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
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.
Judge receives bomb threat ahead of closing arguments
Judge Arthur Engoron received a bomb threat at his New York home this morning, just hours before closing arguments are scheduled in Donald Trump's civil fraud trial, according to a court official.
In light of the threat, the court is adding additional security for the judge, the court official said.
Nassau County Police bomb technicians responded to Engoron's home out of an abundance of caution. Nassau County Police notified the court system of the threat, which they say they have determined to be unfounded.
Today's court proceedings are expected to proceed as planned.
Trump to attend court, still hopes to present closing statement
Donald Trump is set to attend his civil fraud trial today, where he still hopes to participate in the defense's closing statement despite Judge Arthur Engoron rejecting that request yesterday.
The former president last night dismissed the idea that spending time in the courtroom is impacting his campaign ahead of Iowa caucuses and New Hampshire primary.
"No -- we're leading by record numbers," Trump told ABC News.
The defense team's closings are scheduled to take place from 10:15 a.m. ET to 12:45 p.m. ET, while the state's closing is scheduled from 2:15 p.m. ET to 4:30 p.m. ET.
The defense plans to use most of its allotted time, and the attorney general's office has indicated their closing statement would run roughly one hour, according to emails shared on the court's docket yesterday.
Trump still wants to present closing argument Thursday
Donald Trump still hopes to present a portion of the closing argument at his civil fraud trial Thursday, the former president said on social media.
Trump's statement comes after Judge Arthur Engoron threw his plan into doubt earlier Wednesday when the judge shared an email exchange in which Trump's lawyers declined to agree with the rules Engoron set for Trump's closing.
Characterizing Engoron's move as "mean & nasty," Trump said in his social media post that he still "would like to personally do the closing argument."
Scrutiny over Trump's presidency prompted bank to halt relationship
Deutsche Bank decided to stop doing new business with Donald Trump due to the "increased exposure" and "scrutiny" related to his being elected president, according to testimony from Deutsche Bank managing director Rosemary Vrablic.
"It was an unprecedented situation to have a customer who was going to become president of the United States," Vrablic said.
By the time Trump was elected, the bank had made three profitable loans to Trump, making a projected $6.8 million in revenue from Trump in 2014. Vrablic confirmed that by July 2015, Trump had $31 million in cash deposits with the bank, and his associated entities stored $86 million in cash deposits.
However, the scrutiny of Trump's presidency prompted the bank to decide not to increase its exposure, including declining to offer Trump a loan for his golf course in Turnberry, Scotland.
"He was president of the United States -- going to become president of the United States -- and the bank's position was they did not want to increase its exposure at that time," Vrablic testified.