Former President Donald Trump has been ordered to pay $364 Million in the New York Civil Fraud case.
Judge Arthur Engoron ruled that Trump is liable for damages in the civil fraud case against him and his company, the Trump Organization. The former president is banned from operating the business in New York for three years.
Donald Trump Jr. and Eric Trump have been ordered to pay $4M each.
Trump responded to the decision on Truth Social, posting, “A Crooked New York State Judge, working with a totally Corrupt Attorney General who ran on the basis of “I will get Trump,” before knowing anything about me or my company, has just fined me $355 Million based on nothing other than having built a GREAT COMPANY. ELECTION INTERFERENCE. WITCH HUNT (more to follow!).“
Trump attorney Christopher Kise slammed the decision saying the court "ignored the law, ignored the facts, and simply signed off on the Attorney General's manifestly unjust political crusade against the front-running candidate for President of the United States."
Legal cases are supposed to be decided based on the application of established legal principles to the actual evidence," Kise said. "During 44 days of trial, not one witness, not one complaint, and not one victim supported the Attorney General's manufactured claims of ‘fraud.' Moreover, the evidence established President Trump's net worth far exceeded what was reported in his financial statements."
Kise said "even the bankers actually involved in the loans testified there was nothing misleading, there was no fraud, and the transactions were all highly profitable."
New York Attorney General Letitia James had sought $370 million, plus 9% interest in penalties from Trump. Any awarded funds would go to the New York State Treasury, unless directed elsewhere by the state comptroller. James also famously promised to go after Trump when she ran for office.
Trump and his family denied any wrongdoing, with the former president saying his assets had been undervalued. Trump's legal team insisted that his financial statements had disclaimers, and made it clear to banks that they should conduct their own assessments.
Trump attorney Alina Habba responded to the verdict on social media, saying, “This verdict is a manifest injustice - plain and simple. It is the culmination of a multi-year, politically fueled witch hunt that was designed to "take down Donald Trump,” before Letitia James ever stepped foot into the Attorney General’s office. Countless hours of testimony proved that there was no wrongdoing, no crime, and no victim.
Given the grave stakes, we trust that the Appellate Division will overturn this egregious verdict and end this relentless persecution against my clients.
Let me make one thing perfectly clear: this is not just about Donald Trump - if this decision stands, it will serve as a signal to every single American that New York is no longer open for business.”