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.


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


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James releases video of Trump's April 2023 deposition

New York Attorney General Letitia James on Friday released video of former President Trump's April 2023 deposition in the case.

Video of the deposition, the transcript of which was released by the attorney general in August 2023, was released as part of a public records request.

As ABC News reported in August, Trump in the deposition called his real estate portfolio "the Mona Lisa of properties" and suggested his assets were worth far more than what appeared in his statements of financial condition that are at the center of the New York AG's case.

The videotaped deposition proved to be a preview of Trump's testimony at trial earlier this month, in which he bragged about his finances and declared himself "an innocent man."


Court of Appeals upholds limited gag order

New York's highest court has upheld the limited gag order in Donald Trump's civil fraud trial.

"On the Court's own motion, appeal dismissed, without costs, upon the ground that no substantial constitutional question is directly involved. Motion for a stay dismissed as academic," New York's Court of Appeals said in a two-sentence ruling issued Tuesday.

The gag order barred Trump and his lawyers from commenting on Judge Arthur Engoron's staff during the former president's 11-week civil fraud trial.

A decision in the case is expected later this month, after closing arguments wrapped up last week.


'This case has never been about politics,' James says

New York State Attorney General Letitia James, speaking to reporters outside court following the conclusion of closing arguments, dismissed the idea that her case against Donald Trump is about politics.

"This case has never been about politics, personal vendetta, or about name calling. This case is about the facts and the law, and Mr. Donald Trump violated the law," James said.

James thanked her team, the judge, and Trump's lawyers before repeating her confidence that "justice will be done" in the case.

"No matter how powerful you are, no matter how rich you are, no one is above the law," she said.


Closing arguments conclude, ruling expected within month

Judge Arthur Engoron asked state attorney Kevin Wallace to conclude the day's proceedings by comparing Trump's fraud to the actions of financier Bernie Madoff, who defrauded clients out of tens of billions of dollars in the 1990s and 2000s.

"How would you compare the fraud you are alleging to the Madoff Ponzi scheme?" Engoron said.

During a meandering response, Wallace acknowledged that Trump's fraud was smaller, but "significant given the dollar amounts involved."

"If you are rich enough, you going to be allowed to do it. You'll get away with it," Wallace said.

Engoron concluded the day by estimating that he would issue an opinion in the case by Jan. 31.

He then ended the proceedings.


Ivanka Trump's testimony moved to Nov. 8

Donald Trump's daughter Ivanka Trump is now scheduled to testify on Wednesday, Nov. 8, after a scheduling conflict necessitated the change.

Her testimony will come at the conclusion of the New York attorney general's case, before the defense puts on its case.

Both parties agreed to in court today to change the date of her appearance from the original date this coming Friday.

Donald Trump Jr. is still set to begin his testimony this Wednesday, and state attorney Andrew Amer suggested that the state will need less than a full trial day top question him.

"Eric Trump should be available to start whenever we finish Donald Trump Jr.," Amer said.

Eric Trump will likely testify through Thursday, and no additional witnesses are currently scheduled to testify on Friday.

"We will leave Friday as a big question mark," Judge Engoron remarked.

Donald Trump is still scheduled to testify on Monday, followed by a day off for Election Day, then Ivanka Trump's testimony on Wednesday.

"Nothing ever goes according to plan," Trump's lawyer Chris Kise joked while agreeing to the arrangement.