Trump Ordered to Pay $355 Million and Barred From New York Business
Source: New York Times
A New York judge on Friday handed Donald J. Trump a crushing defeat in his civil fraud case, finding the former president liable for conspiring to manipulate his net worth and ordering him to pay a penalty of $355 million that could wipe out his entire stockpile of cash.
The decision by Justice Arthur F. Engoron caps a chaotic, yearslong case in which New Yorks attorney general put Mr. Trumps fantastical claims of wealth on trial. With no jury, the power was in Justice Engorons hands alone, and he came down hard: The judge delivered a sweeping array of punishments that threatens the former presidents business empire as he simultaneously contends with four criminal prosecutions and seeks to regain the White House.
Not only did Justice Engoron impose a three-year ban preventing Mr. Trump from serving in top roles at any New York company, including his own, but the judge also applied that punishment to the former presidents adult sons for two years and ordered that they pay more than $4 million each. One of the sons, Eric Trump, is the Trump Organizations de facto chief executive, and the ruling throws into doubt whether any member of the family can run the business in the near term.
Mr. Trump will appeal the financial penalty which could climb to $400 million or more once interest is added but will have to either come up with the money or secure a bond within 30 days. The ruling will not render him bankrupt, because most of his wealth is tied up in real estate.
Read more: https://www.nytimes.com/2024/02/16/nyregion/trump-civil-fraud-trial-ruling.html
Donald Trump's adult sons, Don Jr. and Eric, were ordered to pay $4 million each after Judge Arthur Engoron found them liable for multiple fraud counts.
Response to brooklynite (Original post)
RandySF This message was self-deleted by its author.
leftieNanner
(15,127 posts)former9thward
(32,029 posts)getagrip_already
(14,768 posts)I guess cnn is still reading it?
avebury
(10,952 posts)just stated on MSNBC.
iluvtennis
(19,864 posts)SergeStorms
(19,204 posts)That's pretty sweet, huh? Trump can't even come up with the interest payments, let alone the principal.
It's north of $400 million and cannot do business in NY for 5 years
former9thward
(32,029 posts)Two years for his sons.
soldierant
(6,890 posts)He might still be alive in three years.
And 2 years is definitely not enough for the offspring.
yardwork
(61,667 posts)Their organization might not survive two years if none of them are allowed to be involved.
However, can Ivanka or Jared step in?
soldierant
(6,890 posts)They'd need knowledgeable support, and Weisselberg and another key figure have been banned for life
brooklynite
(94,614 posts)swag
(26,487 posts)A New York judge on Friday handed Donald J. Trump a crushing defeat in his civil fraud case, finding the former president liable for conspiring to manipulate his net worth and ordering him to pay a penalty of more than $350 million that could wipe out his entire stockpile of cash.
The decision by Justice Arthur F. Engoron caps a chaotic, yearslong case in which New Yorks attorney general put Mr. Trumps fantastical claims of wealth on trial. With no jury, the power was in Justice Engorons hands alone, and he came down hard: The judge delivered a sweeping array of punishments that threatens the former presidents business empire as he simultaneously contends with four criminal prosecutions and seeks to regain the White House.
Not only did Justice Engoron impose a three-year ban preventing Mr. Trump from serving in top roles at any New York company, including his own, but the judge also applied that punishment to the former presidents adult sons for two years. One of the sons, Eric Trump, is the Trump Organizations de facto chief executive, and the ruling throws into doubt whether any member of the family can run the business in the near term.
Mr. Trump will appeal the financial penalty which could climb to $400 million or more once interest is added but will have to either come up with the money or secure a bond within 30 days. The ruling will not render him bankrupt, because most of his wealth is tied up in real estate.
So much!
machoneman
(4,007 posts)mahatmakanejeeves
(57,514 posts)muriel_volestrangler
(101,322 posts)so that Trump the Rapist personally doesn't have to pay anything? I note that Donald Trump (Jr., not the Rapist) and his bro Eric are personally liable for $4m each.
So does this just mean the siblings' inheritance is fucked, rather than the Rapist himself?
jmowreader
(50,560 posts)All these groups have to combine to come up with the amount of money demanded.
For instance, Tom, Dick and Harry have been sued for selling used cars with cracked blocks and fined $1 million. They can pay a third each, Tom and Dick can pay a quarter and Harry the rest, or Dick can pay the whole thing. The court doesnt care who pays as long as someone does.
This case is different. Because Trump runs LLCs its basically all his money. The LLC gives some protection - if you get sued they cant take your house unless they want to pierce the corporate veil - which it appears Judge Engoron did - but at the end of the day its his cash. Which means hes probably going to be selling buildings, or his heirs will when the Big Macs finally get him, to pay this because the bastard has no money.
smb
(3,473 posts)SergeStorms
(19,204 posts)I haven't seen that one before.
Most excellent 👌.
electric_blue68
(14,915 posts)shotten99
(622 posts)et tu
(880 posts)bagimin
(1,333 posts)I'm gonna have pie!
Kennah
(14,276 posts)birdographer
(1,332 posts)Ideal situation...please please please.
ffr
(22,671 posts)They own him something like $400 million before TFG left office.
Then again, Putin probably sees republicans as an investment. Whatever damage they do to America is pennies on his Ruble.
ShazzieB
(16,432 posts)Like getting Trump reelected so he can "do whatever the hell he wants" to Ukraine.
However, when (I refuse to say "if" ) TSF loses the election, gets convicted of multiple felonies, or both, I think Pootie may just run out of patience. Once he realizes TSF will never be in a position to give him what he wants, watch out!
yardwork
(61,667 posts)I wonder.
IbogaProject
(2,816 posts)T45 needs to be stuck twitching like how he mocked that reporter back in 2016, plus stuck with speech defects but with his mind intact. Karma is for him to suffer the type of disabilities he has mocked while being fully aware, so he can be even less electable and gets to watch hopelessly has his brand and mojo dissipate into irrelevance.
Evolve Dammit
(16,743 posts)mahatmakanejeeves
(57,514 posts)Page 77:
evidence of a misstatement, a person can always shout that its immaterial. Absolute
perfection, including with numbers, exists only in heaven. If fraud is insignificant, then, like
most things in life, it just does not matter. As an ancient maxim has it, de minimis non curat lex,
the law is not concerned with trifles. Neither is this Court.
But that is not what we have here. Whether viewed in relative (percentage) or absolute
(numerical) terms, objectively (the governing standard) or subjectively (how the lenders viewed
them), defendants misstatements were material. United States Supreme Court Justice Potter
Stewart famously, or infamously, declared that he could not define pornography, but that he
knew it when he saw it. Jacobellis v State of Ohio, 378 US 184, 197 (1964). The frauds found
here leap off the page and shock the conscience.
Wisely, courts have refused to define material in a one size fits all fashion. At trial, this
Court attempted to get the experts to go where Courts have dared not tread. Not surprisingly, a
firm definition could not be found. But in the present context, this Court confidently declares
that any number that is at least 10% off could be deemed material, and any number that is at
least 50% off would likely be deemed material. These numbers are probably conservative given
that here, such deviations from truth represent hundreds of millions of dollars, and in the case of
Mar-a-Lago, possibly a billion dollars or more.
Different Appraisers, Different Appraisals
Yet another great red herring in this case has been that different appraisers can legitimately and
in good faith appraise the same property at different amounts. True enough, as appraising is an
art as well as a science. However, the science part cannot be fraudulent. When two appraisals
rely on starkly different assumptions, that is not evidence of a difference of opinion, that is
evidence of deceit.
twodogsbarking
(9,767 posts)Bernardo de La Paz
(49,013 posts)This was a civil case. No felony, no conviction, no criminal record.
twodogsbarking
(9,767 posts)Orrex
(63,216 posts)What's the appropriate way to refer to someone found civilly liable for fraud? I know that "convicted fraud" is incorrect, but if feels like there should be a similarly concise descriptor?
Bernardo de La Paz
(49,013 posts)"found liable"
"legally liable"
I looked up synonyms for "judged". There were lots for various meanings but few seemed applicable to civil proceedings.
Orrex
(63,216 posts)Maybe that'll be my go-to. Thanks!
Kali
(55,014 posts)fucking fraud? broke mofo?
Orrex
(63,216 posts)In online discussions I often refer to him as "the defeated loser and lifelong failure Trump." That seems to fire up his KKKultists nicely.
niyad
(113,421 posts)Orrex
(63,216 posts)niyad
(113,421 posts)Texin
(2,596 posts)the road per usual. That's the case that determines if Putin's puppet is guilty of hush money payments illegally made to Stormy Daniels (by I believe using campaign donations along with his own (probably laundered) funds).
twodogsbarking
(9,767 posts)ShazzieB
(16,432 posts)You see, my birthday 🎂 is in March, and I told the birthday fairy 🧚 that the only birthday present I want is a criminal felony trial for TSF. I was hoping it would be the DC trial, but since that's on hold, I really need the hush money 🤫💰 trial to start in March. And that damned 🧚 better come through for me, if she knows what's good for her! 😉
onetexan
(13,044 posts)This fraud trial is civil.
twodogsbarking
(9,767 posts)LetMyPeopleVote
(145,353 posts)honest.abe
(8,679 posts)LetMyPeopleVote
(145,353 posts)4lbs
(6,858 posts)LetMyPeopleVote
(145,353 posts)et tu
(880 posts)FakeNoose
(32,658 posts)"It's all her fault, I could have won this case if I'd had a decent lawyer!"
SergeStorms
(19,204 posts)won't even answer his calls anymore. It's not just the money, either. Trump is the absolute worst client an Attorney could have. He won't keep his mouth shut when he should, he threatens judges and the prosecution, he's a nightmare for any Attorney.
That's why he has to settle for the dregs of the legal profession. Any Attorney can only take Trump as a client for the publicity, and even that's highly suspect.
I love it. Such a stable genius and he's his own worst enemy.
electric_blue68
(14,915 posts)mahatmakanejeeves
(57,514 posts)Judge orders Trump to pay more than $350 million in N.Y. civil fraud trial
Updated 3 min ago
Donald Trump and Justice Arthur Engoron of the New York Supreme Court listen to opening arguments during the civil fraud trial against Trump and his company in New York on Oct. 2, 2023, in this courtroom sketch. (Jane Rosenberg/Reuters)
{snip}
Novara
(5,844 posts)sop
(10,208 posts)dlk
(11,572 posts)Given the depth and breath of Trumps fraud, however, I think the ban should have been longer.
live love laugh
(13,119 posts)runnergirl
(18 posts)when that eyesore will be gone from my life!
MichMan
(11,939 posts)twodogsbarking
(9,767 posts)to note that the SF 49ers played great in the SB and were tied causing the OT. I think I am the first to note this.
Also, the news reporters may pee themselves from trying to hold back smiles. Pee on.
DavidDvorkin
(19,480 posts)But I'll just have to settle for this.
PortTack
(32,779 posts)PTL_Mancuso
(276 posts)DavidDvorkin
(19,480 posts)StarryNite
(9,451 posts)riversedge
(70,249 posts)I like to see the word fraud in the title!
Trump civil fraud trial live updates: Judge fines Trump $354 million
The former president was found to have defrauded lenders.
https://abcnews.go.com/US/live-updates/trump-fraud-trial/?id=103642561
By Peter Charalambous and Aaron Katersky
Last Updated: February 16, 2024, 2:06 PM
Former President Donald Trump has been fined $354 million in a civil fraud lawsuit that could alter the personal fortune and real estate empire that helped propel him to the White House.
Trump, his sons Eric Trump and and Donald Trump Jr., and other top Trump Organization executives were accused by New York Attorney General Letitia James of engaging in a decade-long scheme in which they used "numerous acts of fraud and misrepresentation" to inflate Trump's net worth in order get more favorable loan terms. The judge in the case ruled in a partial summary judgment that Trump had submitted "fraudulent valuations" for his assets, leaving the trial to determine additional actions and what penalty, if any, the defendants should receive.
The former president has denied all wrongdoing and his attorneys have argued that Trump's alleged inflated valuations were a product of his business skill.
WestMichRad
(1,327 posts)Oh happy day!
Roc2020
(1,616 posts)mcar
(42,337 posts)Rhiagel
(1,677 posts)BlueKota
(1,761 posts)from the bathroom that had stolen top secret documents in it at Mara Lago?
They could be of significant historical value in the future. I can see the title of the museum exhibit now. " How a Former President, got flushed." 😁
ffr
(22,671 posts)Jarqui
(10,126 posts)with 9% interest prejudgement
and with 12% interest for appeal bond
Add $98.3 mil for EJ Carroll
~$640 mil spanking
that is going to hurt.
Beachnutt
(7,327 posts)Hope the CIA is dialed in on the rethug gang.
ificandream
(9,376 posts)Comfortably_Numb
(3,809 posts)I hope his guts are rotting due to stress. Orange pustule.
twodogsbarking
(9,767 posts)Come on Republicans, spend your last dollar on Trump. It will be worth it. Trust me.
ificandream
(9,376 posts)What will they do? (Well, we know what Donny Jr. will do...)
nitpicked
(265 posts)And its focus on ""will DC be paralyzed by 2 inches of snow?".
FailureToCommunicate
(14,014 posts)nitpicked
(265 posts)And its focus on ""will DC be paralyzed by 2 inches of snow?".
((never mind the House...))
electric_blue68
(14,915 posts)I had gone to visit the White House (possibly the first time of 2) to see the Clinton's Salute to American Crafters where they had 6 trees each holding ornaments made all (or mostly) of one material: fiber, paper, ceramics, wood, glass, or metal.
I was at my cousin's wife's mother's house in Georgetown. Now I was going to museums, and stuff.
Heard there was going to be snow (oh, "joy" ) but it was supposed to start mid-late morning. But it started earlier so there was an inch on the ground as I walked to the local bus by mid morning. Wearing sneakers.
By the time I'd gone to one Museum, and was taking The Metro to something else around 3P there were crowds of people bc they'd let the non essential Federal workers go home.
I guess it was about "3 inches by then. I had a chuckle bc NYC/NE but it's understandable. And it was about 4+ inches by the time I going back to Union Station.
LiberalFighter
(50,960 posts)$168,040,168 interest beginning 4 Mar 2019
$126,828,600 interest beginning 11 May 2022
$ 60,000,000 interest beginning 26 June 2023
$354,868,768 Total not including interest
Eric Trump
$4,013,024 interest beginning 11 May 2022
Donald Jr
$4,013,024 interest beginning 11 May 2022
honest.abe
(8,679 posts)ffr
(22,671 posts)And how much has he contributed, beside the $6-8 Trillion he and republicans added to the deficit between 2017 and 2021, to the public debt owed by the United States?
TexasBushwhacker
(20,204 posts)Multiple partnerships and corporations. The thing is, he would be required to keep his books by accrual basis, which means a bill is recorded when it's received, not when it's paid. Considering that we know he is notorious for not paying his bills, did he record those bills as expenses and then NOT pay them? That would effectively raise his taxable income. If the IRS believes fraud was committed, they can go back DECADES. He could lose EVERYTHING in back taxes, interest and penalties.
MichMan
(11,939 posts)Last edited Sat Feb 17, 2024, 06:02 PM - Edit history (1)
A president can't spend without their authority
ffr
(22,671 posts)Fixed.
padah513
(2,503 posts)liberal N proud
(60,338 posts)ShazzieB
(16,432 posts)And let them believe whatever they want. Seriously,who cares? I'm convinced their numbers are dwindling more and more as time goes on. Yes, there are still some fanatical cultists out there, but even fanatical cultists only get one vote each.
I'm done caring about what his cultists think, and I don't believe there are nearly enough of them left to win this election for him.
He's going down...down...down...down...
chowder66
(9,074 posts)Justice matters.
(6,935 posts)Melania just said goodbye to her inheritance
ArizonaLib
(1,242 posts)or will it continue to be a statistical tie or a dead heat? Or is Biden's age still going to be a bigger factor than Trump's crimes and punishment?
tom_kelly
(961 posts)has to sell that airplane. I'm sick of seeing it when I drive past the West Palm Beach airport
flying-skeleton
(697 posts)It just knocks 15-18% of his net worth. And he'll just appeal away for 3 years to run out the clock!!
mike_c
(36,281 posts)Wicked Blue
(5,835 posts)Serves the fraudster right.
Warpy
(111,285 posts)so I count it as a win. The part that will hurt is unloading any and all businesses he's still involved in there, like that white elephant of a "wildlife refuge" with mansion that his gun happy idiot sons are so fond of. I think it's rented out most of the year to corporate conferences, definitely not a residence.
He'll cry foul and vendetta and try to appeal, so it's going to be a while before he has to shed his businesses completely.
He'll be fun to watch in the meantime.
Grumpy Old Guy
(3,171 posts)He should have been banned for life.
llmart
(15,541 posts)I just have to ask, who in tarnation would EVER want to do business with him again after all of the details of his fraud are out there for everyone to see? There are plenty of people in New York who hated him for years and anyone who did business with him and was stiffed probably spread the word around too. I actually know someone who's family member was out $24K years ago and also lost his job because of it.
Only another crook would glom onto him now.
BlueKota
(1,761 posts)If Donny doesn't have the funds to appeal, or loses the appeal, does NY State get the money or the clients he defrauded?
Mr. Evil
(2,851 posts)I'm thinking by this time tomorrow banks and whatever other entities he owes money to will be calling in those loans. They want to get theirs before New York gets it. Should that happen, he's totally fucked. No lube, no foreplay, just totally fucked!
BWAAAHAAAHAAHAHAHAHAHA!
Sailingdiver
(140 posts)He's always the victim and there's always a conspiracy.
catbyte
(34,409 posts)he's so goddamned crooked that when he croaks they're gonna have to screw him into the ground.
KY_EnviroGuy
(14,492 posts)He'll grift off all these court decisions until the day he dies and his kids will take over after that event. They can always start a new corporation in Florida and sell tickets to tours of Mar-Orange-Largo, just like Graceland.
Congratulations to Attorney General Letitia James, Judge Engoron and all their staff personnel who persevered in the name of justice through this horrible shit-show of threats and public insults......
CountAllVotes
(20,876 posts)I have for the orange asswhole!
BigmanPigman
(51,611 posts)Boys?!?!?!? They are middle age!
The media is complicit, even MSNBC. Fuck them all!!!!!
C Moon
(12,215 posts)Aussie105
(5,405 posts)Using two sets of values on a property to gain some advantage is a simple and easily detected example of fraud.
Why did it take this long to uncover this?
More importantly:
When will banks which loaned him money ask for their money back?
When does the fire-sale of Trump's assets start?
What will such a fire-sale do to NY real estate values?
Who is going to clean up all the MAGAT exploding brains?
AND . . . FOX NEWS . . . what slant can they come up with for this turn of events?
samnsara
(17,623 posts)..this outta be fun to watch