NEW YORK (AP) — A New York judge ruled Friday against donald trumpimposed a $364 million fine for what a judge ruled was a years-long scheme to defraud banks and others with financial statements that inflated the former president's assets.
Trump was also barred from serving as an officer or director of any New York company for three years.
However, the judge reversed an earlier ruling to dissolve the former president's company.
Trump's lawyers have vowed to appeal. Lawyer Alina Haba said the verdict was a “clear injustice” and “the culmination of years of politically fueled witch-hunts”. She and President Trump's attorney Christopher Kiss said the ruling, if upheld, would have a negative impact on the business environment.
Judge Arthur Engoron issued the ruling after a two-and-a-half month trial in which the Republican presidential front-runner said under oath that he was the victim of a rigged legal system.
Engoron concluded that Trump and his co-defendants “failed to accept responsibility” for their actions and that the expert witnesses who testified for the defense “just denied reality.”
The judge called the civil fraud at the center of the case “a venial crime, not a major crime.”
“They didn't rob banks at gunpoint. Donald Trump is no Bernard Madoff. But the defendants are unable to admit the error of their ways,” Engoron, a Democrat, wrote. He said their “complete lack of repentance and remorse is almost pathological”.
The stiff fine was a victory for New York State Attorney General Letitia James (D). She sued Trump, accusing him of building skyscrapers, golf courses and other real estate across the country that caused explosive damage, and not just harmless boasts. Bringing him wealth, fame, and the White House.
Trump's lawyers had indicated before the verdict that they would appeal.
Ms. James sued Mr. Trump in 2022 under a state law that gives her the power to investigate persistent misconduct in business transactions.
FILE – Former President Donald Trump (center) sits in court before closing arguments begin in his civil business fraud trial in New York Supreme Court on January 11, 2024. January 11, 2024. (Pool photo via Michael Santiago/AP)
The lawsuit accused Trump and his co-defendants of routinely inflating financial statements to create the illusion that Trump's fortune was worth more than it actually was. State attorneys said President Trump overstated his personal wealth by up to $3.6 billion a year.
State attorneys say that by presenting himself as wealthy, Mr. Trump was able to obtain more favorable loan terms, save on interest, and complete projects that he otherwise would not have completed. It is said that
Even before the trial began, Engoron ruled that James had proven that Trump's financial statements were fraudulent. A judge has ordered some of Trump's companies to be removed from his control and dissolved. The Court of Appeals reserved that decision.
In an earlier ruling, the judge found that Mr. Trump's financial statements falsely claimed, among other tricks, that his Trump Tower penthouse was nearly three times the size it actually was, and based on that belief, he was forced to pay $100,000 to his apartment in Palm Beach, Florida. It was determined that the property in Mar-a-Lago, located in the United States, had been overvalued. He claimed the property could be developed for housing, even though he had waived his right to develop it for uses other than the club.
Trump, one of 40 witnesses to testify at trial, said the financial statements actually understated his net worth and that the banks were conducting their own investigations and were not satisfied with Trump's business. He said that
“There were no victims. There was nothing,” Trump testified in November.
During the trial, Trump called the judge “extremely hostile” and the attorney general a “political hack.”in 6 minutes of swearing In his closing argument in January, Trump declared, “I'm innocent,” and called the case “a fraud against me.”
Trump and his lawyers argued that an outside accountant who helped prepare the statement should have pointed out the discrepancies and that the document included a disclaimer absolving him of liability. They also argued that some of the claims were barred by statute of limitations.
The case is one of the legal headaches for Trump as he seeks a return to the White House.he been indicted four times Last year, in Georgia and Washington, D.C., he was accused of trying to overturn his 2020 election loss to Democrat Joe Biden, in Florida he was accused of hoarding classified documents, and in Manhattan he paid hush money to porn actor Stormy Daniels. He was accused of falsifying business records related to fees. instead of him.
On Thursday, a judge confirmed that Trump's hush money trial will begin on March 25, and an Atlanta judge will hear arguments on whether to remove Fulton County District Attorney Fani Willis from Georgia. did. election interference case because she had personal relationship Along with the special prosecutor she hired.
While these criminal charges do not appear to hinder his bid for the Republican presidential nomination, the civil suit threatens him financially.
On January 26, the jury ordered President Trump to: Pays $83.3 million to author E. Jean Carroll He was charged in 2019 with defamation after accusing her of sexually assaulting him at a Manhattan department store in the 1990s.it is on it Juror awards $5 million Carroll In a related court case last year.
In 2022, the Trump Organization will convicted of tax evasion and $1.6 million fine He was charged in an unrelated criminal case with helping executives evade taxes on luxury perks such as Manhattan apartments and luxury cars.
James had asked the judge to fine him at least $370 million.
Engoron decided to take the case because neither side is seeking a jury and state law does not allow for a jury in this type of case.
Because the case was civil rather than criminal in nature, there was no possibility of prison time.
James, who campaigned as a Trump critic and observer, began scrutinizing his business practices in March 2019 following the appointment of former personal lawyer Michael Cohen. testified before Congress Trump allegedly overstated his assets in financial statements he provided to Deutsche Bank in an effort to raise money to buy the NFL's Buffalo Bills.
Mr. James' office previously accused Mr. Trump of misusing his charitable foundation to further his political and business interests. Trump was ordered to pay $2 million in fines to a series of charities, and his charity, the Trump Foundation, was shut down.
Trump incorporated the Trump Organization in New York in 1981. Mr. Trump still owns the company, but placed his assets in a revocable trust and relinquished his position as director, president, and chairman of the company when he became president, giving management of the company to his son. I left it to them.Eric and Donald Trump Jr.
Trump did not return to his declared leadership position when he left the White House in 2021, but his sons testified that he was involved in some decision-making.
Engoron had already appointed former federal judge Barbara Jones as a warden to oversee the company.
