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 says he will attend trial's opening
Former President Trump posted on his Truth Social platform Sunday night that he intends to attend the opening of the trial.
"See you in court -- Monday morning," he wrote in a post.
Earlier Sunday, multiple sources familiar with the decision told ABC News that Trump was expecting to attend.
Trump will have no speaking role in court on Monday, but it is anticipated that he'll return to the courthouse toward the end of the state's case when court records show he will be called as a witness.
Banker says Trump declined to share financials in Bills' bid
After claiming a net worth of $8 billion, Donald Trump declined to share his financial statements with bankers related to his $1 billion bid to purchase the Buffalo Bills football team in 2014, according to documents presented at trial and testimony from Morgan Stanley executive K. Don Cornwell.
Of the 86 parties contacted to potentially bid on the Bills, Trump was one of six parties to make a final bid, according to a Morgan Stanley document shown at trial.
However, when Morgan Stanley attempted a close review of Trump's bid, Trump declined to provide his financial statements.
"We feel it is premature to sign the consent release forms until such time as we know that Mr. Trump is the final bidder," then-Trump attorney Michael Cohen said in a 2014 email shown at trial.
During a management presentation with Bills' leadership, Trump instead handed out a Forbes magazine list to support his bid, according to Cornwell.
"He gave us handouts of the Forbes list of the top-paid entertainers," Cornwell said.
Trump eventually lost his bid to purchase the football team to billionaire Terry Pegula, who outbid Trump by $400 million.
During cross-examination, Cornwell acknowledged that a lawsuit Trump previously brought against the NFL, as well as his affiliation with casinos, also limited the likelihood of his success.
"You thought that President Trump had little chance of being approved by the NFL?" defense attorney Ivan Feris asked.
"Yes," Cornwell replied.
Trump's lawyers have argued that his bid to purchase the Bills -- which has featured prominently in the testimony of other witnesses -- is irrelevant to the conduct alleged in the attorney general's lawsuit.
"It is the defense position that none of this relates to a cause of action in this case," Feris said.