesterday highlighted how they lied to help inflate their father's net worth.
Eric Trump was "intimately involved in lying about the values of properties ... to make his father appear richer," while Donald Trump Jr. "continued to lie" by certifying his father's financial statements despite being confronted with misstatements, James alleged.
"They pretend that they were not involved in their family's fraudulent business. But the facts tell a very different story," James said in the video.