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
Closings underway with no mention of Trump's role
Trump attorney Chris Kise began his closing argument after Judge Engoron opened the proceedings without addressing Trump's desire to deliver part of the defense's closing statement.
Trump is seated in his usual seat at the defense counsel table, sandwiched between his attorneys.
Engoron lobbed jokes while the pool cameras prepared to enter the courtroom.
"Lining them up -- are they going to be shot or something?" the judge quipped. "I see the usual mixture of anticipation and dread out there. Trust me, this will be painless."
'I want to speak,' Trump says on way into courtroom
Speaking to reporters before entering the courtroom, Donald Trump said he still hopes to deliver a portion of the closing statement despite Judge Engoron denying that request yesterday after Trump's lawyers declined to agree with the rules Engoron set restricting Trump from making political statements and criticizing those involved in the trial.
"I want to speak, I want to make the summation," Trump told reporters. "At this moment, the judge is not letting me make the summation because I'll bring up things that he doesn't want to hear."
"So I hope to speak, and to help my lawyers reveal all of the defects of this case," said Trump, who called the case "very unfair" and "very bad for New York state companies."
Trump delivering closing could be risky, expert says
Attorneys Chris Kise, Alina Habba and Clifford Robert are scheduled to deliver closing arguments for the defense -- in addition to former President Trump, should Judge Arthur Engoron reverse his decision to bar Trump from participating.
Multiple legal experts who ABC News spoke with described Trump's attempt to deliver a closing statement as unprecedented and potentially perilous for the former president.
"One of the old adages is, 'He who represents himself has a fool for a client,'" trial attorney and Dartmouth College senior lecturer Bruce Fredrickson told ABC News. "The thinking behind that is you lose the objectivity and impartiality that an advocate can provide on your own behalf."
Closing arguments generally allow both parties to summarize the evidence and testimony presented during the trial -- but because Trump is not a lawyer, he would only be able to speak for himself as a named defendant in the case, according to trial attorney and ABC News contributor Chris Timmons.
"There's been a lot of damage done, and I don't know how much he can do to repair it, but he certainly can make things worse," Timmons said.
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.
Ex-Deutsche Bank VP can't describe Trump's due diligence
Former Deutsche Bank vice president Emily Pereless, testifying for the defense, appeared reluctant to offer details about the process of reviewing Donald Trump's bank and brokerage statements between 2011 and 2014.
Pereless physically reviewed Trump's bank and brokerage statements with a colleague, according to documents shown at trial, and signed Deutsche Bank credit reports. Despite being called as a defense witness, she struggled to recall any details about the process and appeared uncooperative on the witness stand.
"I analyzed and compiled the information provided," Pereless testified about a 2014 credit report, saying could not recall the specific steps she took in detail.
Defense attorney Jesus Suarez attempted to refresh her recollection by showing her a document titled "DT Due Diligence Items" that listed steps that included reviewing Trump's personal tax reports, understanding ownership structures for assets, and learning of Trump's financial commitments.
Pereless still said she could not recall specific steps cited in the document, and even struggled to confirm who the aforementioned "DT" was.
"I am assuming it means Donald Trump, but I don't recall specifically," Pereless said.
Trump's attorneys said they planned to shorten their remaining direct examination when Pereless returns to the stand tomorrow.