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
The numbers 'don't lie,' says New York AG
New York Attorney General Letitia James briefly conferred with her team of lawyers in court this morning before taking her seat in the gallery.
Before entering the courtroom, James predicted that Trump will likely engage in "name calling, taunts, [and] race baiting" to distract from his testimony.
"Before he takes the stand, I am certain that he will engage in name calling, taunts, race baiting, and call this a witch hunt," James told reporters. "But at the end of the day, the only thing that matters are the facts and the numbers, and numbers, my friends, don't lie."
New York AG's senior counsel to question Trump
Senior Enforcement Counsel Kevin Wallace of the New York attorney general's office will lead the direct examination of Donald Trump when the former president takes the stand this morning.
Wallace led the depositions of Trump during the New York attorney general's investigation and also delivered the state's opening statement in the trial.
"The defendants were lying year after year," Wallace said in his opening statement.
A constant presence in court during the trial, Wallace joined the New York AG's office in 2018 after working in the private sector for 15 years.
Wallace and Trump sparred for hours during Trump's April deposition, according to a transcript of the deposition that was subsequently released by the AG's office.
"We're going to be here until midnight if your client answers every question with an eight-minute speech," Wallace remarked after one of Trump's lengthier answers.
Wallace tried to press Trump on spreadsheets that Wallace displayed during the deposition, promoting frequent objections from Trump's lawyers.
"Oh my God -- are you people capable of reading a spreadsheet?" an exasperated Wallace said after one objection from Trump's attorney Chris Kise.
Trump arrives at courthouse
Donald Trump's motorcade has arrived at the New York State Supreme Courthouse in lower Manhattan.
Court is scheduled to get underway at 10 a.m. ET, with Trump scheduled as the day's only witness.
Trump prepped for testimony with attorneys, say sources
Donald Trump, in New York, had a prep session with his lawyers Sunday ahead his testimony, sources tell ABC News.
Trump's mood during the session fluctuated between fits of anger regarding the case and being "in a good head space," according to sources.
The former president "can be a good witness if he stays focused," one source said.
'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.