In a landmark decision, a New York judge has ruled against former President Donald Trump in a civil fraud case, demanding payment of over $350 million in damages, with the potential for an additional $100 million in interest charges.
Judge Arthur Engoron, presiding over the case, went further by prohibiting Trump from holding any officer or director positions in New York corporations or legal entities for a period of three years, effectively including his own company bearing his name.
Trump’s sons, their associated companies, and several executives from Trump’s organization are also implicated in the case.
In a detailed 92-page ruling, Judge Engoron expressed concern about the defendants’ apparent lack of remorse, characterizing their behavior as stubbornly unrepentant and verging on pathological.
While acknowledging that the offenses were serious, Judge Engoron emphasized that they did not rise to the level of heinous crimes like murder or arson. However, he criticized the defendants’ refusal to acknowledge their wrongdoing, noting their tendency to adopt a “hear no evil, see no evil, speak no evil” stance that contradicted the evidence presented in court.
As part of the ruling, Trump is barred from seeking loans from any financial institution registered with the New York Department of Financial Services for the next three years. Additionally, Trump’s sons, Donald Jr. and Eric, have been ordered to pay $4 million each for their personal gains from the fraudulent activities. Allen Weisselberg, the former CFO of the Trump Organization, faces a fine of $1 million.
The lawsuit, initiated by New York Attorney General Letitia James, alleges that Trump and his co-defendants engaged in repeated fraud by inflating assets on financial statements to deceive lenders into offering more favorable loan terms.
According to the lawsuit’s claims, Trump artificially inflated his net worth by as much as $3.6 billion over three separate years between 2011 and 2021.