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.
Top headlines:
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 Jr. has helped run family's business for a 'long time,' AG says
As Donald Trump Jr. prepares to return to the witness stand this morning, New York Attorney General Letitia James says the Trump Organization executive VP has been been with the Trump Organization for a long time for someone who appears to have so little understanding of the business.
In a video posted to social media last night following Trump Jr.'s first day of testimony, James said the eldest son of former President Trump "claimed to have very little understanding of the accounting and legal mechanics of the family business -- but we know he has been involved in running the Trump Organization for a long time."
Trump Jr. testified yesterday that he relied on the expertise of others when he signed his father's statements of financial condition, distancing himself from the documents at the heart of the attorney general's case.
While he acknowledged that he had some of the "the most intimate knowledge" about some of the deals described in the statements, Trump Jr. reiterated that he did not have a role in putting the documents together.
"The accountants worked on it. That's what we pay them to do," Trump Jr. said.
Trump Jr. will return to the witness stand this morning, with his bother Eric Trump on deck to testify later today.
'I wasn't involved' preparing financial statements, Trump Jr. says
Before stepping down from the witness stand at the end of the afternoon, Donald Trump Jr. was asked repeatedly about his involvement in the Trump Organization's statements of financial condition -- the allegedly fraudulent documents that underpin the attorney general's case.
Trump Jr., who signed and certified the accuracy of the statements while his father was president between 2016 and 2021, said that he was not involved in preparing the filings.
"I wasn't involved in the compilation of this statement of financial condition," Trump Jr. said, placing the responsibility on his accountants.
"Did you work on the statement of financial condition for June 30, 2017?" state attorney Colleen Faherty asked.
"I did not. The accountants worked on it. That's what we paid them to do," Trump Jr. said.
Throughout the afternoon, the tone of the proceedings alternated rapidly between lighthearted and heated, varying from playful interactions between Trump Jr. and Judge Engoron, to bitter spats between some of the lawyers.
"I know you don't like it when good evidence comes in," Faherty told the defense lawyers during one particularly heated exchange.
"There's no reason to raise your voice," Donald Trump Jr.'s lawyer, Clifford Robert, responded.
Trump Jr. is scheduled to return to the stand tomorrow morning.
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.
"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.
Trump, James arrive at courthouse for closing arguments
Donald Trump has arrived via motorcade at the lower Manhattan courthouse where closing arguments are scheduled to take place.
The former president pulled up shortly after New York Attorney General Letitia James arrived.
Traffic around the courthouse was briefly disrupted about half an hour before Trump's arrival by a group of protesters chanting "No dictators in the USA" as they waved signs and displayed a large banner.