The judge who presided over a civil business fraud trial against Donald Trump on Friday ordered the former president, his sons, business associates and company to pay more than $350 million in damages and temporarily limited their ability to do business in New York.
Judge Arthur Engoron ordered the former president and the Trump Organization to pay over $354 million in damages, and barred Trump “from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years,” including his namesake company.
New York Attorney General Letitia James, who’s office brought the case, said that with pre-judgment interest, the judgment totals over $450 million, an amount “which will continue to increase every single day” until the judgment is paid.
“Donald Trump is finally facing accountability for his lying, cheating, and staggering fraud. Because no matter how big, rich, or powerful you think you are, no one is above the law,” James said in a statement, calling the ruling “a tremendous victory for this state, this nation, and for everyone who believes that we all must play by the same rules — even former presidents.”
The ruling also bars Trump and his company from applying for any bank loans for three years.
In his first public remarks after the ruling, Trump said, “We’ll appeal and we’ll be successful.”
Speaking to reporters at Mar-a-Lago on Friday night, Trump bashed the ruling as “a fine of 350 million for a doing a perfect job.” He also repeated previous attacks by calling the judge “crooked” and the attorney general “corrupt.”
Trump did not take any questions from reporters after speaking for about six minutes.
The judge’s decision is a potential blow to both Trump’s finances and persona — having built his brand on being a successful businessman that he leveraged in his first run for president. Trump is currently running for the White House for a third time. This case is just one of many he is currently facing, including four separate pending criminal trials, the first of which is scheduled to begin on March 25.
Engoron also ordered the continued “appointment of an Independent Monitor” and the “the installation of an Independent Director of Compliance” for the company.
In posts on his social media platform Truth Social, Trump called the ruling “an illegal, unAmerican judgment against me, my family, and my tremendous business.”
“This ‘decision’ is a complete and total sham,” he wrote.
During the trial, Trump and executives at his company, including his sons Donald Trump Jr. and Eric Trump, attempted to blame exaggerated financial statements that were the heart of New York Attorney General Letitia James’ fraud case on the accountants who compiled them. Engoron disagreed.
No remorse
In explaining the need for a monitor, the judge cited the lack of remorse by Trump and his executives after the fraud was discovered.
“Their complete lack of contrition and remorse borders on pathological. They are accused only of inflating asset values to make more money. The documents prove this over and over again. This is a venial sin, not a mortal sin. Defendants did not commit murder or arson. 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,” Engoron wrote.
“Defendants’ refusal to admit error — indeed, to continue it, according to the Independent Monitor — constrains this Court to conclude that they will engage in it going forward unless judicially restrained,” he added.
The ruling also bars the Trump sons — who’ve been running the company since their father went to the White House — “from serving as an officer or director of any New York corporation or other legal entity in New York for a period of two years.” Both were fined over $4 million, plus interest, for their roles in the scheme.
Donald Trump Jr. posted on the social media site X that “We’ve reached the point where your political beliefs combined with what venue your case is heard are the primary determinants of the outcome; not the facts of the case! It’s truly sad what’s happened to our country.”
In a statement, Eric Trump called the judge “a cruel man.”
“He knows that every single witness testified to that fact that I had absolutely NOTHING to do with this case (as INSANE as the case truly is),” Eric Trump said.
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