Former President Donald Trump, his company and associates have been ordered to pay $364 million in a New York civil fraud trial.
The ruling from Judge Arthur Engoron imposed a fine on Trump and the Trump Organization for $354 million. After interest, according to the office of New York Attorney General Letitia James, the total owed will be closer to $450 million.
Trump has also been barred from holding executive office at any New York company and getting a loan from a bank in the state for three years.
In addition, Donald Trump Jr. and Eric Trump were fined $4 million each and barred from serving as officers or directors of any New York corporation for two years. Allen H. Weisselberg , who served as the chief financial officer for the Trump Organization, was also ordered to pay a $1 million fine.
In his ruling, Engoron admonished the defendants for refusing to accept responsibility.
"They did not rob a bank at gunpoint. Donald Trump is not Bernard Madoff. Yet, defendants are incapable of admitting the error of their ways. Instead, they adopt a 'See no evil, hear no evil, speak no evil' posture that the evidence belies," the judge wrote.
Reacting to the ruling, Trump criticized Engoron and Attorney General James, who brought the case.
"Corrupt A.G. Tish James has been obsessed with 'Getting Trump' for years, and used Crooked New York State Judge Engoron to get an illegal, unAmerican judgment against me, my family, and my tremendous business," the former president said in a statement.
Trump said he intends to appeal the ruling, claiming it was politically motivated.
"This 'decision' is a Complete and Total SHAM. There were No Victims, No Damages, No Complaints," Trump said.
In remarks following the ruling, James said the outcome was a win for everyday Americans.
"After 11 weeks of trial, we showed the staggering extent of his fraud, and exactly how Donald Trump and the other defendants deceived banks, insurance companies and other financial institutions for their own personal gain," James said. "The court ruled in our favor, and in the favor of every other hard-working American who plays by the rules."
"White collar financial fraud is not a victimless crime. When the powerful break the law and take more than their fair share, there are fewer resources available for working people, small businesses and families. Everyday Americans cannot lie to a bank about how much money they have in order to get a mortgage to buy a home, or a loan to keep their business afloat, or to send their child to college. And if they did, our government would throw the book at them."
James began her probe of Trump and his company in 2019.
Prosecutors said they uncovered evidence that shows Trump and executives at the Trump Organization knowingly committed fraud by exaggerating the value of some of their assets in order to secure loans and get better insurance rates.
James officially filed the lawsuit in 2022. Over the course of the next year, Trump, as well as his sons Donald Jr. and Eric, would testify, claiming they weren't responsible for any wrongdoing. Their argument was that the financial aspects of the business were handled by accountants.
In September 2023, Engoron found the Trump Organization, Trump and his children liable for fraud. In his ruling, Engoron stated that evidence showed Trump inflated his net worth by as much as $2.2 billion.
After that ruling, James sought a judgment of $370 million plus interest.
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