A judge’s February ruling found former President Donald Trump and his company guilty of committing hundreds of millions of dollars in fraud. In this dramatic battle Trump Appeals against this ruling. Trump’s lawyers, however, believe this ruling should be dismissed. They argue that the $454 million judgment is excessive and claim that the case goes against longstanding New York case law.
Allegations of Fraud
The court found that Trump, his company, and top executives, including his sons, deceived banks and insurers for years. They inflated Trump’s wealth on financial statements to get better deals that they wouldn’t have otherwise received. The judge concluded that Trump and his company benefited by $354 million from this scheme, and they were ordered to pay this amount plus about $100 million in interest.
During the trial, which lasted over two months in 2023, Trump’s lawyers repeatedly argued that the allegations made by the New York Attorney General, Letitia James, were outside the statute of limitations. They claimed that the deals in question had “no victims and no losses.” Trump’s attorney, Christopher Kise, stated that the trial court’s decisions ignored the undisputed facts and accused the Attorney General of being politically motivated.
The Court’s Findings
Judge Arthur Engoron, who issued the ruling, criticized Trump and his company for their lack of remorse. He wrote that the defendants showed a “complete lack of contrition and remorse” and accused them of inflating asset values to make more money. Engoron stated that the documents provided during the trial proved the fraudulent actions repeatedly.
Trump testified during the trial, claiming that if there were mistakes in the valuations of his properties, it was because they were actually undervalued. He blamed his accountants for the misleading financial statements. However, the judge concluded that Trump and his company provided “blatantly false financial data” to the accountants.
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Engoron also sanctioned five of Trump’s lawyers $7,500 each in September 2023 for repeating arguments that had been rejected by courts multiple times. A spokesperson for the Attorney General’s office noted these fines in response to the appeal filed by Trump’s team.
Legal Repercussions and Trump Appeals
Trump’s side argued that Judge Engoron ignored a pretrial ruling by the appeals court, which would have dismissed significant parts of the case on statute of limitations grounds. They claimed that this decision should have also dismissed Ivanka Trump from the case, leaving only Donald Trump Jr. and Eric Trump to face trial with their father.
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On February 16, Judge Engoron found that illegal acts were committed when the defendants deceived lenders and insurance companies by inflating the value of Trump’s properties and other assets. Since this was a civil case, no one faced jail time. However, Trump was separately convicted in a New York criminal court in May for falsifying business records related to a hush money payment to an adult film actress before the 2016 election.
Trump’s attorney, Christopher Kise, called the case by Letitia James and her office an abuse of authority. He accused the Attorney General of being motivated by politics. James has repeatedly denied these claims, stating that her office found clear proof of wrongdoing at the Trump Organization.
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Engoron’s ruling also included non-monetary punishments that could affect the Trump Organization’s daily operations. Trump was barred from serving as an officer or director of a company in New York for three years, and his sons were barred for two years. Additionally, Trump was prohibited from applying for new loans from financial institutions chartered or registered in New York.
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The company is currently under the watch of a monitor appointed by Judge Engoron, who ruled that this monitoring would continue for at least three years. This case highlights the ongoing legal battles faced by Trump and his company, with significant financial and operational repercussions.
