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Ex-US President Trump Loses In Court As Judge Orders Him To Pay $355m
Eko Hot Blog reports that the New York State Supreme Court has ordered former President of the United States (US), Donald Trump, to pay nearly $355 million in his New York civil fraud case.
The presiding judge, Arthur Engoron, gave the order in a 92-page ruling Friday evening.
New York Attorney General Letitia James had asked for $370 million from Trump and the co-defendants in disgorgement – or ill-gotten gains, alleging he filed fraudulent financial statements that allowed him to obtain loans and insurance policies at more favourable rates.
The judge found Trump and his adult sons, Donald Jr. and Eric, liable for a host of civil fraud counts in New York, including issuing false financial statements, falsifying business records and conspiracy.
“This is a venial sin, not a mortal sin. Defendants did not commit murder or arson. They did not rob a bank at gunpoint. Donald Trump is not Bernard Madoff,” Engoron wrote.
“Yet, defendants are incapable of admitting the error of their ways. Instead, they adopt a ‘See no evil, hear no evil, speak no evil’ posture that the evidence belies.”
The judge further wrote that, “In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements.
“When confronted at trial with the statements, defendants’ fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences.”
He added: “As detailed herein, this Court now finds defendants liable, continues the appointment of an Independent Monitor, orders the installation of an Independent Director of Compliance, and limits defendants’ right to conduct business in New York for a few years.”
Former US President Donald Trump speaks at his caucus night event, with sons Eric Trump and Donald Trump Jr. looking on, at the Iowa Events Center on January 15, 2024 in Des Moines, Iowa. Iowans voted today in the state’s caucuses for the first contest in the 2024 Republican presidential nominating process. Trump has been projected winner of the Iowa caucus. (Photo by Alex Wong/Getty Images)
He ordered Donald Jr and Eric to pay $4 million each for their personal profits from the fraud.
In addition, Engoron fined former Trump Organization Chief Financial Officer Allen Weisselberg $1 million.
In a significant development, Judge Engoron barred Trump from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years.
He also entered an order barring the former US president from applying for loans from any financial institution registered with the New York Department of Financial Services for three years.
FILE PHOTO: Justice Arthur Engoron speaks during the trial of former U.S. President Donald Trump, his adult sons, the Trump Organization and others in a civil fraud case brought by state Attorney General Letitia James, at a Manhattan courthouse, in New York City, U.S., October 3, 2023. REUTERS/Shannon Stapleton/Pool/File Photo
However, he did not dissolve the business certificates for the Trump Organization.
Meanwhile, Trump’s attorney and legal spokesperson Alina Habba in a statement responded to Judge Engoron’s ruling, calling the decision a “manifest injustice — plain and simple,” and expressed confidence that the decision would be overturned on appeal.
“It is the culmination of a multi-year, politically fueled witch hunt that was designed to ‘take down Donald Trump,’ before Letitia James ever stepped foot into the Attorney General’s office,” the statement continued.
Habba said that “given the grave stakes,” they plan to appeal.
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