Trump Ordered to Pay Over $350M for 'Fraud' in NY Civil Trial With No Clear Victim [UPDATE: $464M]

Chris Menahan
Feb. 16, 2024

New York Judge Arthur Engoron found former President Donald Trump guilty of "fraud" before trial and on Friday ordered him to pay over $350 million in "damages" to the State of New York.

"Donald Trump falsely, knowingly inflated his net worth by billions of dollars to unjustly enrich himself, his family, and to cheat the system," New York Attorney General Letitia James said during a press conference on Friday. "We proved just how much Donald Trump, his family, and his company unjustly benefited from his fraud. Today, the court once again ruled in our favor and in favor of every hard-working American who plays by the rules. Donald Trump and the other defendants were ordered to pay $463.9 million. That represents $363.9 million in disgorgement, plus $100 million in interest, which will continue to increase every single day until it is paid."

From ZeroHedge, "NY Judge Hits Trump With $364 Million Penalty For Alleged Fraud":
New York Judge Arthur Engoron has ordered former President Donald Trump to pay $364 million for allegedly defrauding banks in order to acquire loans and other benefits - loans which the banks themselves testified they were satisfied with after doing their own due diligence.

Trump is also barred "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," while his sons have been barred from serving as New York executives for two years.

New York Attorney General Letitia James had sought $370 million from Trump, his company, and its top executives for what she claimed was "repeated and persistent fraud" - which included allegations of falsifying records and financial statements to the tune of as much as $2.2 billion.
The full ruling is here.

More from CNBC:
Trump claimed to be worth far more than what was reported on his financial statements, while asserting that a disclaimer on the records protected him from liability for any inaccuracies.

But Trump and the other defendants were found liable for fraud by Engoron before the trial even began.

In a bombshell pretrial ruling, Engoron granted summary judgment on James' main cause of action — that the defendants committed fraud in violation of New York law.

Engoron found that Trump's statements of financial condition between 2014 and 2021 overvalued his assets between $812 million and $2.2 billion.

The ruling razed Trump's defense claims, accusing him and his co-defendants of trying to convince the court to "not believe its own eyes."

Engoron also ordered the cancellation of the defendants' business certificates and the appointment of an independent receiver to manage the dissolution of Trump's corporate entities. Some experts have described the ruling as a "death penalty" for the Trump Organization.

But that order was put on hold during the trial, which was conducted to determine the amount to be paid in penalties and resolve other claims of wrongdoing from James' lawsuit.
More from NBC News:
Trump had maintained his financial statements were conservative, and has called the AG's allegations politically motivated and a "fraud on me."

"This is a case that should have never been brought, and I think we should be entitled to damages," Trump told reporters when he attended closing arguments in the case on Jan. 11.
Libtard judges are making a mockery of our justice system.

The AP recently detailed the absurdity of the case and noted how there was no "obvious victims" or "major losses."

Trump is expected to appeal.

UPDATE: Trump responds:

[Header image by Liam Enea, CC BY-SA 2.0 DEED]

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