Donald Trump ordered to pay more than $350m in massive fraud trial ruling
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Justice Arthur Engoron has delivered his verdict in Donald Trump’s New York civil fraud trial that sees the former president, his company, and his associates with $355m in fines — with interest $463.9m — and a three-year ban on doing business in the state.
The judge had already ruled that Mr Trump inflated his wealth on financial statements that were given to banks and insurers to make deals and secure favourable loans.
New York Attorney General Letitia James who brought the case had sought $370m in disgorgement from the entities.
On Thursday, another Big Apple justice, Judge Juan Merchan, denied Mr Trump’s motion to dismiss the case brought against him by Manhattan district attorney Alvin Bragg for allegedly falsifying business records to conceal a “hush money” payment made to porn star Stormy Daniels, setting a trial date of 25 March.
And, in Georgia, Fulton County district attorney Fani Willis took to the witness stand to defend herself and former boyfriend Nathan Wade against a motion arguing they should be disqualified from prosecuting the sprawling racketeering case brought against Mr Trump and others over their alleged effort to interfere in the 2020 election in the Peach State.
What did we learn about Trump’s real estate empire at the fraud trial?
So what more did we learn about Mr Trump’s real estate holdings during the trial? There were a lot of numbers as the attorney general’s counsel laid out its case, and a lot of hyperbole from the Trump family as the defence laid out its argument — including Donald Trump Jr taking the court through a timeline of the real estate business, praising his father for the “boundaries he pushed” and calling him an “artist with real estate” who has “incredible vision where other people don’t”.
Here’s a look at the key Trump properties that were discussed the most over the 11 weeks in court.
Oliver O’Connell17 February 2024 00:15
Trump bizarrely claims ‘everyone will leave New York’ after being fined $354 million
Donald Trump stood outside the gates of his Mar-A-Lago estate on Friday evening to launch a rambling defence of his family organization after it was fined over $350 for illegal business dealings. Judge Engoron, who had been the subject of sustained attacks by the former president, handed down the judgement on 15 February, four years after the New York Attorney General (AG) began her investigation. Standing outside his Florida home, Trump repeated false claims of “election interference” and even made the strange claim that people would “move out of New York state” once they heard the news. AG Letitia James said Mr Trump was “finally facing accountability for his lying, cheating, and staggering fraud. Because no matter how big, rich, or powerful you think you are, no one is above the law.”
Oliver O’Connell16 February 2024 23:57
What is Donald Trump’s net worth and can he afford these fines?
In February, New York Justice Arthur Engoron handed down a decision in Mr Trump’s civil fraud trial, ordering him and his co-defendants to pay more than $350m after finding him liable for defrauding banks and investors as part of a yearslong scheme to secure favourable terms for his properties.
So how much is he worth?
Joe Sommerlad and Ariana Baio report:
Oliver O’Connell16 February 2024 23:45
Trump can’t tap super PAC funds as he faces ‘financial tsunami’
Maggie Haberman of The New York Times notes that as Donald Trump faces a “financial tsunami” he cannot tap money from the super PAC supporting him as that would be coordination and it would only cover a fraction of what he owes.
Oliver O’Connell16 February 2024 23:33
Eric Trump calls judge ‘truly a cruel man’ says he had ‘nothing to do with this case’
Eric Trump writes on X:
Judge Engoron is truly a cruel man — he knows that every single witness testified to the fact that I had absolutely NOTHING to do with this case (as INSANE as the case truly is). No other judge would ever have allowed my name to be dragged through the mud. This is not justice in America — this is political vengeance by a judge out to get my father, the frontrunner for President of the United States.
Oliver O’Connell16 February 2024 23:15
Watch: Trump speaks outside Mar-a-Lago underlining lack of remorse
Oliver O’Connell16 February 2024 23:12
Watch: NY AG marks victory in Trump fraud case
NY Attorney General makes remarks after Trump fined more than $350 million
Oliver O’Connell16 February 2024 23:06
Trump posts again (and it’s another three ‘pages’)
Donald Trump is again fuming about the “crazed lunatics” who “punished a liquid and beautiful Corporate Empire”.
Here’s his latest diatribe on Truth Social:
This Election Interference and tyrannical Abuse of Power by a Crooked Judge and Crooked Attorney General cannot be tolerated. My case was already won in the Appellate Division, and more than 80% of the frivolous claims were wiped out. Yet, as I suspected, and in order to hurt me and the Republican Party politically, Crooked and Corrupt Judge Arthur Engoron ignored his loss at the Appellate Division, and came up with an outrageous $355 Million Dollar fine against me. Using a statute that has never been applied like this before, the Corrupt Judge conspired with the Crooked Attorney General, Letitia James, and punished a liquid and beautiful Corporate Empire that started in New York, and has been successful all around the world…..
Page 2: There were no victims, and not one person testified there was any fraud. The actual witnesses established my Net Worth exceeded that reported in my Financial Statements as those Statements never included my most valuable Asset – the TRUMP Brand. The Highly Respected Expert Witness said my Financial Statements were among the best he has ever seen. I paid over $300 Million Dollars in taxes to New York City and State, and they want me gone. They are Crazed Lunatics who are destroying everything in their way. It all starts with Biden’s attacks on his Political Opponent!
Page 3: The actual bankers who were involved in the loan transactions testified I was a highly sought-after “whale” of a client with “one of the strongest personal balance sheets” they had ever seen, and I was overqualified for the loans. Those banks earned more than $100 Million Dollars in profits doing business with me and my companies. But to justify his crazed attack on me and my family, this biased, Trump Hating Judge, ignored all this, and even said Michael Cohen told the truth, although Cohen admitted to lying hundreds of times, and lied right in front of the Judge during the trial. This shocking and corrupt Interference in the Free Markets for political gain places every New York business transaction at risk. We must make sure Corrupt Politicians and Judges cannot continue to abuse the power of their office, and violate the public trust. We have already won, and will continue the fight on appeal!
Oliver O’Connell16 February 2024 22:45
How Trump’s fraud trial payment breaks down
$463.9m – total payment from Donald Trump and all defendants, which represents disgorgement plus pre-judgment interest. This number will continue to increase every day until it’s paid. This comprises $363.9m in disgorgement and $100m in interest as of today.
$453.5m – total payment from Donald Trump specifically ( out of the $463.9m total number above). This comprises $354.9m in disgorgement and $98.6m in pre-judgment interest, as of today. Again, that number will continue to increase every day until it’s paid.
Oliver O’Connell16 February 2024 22:39
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