Trump fined $350m in civil fraud trial as judge blasts 'pathological' lack of remorse – The Independent

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Former president and co-defendants owe a total of $463.9m including interest after judge rules in favour of New York Attorney General Letitia James
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Donald Trump ordered to pay more than $350m in massive fraud trial ruling
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.
Former President Donald Trump has quietly expressed support for a 16-week abortion ban but told his advisers he wants to keep his opinions close to his chest until the end of the Republican presidential primary, according to reports.
The New York Times was the first to report the news. According to the outlet, Mr Trump is advocating for a ban with three exceptions: in cases of rape or incest, or to save the life of the mother. The paper said the information came from “two people with direct knowledge of Mr Trump’s deliberations.”
Michelle Del Rey has the story:
Ex-president has not issued public statements on abortion while campaigning
Donald Trump Jr and his younger brother Eric Trump have been ordered to pay a total of more than $8m for the fraudulent business dealings of their father’s sprawling real estate empire.
A New York court on Friday found former president Donald Trump and his Trump Organization liable for just under $464m, representing $364m in surrendered profits and $100m in interest so far.
Prosecutors had accused the company of grossly inflating Mr Trump’s net worth and assets in documents handed to banks and lenders in order to secure more favourable financing terms for some of his star properties.
Io Dodds reports:
A New York court on Friday found Donald Trump and the Trump Organization liable for more than $350m
Donald Trump, his adult sons and their chief associates in the Trump Organization’s sprawling real-estate empire have been ordered to pay more than $364m after a months-long case targeting fraud in the family business.
The former president and his co-defendants defrauded banks and investors as part of a decade-long scheme to secure favourable financing terms for some of his brand-building properties, according to a blockbuster lawsuit filed by New York’s attorney general nearly two years ago.
A final judgment from New York Justice Arthur Engoron on Friday finds the former president, Donald Trump Jr and Eric Trump, as well as their Trump Organization associates and Trump properties liable for tens of millions of dollars.
Alex Woodward has been following the case for The Independent since day one:
The former president is barred from New York business for three years in a verdict that threatens to wipe out his cash and imperil his real estate empire
A crushing final judgment in a sprawling fraud case against Donald Trump and his real estate empire will force the former president, his adult sons, their chief associates and the entities under his control to pay more than $364m to the state of New York.
The 92-page ruling from New York Justice Arthur Engoron follows a three-year investigation from state prosecutors and 11 weeks of testimony in a closely watched trial in a lower Manhattan courtroom.
The former president, his companies and his trust face more than $350m in financial penalties, plus interest, in a total amount that could exceed by another $100m, among other sanctions that could imperil his ability to do business in the state for at least three years. Should he appeal, he will have to pay a significant amount of that total to post a bond.
The total “disgorgement” owed back to the state among all the defendants – money that is effectively forfeited as “ill-gotten gains” – amounts to roughly $364m, or nearly $464m with likely interest.
According to the New York attorney general’s office, those figures will continue to increase every day until they are paid.
Alex Woodward rounds up the key revelations from Judge Engoron’s ruling:
Former president faces tens of millions of dollars in financial penalties and a three-year ban from doing business in New York
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.
New York attorney general investigated 23 Trump properties and assets in case against former president
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.”
Donald Trump has suffered an expensive start to 2024 with a New York jury ordering him to pay $83.3m to the retired magazine columnist E Jean Carroll for defamation and a New York justice ordering him to pay more than $350m for financial fraud.
The frontrunner for the Republican Party’s presidential nomination was found liable in two cases, both based out of New York in a year where his campaign clashes with a bevy of criminal and civil cases.
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:
Republican presidential contender had long career in luxury real estate and reality TV before entering politics
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.
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Former US President Donald Trump speaks to the press as he attends the New York State Supreme Court during the civil fraud trial
AFP via Getty Images
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