Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (2024)

Table of Contents
What we covered here Key takeaways from the civil fraud trial ruling against Donald Trump Trump will likely be forced to turn over full judgment amount of $355 million to move ahead with appeal Fact check: Trump’s baseless claim that Biden and the Justice Department are behind his civil case Trump: We will appeal New York civil fraud ruling New York attorney general: The court ruled in favor of "every hard-working American who plays by the rules" Judge: Common excuse that "everybody does it" is all the more reason to be vigilant in enforcing rules Does Trump have to pay the nearly $355 million judgment immediately? What we know 2-year ban on Trump’s adult sons leaves Trump Org leadership in question Trump has been ordered to pay $438 million this year in fraud and defamation cases Trump's attorneys are planning to appeal the New York civil fraud ruling. Here's what to expect next Judge rules Trump will also have to pay millions in interest on the $355 million judgment Trump blasts judge’s ruling ordering him to pay nearly $355 million Attorney General Letitia James celebrates ruling and calls it a "massive victory" Monitor is a retired federal judge who could spell more trouble or rehabilitation for the Trump Organization Judge knocks Trump for valuation of Mar-a-Lago Lawmaker calls ruling a "natural and logical extension" of Michael Cohen's 2019 testimony about Trump Judge calls Ivanka Trump’s inconsistent memory "suspect," although he found her "thoughtful" and "poised" Judge says that Michael Cohen "told the truth" Trump found liable for multiple fraud counts in New York civil case 2 former Trump Org executives permanently banned from running finances for New York businesses Trump’s adult sons are barred from serving as an officer or director of any New York corporation for 2 years Read Judge Engoron's full ruling in the Trump New York civil fraud case Judge bars Trump from applying for loans from banks registered in New York state for 3 years Judge finds Trump's adult sons liable for multiple fraud counts Judge says Trump and other defendants are "incapable of admitting the error of their ways" Trump attorney calls ruling "a manifest injustice" and says he plans to appeal Trump's business is not dissolved Trump barred for three years Judge says Trump submitted "blatantly false financial data" Trump's sons must pay $4 million each Judge orders Trump and his companies to pay nearly $355 million in New York civil fraud case JUST IN: Judge issues ruling in Trump's New York civil fraud trial Key takeaways from closing arguments in Trump's civil fraud trial Trump is facing another trial in New York soon New York's top court upheld the gag order against Trump in civil fraud trial A New York judge has the future of Trump’s business empire in his hands. Here's what is at stake in the case

Updated 8:15 PM EST, Fri February 16, 2024

Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (6)

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What we covered here

  • Today’s major ruling: A judge ordered former President Donald Trump and his companies to paynearly $355 million in a rulinginthe New York civil fraud trial. Trump will also have to pay millions in interest on that money, be barred from serving as an officer or director of a New York corporation or other legal entities in the state for three years, and cannot apply for loans from any financial institution registered in the state for three years for fraudulently inflating the values of his properties.
  • Trump’s sons are also impacted: Trump’s adult sons, Donald Jr. and Eric – who’ve essentially run the Trump Organization since 2017 – have been ordered to pay $4 million each for personal profits from the fraud and are barred from serving as executives in New York for two years. Two former Trump Org. executives are permanently banned from running finances for state businesses. Read the full ruling.
  • What happens next: Trump vowed to appeal the decision. He and his co-defendantswill likely need to come up with the full judgment of $355 million,with potentiallymore in interest, to move forward with an appeal, sources say. The trial in this case has served as a precursor to thefour criminal trials Trump is expected to face this year as he campaigns to regain the presidency.

Our live coverage has ended. Read more about the ruling in the posts below.

36 Posts

Key takeaways from the civil fraud trial ruling against Donald Trump

From CNN's Jeremy Herb,Lauren del ValleandKara Scannell
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (7)

Donald Trump speaks at his Mar-a-Lago estate, Friday, February 16, in Palm Beach, Florida.

Judge Arthur Engoron hit Donald Trump with his biggest punishment to date on Friday, in a ruling that fined the former president $355 million for fraudulently inflating the values of his properties.

Engoron found Trump liable for fraud, conspiracy and issuing false financial statements and false business records, and he barred him from serving as director of a company in New York for three years. But while he stopped short of dissolving the Trump Organization altogether, Engoron issued a blistering93-page opinionthat painted the former president as unremorseful and highly likely to commit fraud again.

Here are key takeaways from the decision:

  • The biggest fines yet against Trump: Engoron found that the defendants’ fraud saved them about $168 million in interest, fining Trump and his companies that amount. He also ruled that Trump and his companies were liable for $126 million in ill-gotten profits from the sale of the Old Post Office in Washington, DC, and that Trump and his companies were liable for $60 million in profits from the sale of Ferry Point in the Bronx. Engoron also wrote that Trump would be required for interest on those payments.
  • The judge gets the last word: Trump repeatedly attacked Engoron and the case throughout the 11-week trial on social media, outside the courtroom – and even to the judge’s face while he testified. On Friday, Engoron got the last word, painting Trump as a “pathological” fraudster who would not stop unless forced. The judge acknowledged that the sins Trump committed — which his lawyers frequently argued had no victim because banks were repaid and often eager to do business with Trump’s company — were not as serious as some crimes. But he faulted Trump and his co-defendants for a complete lack of contrition.
  • No corporate death penalty: The judge banned Trump from servingas an officer or director of a New York corporation for three years,but did not issuethe so-called corporate death penalty. Engoron pulled back from a decision he issued a summary judgment in September dissolving Trump’s business certificates in finding that Trump and his co-defendants were liable for persistent and repeated fraud. But, the independent monitor installed last fall willstay in place for at least three years and an independent director of compliance should be put in place at the Trump Org. at the company’s expense, the ruling said.
  • Judge says Cohen told the truth: Engoron recappedMichael Cohen’s theatrical trial testimony, acknowledging the credibility issues with Trump’s former lawyer and fixer. But ultimately, Engoron said, he believed Cohen.
  • Trump’s adult sons banned for 2 years: Trump’s eldest sons – who’ve essentially run the Trump Organization since 2017 – are barred from serving as executives in New York for two years, according to Engoron’s order. The Trumps will have to navigate the two-year penalty as they sort out the future of the family-run real estate company.

Get up to speed on the ruling and more takeaways.

Trump will likely be forced to turn over full judgment amount of $355 million to move ahead with appeal

From Lauren del Valle and Kara Scannell

Former President Donald Trump and his co-defendantswill likely need to come up with the full judgment of $355 millionordered by Judge Arthur Engoron Friday,with potentiallymore in interest, in order to move forward with an appeal, sources familiar with the matter have confirmed to CNN.

Those sources explained that this is the typical procedure required by the law, though some of the details, including the total amount to be frozen, could change.

Trump and his lawyers said Friday they intend to appeal the decision.

That money will be held in an account pending the appellate process, which could take years to litigate.

The 9% interest Judge Engoron ordered Trump and his company to pay on the nearly $355 million judgment will continue to accrue until it’s paid per the order.

Typically, the state requires a notice of appeal within 30 days of the judgment.

Fact check: Trump’s baseless claim that Biden and the Justice Department are behind his civil case

From CNN's Daniel Dale

In his remarks Friday evening, President Donald Trump claimed,as he has before,that President Joe Biden was a hidden handbehindthe civil fraud case in New York.

“All comes out of the DOJ, it all comes out of Biden,” Trump said. “It’s a witch hunt against his political opponent, the likes of which our country has never seen.”

Facts First:There is no basis for Trump’s claim that Biden or the Justice Department is behind the civil case. The case was brought by New York state Attorney General Letitia James – after an investigationshe began in 2019, roughly two years before Biden became president. As Trump has repeatedly noted, James, a Democrat,campaignedin 2018 on a pledge to pursue Trump. Also, federal agencies do not have jurisdiction over state cases like this.

James filed the lawsuit that led to this trialin September 2022– about two months before Trumplaunched his 2024 campaign.

Trump: We will appeal New York civil fraud ruling

From CNN staff
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (8)

Former President Donald Trump speaks to the media on Friday.

In remarks from Mar-a-Lago, Donald Trump slammed Judge Arthur Engoron, New York Attorney General Letitia James and vowed to appeal Friday’s ruling that orders he and his companies pay nearly $355 million.

“It’s a very sad day for, in my opinion, the county,” the former president said speaking from Palm Beach, Florida.

“We’ll appeal, we’ll be successful, I think,” Trump said

More on the ruling: The ruling inthe New York civil fraud case also says Trump willbebarredfrom serving as an officer or director ofany New York corporation or other legal entity in the state for three years, among other restrictions.

Earlier Friday, Trump called the ruling a sham on Truth Social.

CNN’s Kate Sullivan contributed reporting to this post.

New York attorney general: The court ruled in favor of "every hard-working American who plays by the rules"

From CNN’s Samantha Beech
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (9)

New York Attorney General Letitia James speaks to the media on Friday, February 16.

Attorney General Letitia James celebrated today’s civil fraud ruling in remarks from New York, saying the court ruled “in favor of every hard-working Americanwho plays by the rules.”

James added, “Donald Trump may have authored the ‘Art of the Deal,’ but he perfected the art of the steal.”

“And so after 11 weeks of trial, weshowed the staggering extent ofhis fraud, and exactly howDonald Trump and the otherdefendants deceived banks,insurance companies and otherfinancial institutions fortheir own personal gain,” she continued. “Weproved just how much DonaldTrump, his family and hiscompany unjustly benefited fromhis fraud.”

Jamessaid, “I want to be clear, 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.”

The attorney generalthanked those in her office who helped work on the case.

“The scale and the scope of Donald Trump’s fraud is staggering, and so to is his ego, and his belief that the rules do not apply to him. Today, we are holding Donald Trump accountable,”Jamessaid.

James did not take questions from reporters and departed the room directly after her remarks, which largely reflected the written statement issued by her office earlier Friday.

Judge: Common excuse that "everybody does it" is all the more reason to be vigilant in enforcing rules

From CNN’s Jeremy Herb, Laura Dolan and Nicki Brown
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (10)

Judge Arthur Engoron presides over closing arguments in January.

The New York judge criticized one of the defenses put up by Donald Trump’s lawyers in the civil fraud case, writing in his ruling that claiming “everybody does it” is no reason to get away with fraud.

In fact, Judge Arthur Engoron argued it’s all the reason to be more vigilant in actually enforcing the rules.

Known for his colorful writing, the judge also quoted an “ancient maxim” before saying the frauds at issue in this case “shock the conscience.”

“As an ancient maxim has it,de minimis non curat lex,the law is not concerned with trifles. Neither is this Court,” Judge Arthur Engoron wrote in his ruling. “But that is not what we have here.” “The frauds found here leap off the page and shock the conscience,” the judge wrote.

Remember: Trump’s attorneys argued during the trial that the attorney general’s claims against Trump had no victims — the banks were paid back and were eager to do business with Trump.

But the attorney general argued, and the judge agreed, that the fraudulent loans Trump received at lower rates had an impact on the marketplace. Plus, the law used to bring the claims against Trump does not require there to be victims of fraud in a traditional sense.

Does Trump have to pay the nearly $355 million judgment immediately? What we know

From CNN's Fredreka Schouten

Legal experts say former President Donald Trump is likely to use a bond, secured with his assets as collateral, as the first step in satisfying the judgment in the New York civil fraud case brought by New York Attorney General Letitia James.

On Friday, Judge Arthur Engoron ordered Trump and his companies topay nearly $355 million, which Trump has vowed to appeal.

Under a so-called appeal bond, Trump would put up a percentage of the judgment and a third-party company that is the guarantor “is on the hook for the full amount,” said Joshua Naftalis, a former federal prosecutor now in private practice in New York.

What Trump has available: It’s difficult to determine the full assets available to Trump, because his business is a privately held concern and does not regularly file reports with regulators. In a deposition taken last year as part of the case brought by James, the former president said his company had more than $400 million in available cash.

Adam Leitman Bailey, a real estate attorney in New York, said Trump likely would have to put up 10% of the judgment in cash, plus an additional fee.

In January, a jury in a civil defamation caseordered Trump to pay $83.3 millionto former magazine columnist E. Jean Carroll, on top of the $5 million verdict she had already won against him last year.

2-year ban on Trump’s adult sons leaves Trump Org leadership in question

From CNN’s Lauren del Valle
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (11)

Eric Trump, left, and Donald Trump Jr. wait for their father to speak at the White House in 2020.

Donald Trump’s eldest sons — who’ve essentially run the Trump Organization since 2017 — are barred from serving as executives in New York for two years, according to Judge Arthur Engoron’s order.

The Trumps will have to navigate the two-year penalty as they sort out the future of the family-run real estate company that also hasn’t filled the chief financial officer or controller positions vacated by former Trump Org. execs Allen Weisselberg and Jeff McConney.

During closing arguments last month, Engoron questioned whether the attorney general presented any evidence that Trump’s eldest sons knew that there was fraudgoing on at the company — but ultimately found them liable for issuing false financial statements, falsifying business records, and conspiracy claims.

The judge knockedEric Trump’s credibility in his ruling, pointing out inconsistent testimony he gave at trial. He “begrudgingly” conceded at trial that he actually knew about his father’s statements as early as 2013 “upon being confronted with copious documentary evidence conclusively demonstrating otherwise,” the judge wrote.

Engoron also said Eric Trump unconvincingly tried to distance himself from some appraisals of Trump Org properties that offered a much lower valuation than reported on Donald Trump’s financial statements.

More on the ruling: Eric and Donald Trump Jr. were both ordered to pay more than $4 million in disgorgement, or “ill-gotten” profits, they personally received from the 2022 sale of Trump’s hotel at the Old Post Office building in Washington DC.

Ivanka Trump gets to keep her profits on the building sale because she was dismissed as a defendant in the case by an appeals court ahead of trial. But that didn’t stop Engoron from weighing in on her trial testimony, calling it “suspect.”

Trump has been ordered to pay $438 million this year in fraud and defamation cases

From CNN's Jeremy Herb
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (12)

President Donald Trump speaks during a press conference held at Mar-a-Lago on February 8, in Palm Beach, Florida.

Judge Arthur Engoron hit Donald Trump with his biggest punishment to date Friday, in a ruling that fined the former president nearly $355 million for fraudulently inflating the values of his properties.

The dollar amount dwarfed the verdict against Trump issued last month in the defamation case brought by E. Jean Carroll — an $83 million judgment — hitting home just how much the New York attorney general’s civil fraud case threatens Trump’s business empire.

Engoron found Trump liable for fraud, conspiracy, issuing false financial statements, and falsifying business records, barring him from serving as director of a company in New York for three years.

While the judge pulled back from trying to dissolve the Trump Organization altogether, Engoron issued a blistering 93-page opinion that painted the former president as unremorseful and highly likely to commit fraud again.

“This Court finds that defendants are likely to continue their fraudulent ways unless the Court grants significant injunctive relief,” Engoron wrote.

The judge also ruled that Trump will have to pay millions in interest on the judgement amount.

Trump's attorneys are planning to appeal the New York civil fraud ruling. Here's what to expect next

From CNN’s Lauren del Valle
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (13)

Former President Donald Trump and his lawyers Christopher Kise and Alina Habba attend closing arguments in the civil fraud trial in January.

Donald Trump’s attorneys have already appealed Judge Arthur Engoron’s 2023 summary judgment that found the former president liable for fraud — and the former president’s attorneys are already planning to appeal Friday’s decision, too.

Trump attorney ChristopherKiseresponded to Engoron’s ruling in a statement Friday, saying the court “ignored the law, ignored the facts.”

Kiseadded Trump will appeal and “remains confident the Appellate Division will ultimately correct the innumerable and catastrophic errors made.”

During the 11-week trial, Trump’s attorneys repeatedly criticized Engoron’s handling of the case and raised objections “for the record” and a potential appeal.

Engoron often acknowledged the likelihood of an appeal during the trial.

The ruling is likely to be tied up in the courts on appeal for a long time, and Engoron’s ruling Friday was written with an eye toward surviving an appellate challenge.

Judge rules Trump will also have to pay millions in interest on the $355 million judgment

From CNN's Jeremy Herb, Lauren del Valle, Kara Scannell and Laura Dolan

In his ruling that orders Donald Trump to pay nearly $355 million in profits from his fraud, Judge Arthur Engoron also ruled that the former president will have to pay interest on that money, dating back several years.

The interest could add close to $100 million to the amount Trump is liable for.

The judge broke down the $354,868,678 in disgorgement into three parts:

  1. He wrote that the defendants’ fraud saved them about $168 million in interest, fining Trump and his companies that amount.The former president will have to pay interest dating to March 2019 for those ill-gotten gains.
  2. Engoron also ruled that Trump and his companies were liable for over $126 million in ill-gotten profits from the sale of the Old Post Office in Washington, DC, a contract the judge says “was obtained through the use of false SFC (statements of financial condition).”On those profits, Trump will have to pay interest dating to May 2022.
  3. And the judge ruled that Trump and his companies were liable for $60 million in profits from the sale of Ferry Point in the Bronx.On this part of the verdict, Trump will have to pay interest dating to June 2023.

All of the prejudgment interest owed “shall be at the rate of nine percent per annum, except where otherwise provided by statute,” the judge wrote.

In a statement on X, New York Attorney General Letitia James cited a higher total amount by including the interest as well as the money owed by Trump’s two adult sons and former CFO.

“In a massive victory, we won our case against Donald Trump for engaging in years of incredible financial fraud to enrich himself,” she wrote. “Trump, Donald Trump, Jr., Eric Trump, and his former executives must pay over $450 million in disgorgement and interest.”

Trump blasts judge’s ruling ordering him to pay nearly $355 million

From CNN's Kate Sullivan
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (14)

Former President Donald Trump sits in the courtroom during his civil fraud trial in January.

Former President Donald Trump on Friday blasted a ruling by a judge ordering him and his companies to pay nearly $355 million in the New York civil fraud case and continued claiming, without evidence, he had been politically targeted because he’s running for president.

“This ‘decision’ is a Complete and Total SHAM,”Trump postedon Truth Social in his first public comments following the ruling.

Trump said in a separate post, “The Democrat Club-controlled Judge Engoron has already been reversed four times on this case, a shameful record, and he will be reversed again. We cannot let injustice stand, and will fight Crooked Joe Biden’s weaponized persecution at every step.”

Attorney General Letitia James celebrates ruling and calls it a "massive victory"

From CNN's Dan Berman, Kara Scannell and Samantha Beech
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (15)

New York Attorney General Letitia James exits the courtroomduring the civil fraud trial in November.

New York Attorney General Letitia James celebrated Friday’s ruling against the Trumps.

In a separate statement, she referred to the order against Trump and his companies as a “tremendous victory.” The attorney general said the ruling proves “no one is above the law.”

James is expected to speak to reporters this afternoon.

Monitor is a retired federal judge who could spell more trouble or rehabilitation for the Trump Organization

From CNN's Elise Hammond

While Judge Arthur Engoron did not dissolve the business certificates for the Trump Organization, as he had initially laid out, he did order several restrictions and stipulations to be enacted for the next few years.

Engoron wrote that a monitor he put in place for the company was to stay in place for at least three years.

The monitor, who has access to records and the internal workings of the business, is a retired federal judge who specialized in high-stakes, high-profile matters, according to Elie Honig, a former federal prosecutor and CNN senior legal analyst.

The monitor issued a report a few weeks ago that said she found inconsistencies in her initial review of the company. That could lead to more trouble for the Trump Organization, Honig said.

“But if the goal is to rehabilitate the company, then this is the right person for it,” Honig said.

CNN’s Jeremy Herb contributed reporting to this post.

Judge knocks Trump for valuation of Mar-a-Lago

From CNN's Jeremy Herb, Nicki Brown and Luciana Lopez
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (16)

An aerial view of Donald Trump's Mar-a-Lago estate in Palm Beach, Florida, in August 2022.

Judge Arthur Engoron cited Donald Trump’s valuation of Mar-a-Lago on his financial statements as one of the properties where the former president committed fraud — while also chiding the former president for claiming his Florida resort was worth more than $1 billion.

Engoron wrote that Trump’s 2002 deed gave away the right to use Mar-a-Lago as a single-family residence, meaning that Trump paid significantly lower property taxes and that it could not be valued as highly as he claimed.

In a footnote, Engoron noted of Trump and the deed: “A fact of which he is well aware, having signed the deed himself.”

“There is no legal gray area surrounding the permanent nature of the deed restrictions,” Engoron later wrote in his ruling. “Accordingly, there can be no mistake that Donald Trump’s valuation of Mar-a-Lago from 2011-2021 was fraudulent.”

Lawmaker calls ruling a "natural and logical extension" of Michael Cohen's 2019 testimony about Trump

From CNN's Elise Hammond

Rep. Raja Krishnamoorthi at a biotech tour in Boston, on February 12.

One Democratic lawmaker who questioned Michel Cohen at a hearing where he testified that Donald Trump had inflated his assets called the ruling appropriate and said the evidence against the former president and others is “pretty overwhelming.”

Rep. Raja Krishnamoorthi, a Democrat on the House Oversight and Government Reform Committee, said the ruling was “a natural and logicalextension of what happened backin February 2019” during Cohen’s testimony.

Some background: During that hearing, Cohen, Trump’s former lawyer and fixer, testified about how the Trump Organization manipulated figures to change the value of the company.

He also indicated that his former client potentially committed a variety of financial crimes from bank to tax fraud in order to secure loans and even to move up in Forbes magazine’s rankings of the very rich.

Judge calls Ivanka Trump’s inconsistent memory "suspect," although he found her "thoughtful" and "poised"

From CNN's Nicki Brown, Lauren del Valle, Kara Scannell and Jeremy Herb
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (18)

Ivanka Trump walks the hallway as she attends the Trump Organization civil fraud trial, in New York, in November 2023.

While calling her a “thoughtful” and “poised witness,” Judge Arthur Engoron questioned Ivanka Trump’s inability to recall details of several projects she worked on despite documents presented in court showing otherwise.

Engoron specifically mentioned her inability to recollect her work on the Old Post Office building in Washington, DC, and the loans issued by Deutsche Bank.

More background: Ivanka Trump, Donald Trump’s eldest daughter, was dismissed as a defendant in this case by an appellate court ruling in June, but was subpoenaed to testify by the New York attorney general’s office.

Judge says that Michael Cohen "told the truth"

From CNN's Lauren del Valle
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (19)

Michael Cohen attends the Trump Organization civil fraud trial in New York State Supreme Court in the Manhattan borough of New York City, in October 2023.

Judge Arthur Engoron recapped Michael Cohen’s theatrical trial testimony, acknowledging Cohen’s credibility issues but saying he ultimately believed him.

Engoron pushed back on Trump’s narrative that Cohen was a star witness for the attorney general’s office.

“Michael Cohen was an important witness on behalf of the plaintiff, although hardly the linchpin that defendants have attempted to portray him to be,” Engoron said.

The judge said the testimony from Trump’s former fixer was compromised by his previous perjury plea in another case and some “seeming contradictions” in what he said at this trial, but Engoron believed Cohen when he testified that“Trump did not expressly direct him to reverse engineer financial statements, he ordered him to do so indirectly, in his ‘mob voice.’”

Trump found liable for multiple fraud counts in New York civil case

From CNN’s Lauren del Valle, Kara Scannell, and Jeremy Herb

Judge Arthur Engoron found Donald Trumpliable for issuing false financial statements, falsifying business records, and conspiracy, all part of a lawsuit filed by New York Attorney General Letitia James.

James accused Trump and his co-defendants of fraudulently inflating the value of his assets to obtain more favorable loan and insurance rates.

Remember: Before the three-month-long trial started, Engoron had already found Trump and his co-defendants liable for persistent and repeated fraud.

2 former Trump Org executives permanently banned from running finances for New York businesses

From CNN's Lauren del Valle, Kara Scannell and Jeremy Herb
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (20)

Former Trump Organization Executive Allen Weisselberg sits in the courtroom during the civil fraud trial of former President Donald Trump at New York State Supreme Court on October 10, 2023 in New York City.

Judge Arthur Engoron found former Trump Organization chief financial officer Allen Weisselberg and former controller Jeffrey McConney liable for multiple civil fraud counts in New York, including issuing false financial statements, falsifying business records, insurance fraud and conspiracy.

He permanently banned Weisselberg and McConney from serving in the financial control function of any New York corporation or business, and banned them from serving as an officer or director of any New York corporation for three years.

Weisselberg was also fined $1 million in the ruling.

Trump’s adult sons are barred from serving as an officer or director of any New York corporation for 2 years

From CNN's Lauren del Valle, Kara Scannell, and Jeremy Herb
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (21)

Eric Trump and Donald Trump Jr.in August 2020 in Washington, DC.

Donald Trump’s adult sons, Eric and Donald Trump Jr., are barred from serving as an officer or director of any New York corporation for two years.

Meanwhile, the former president is barred from serving as an officer or director ofany New York corporation or other legal entity in the state for three years.

Judge bars Trump from applying for loans from banks registered in New York state for 3 years

From CNN's Lauren del Valle, Kara Scannell and Jeremy Herb

Judge Arthur Engoron also entered an order barring former President Donald Trump from applying for loans from any financial institution registered with the New York Department of Financial Services for three years.

The former president is also barred from serving as an officer or director ofany New York corporation or other legal entity in the state for three years.

Judge finds Trump's adult sons liable for multiple fraud counts

From CNN's Lauren del Valle, Kara Scannell, and Jeremy Herb

Judge Arthur Engoron found Trump’s adult sons, Donald Jr. and Eric, liable for a host of civil fraud counts in New York, including issuing false financial statements, falsifying business records and conspiracy.

He ordered them each to pay $4 million for their personal profits from the fraud.

In addition, Engoron fined former Trump Organization Chief Financial Officer Allen Weisselberg $1 million.

Judge says Trump and other defendants are "incapable of admitting the error of their ways"

From CNN's Dan Berman
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (22)

Judge Arthur F. Engoron attends the Trump Organization civil fraud trial in New York in November 2023.

Judge Arthur Engoron, in his 92-page ruling, had some sharp barbs for former President Donald Trump, his sons and the other defendants.

“They are accused only of inflating asset values to make more money. The documents prove this over and over again.

“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.”

Trump attorney calls ruling "a manifest injustice" and says he plans to appeal

From CNN's Paula Reid
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (23)

Alina Habba speaks to the media at one of former President Donald Trump's properties, 40 Wall Street, following closing arguments at his civil fraud trial on January 11, in New York City.

Donald Trump’s attorney and legal spokesperson Alina Habba in a statement responded to Judge Arthur Engoron’s ruling on Friday calling the decision a “manifest injustice — plain and simple,” and expressed confidence that the decision would be overturned on appeal.

Habba said that “given the grave stakes,” they plan to appeal.

Trump's business is not dissolved

From CNN's Jeremy Herb
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (24)

Media set up outside of the Trump tower in New York City on Monday, October 2, 2023.

While Judge Arthur Engoron barred Donald Trump from serving as an officer or director of a New York corporation in New York for three years, he did not dissolve the business certificates for the Trump Organization, as he had initially laid out in his summary judgment issued last year.

Engoron wrote that his September order was “modified solely to the extent of vacating the directive to cancel defendants’ business certificates.”

Engoron wrote that a monitor he put in place for the company was to stay in place for at least three years, and that an independent director of compliance should be installed at the company’s expense.

Trump barred for three years

From CNN'sLauren del Valle, Kara Scannell and Jeremy Herb

Judge Arthur Engoron has barred former President Donald Trump from serving as an officer or director ofany New York corporation or other legal entity in New York for a period of three years.

Judge says Trump submitted "blatantly false financial data"

From CNN's Nicki Brown
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (25)

Judge Arthur F. Engoron attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, on November 6, 2023.

Judge Arthur Engoron minced no words about his feelings of Donald Trump and the other defendants.

“When confronted at trial with the statements, defendants’ fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences.”

He added: “As detailed herein, this Court now finds defendants liable, continues the appointment of an Independent Monitor, orders the installation of an Independent Director of Compliance, and limits defendants’ right to conduct business in New York for a few years.”

Trump's sons must pay $4 million each

Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (26)

Former President Donald Trump speaks at his caucus night event, with sons Eric Trump and Donald Trump Jr. beside him, at the Iowa Events Center on January 15, in Des Moines, Iowa.

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.

Judge orders Trump and his companies to pay nearly $355 million in New York civil fraud case

Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (27)

Former President Donald Trump sits in New York State Supreme Court during his civil fraud trial on January 11, 2024 in New York City.

Judge Arthur Engoron has ordered former President Donald Trump and his companies to pay nearly $355 million.

Trump is expected to appeal the decision and seek a stay to halt its enforcement while his appeal is considered.

JUST IN: Judge issues ruling in Trump's New York civil fraud trial

From CNN staff
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (28)

Justice Arthur Engoron speaks during the trial of former President Donald Trump, his adult sons, the Trump Organization and others in a civil fraud case brought by state Attorney General Letitia James, at a Manhattan courthouse, in New York City, in October 2023.

Judge Arthur Engoron has issued a ruling in Donald Trump’s’ New York civil fraud trial.

New York Attorney General Letitia James is asking for $370 million  from Trump and the co-defendants in disgorgement – or ill-gotten gains, alleging he filed fraudulent financial statements that allowed him to obtain loans and insurance policies at more favorable rates.

The case goes to the heart of Trump’s image as a successful billionaire and includes accusations of fraud regarding his Trump Tower apartment, Mar-a-Lago estate and several golf courses, among others.

Engoron has already ruled that Trump and his co-defendants engaged in fraud and ordered the cancelation of any business certificates they hold in New York, an action that is on hold pending Trump’s appeal.

This ruling will address six additional claims against some or all of the defendants including conspiracy, issuing false financial statements, falsifying business records and insurance fraud.

The New York attorney general also asked the court to bar Trump and some of the co-defendants from the real estate business in New York and being able to apply for a loan from banks registered in the state, among other bans that could significantly impact him and his companies.

Key takeaways from closing arguments in Trump's civil fraud trial

From CNN's Jeremy Herb,Lauren del ValleandKara Scannell
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (29)

Former President Donald Trump attends the closing arguments in the Trump Organization civil fraud trial at New York State Supreme Court on January 11, 2024.

Donald Trump brought the campaign trail to the courthouse during closing arguments of his $370 million New York civil fraud trial on January 11, delivering campaign speeches both inside and outside the courtroom to attack the case against him and the attorney general who brought it.

Trump’s decision to launch into a monologue at the conclusion of his lawyers’ closing arguments reflected the fact that the civil fraud trial has been a serious threat to Trump’s business and brand – New York Attorney General Letitia James is seeking to bar Trump from doing business in the state – as well as how Trump is eager to take advantage of the situation as he runs for president.

Here are keytakeawaysfrom the final day of the trial:

  • Trump finds a way to be heard in court: The former president effectively delivered the same speech in multiple locations that day: The cameras outside the courtroom, to Judge Arthur Engoron inside court and at his 40 Wall Street property in the afternoon to reporters. Notably, the most important time he gave his speech was where there were no cameras: Inside the courtroom. “This was a political witch hunt,” Trump said while speaking to Engoron in an unscheduled moment in court. “What’s happened here, sir, is a fraud on me.” Just before breaking for lunch, Trump attorney Chris Kise renewed his request to Engoron to give Trump “two-to-three minutes” to make his case directly to the judge. Engoron addressed Trump, asking if he would promise just to comment on the facts in the case. “I think this case goes outside just the facts,” Trump responded, taking the opening to launch into a five-minute speech from the defense table.Engoron sat back for several minutes, letting Trump go on, before interrupting him to tell him his time was running short.
  • Attorney general maintains that Trump “acted with intent” to defraud: The attorney general’s office argued in its closing presentation that Trump “acted with intent” to fraudulently inflate the value of his assets in his financial statements. “The buck stopped with him,” said Andrew Amer, a lawyer for the attorney general’s office, saying that Trump was responsible for the conduct Trump Org. executives Allen Weisselberg and Jeff McConney participated in to inflate his assets. “Mr. Trump was certainly in the loop to review and approve the statements,” Amer said. “The court should infer that he acted with intent to defraud based on his extensive knowledge about these assets.” The attorney general’s office is seeking $370 million in its claim against Trump, alleging that his fraudulent financial statements allowed him to obtain loans and insurance at more favorable rates.
  • Trump’s lawyers argue case is political attack: Trump’s attorneys echoed the same themes as their client during their closing arguments, accusing the New York attorney general of a political vendetta against Trump. “This entire case is a manufactured claim to serve a political agenda,” Kise said at the outset of his presentation. “It has always been press releases and posturing, but no proof at all.” Both Kise and Alina Habba – an attorney for Trump, the Trump Org., Weisselberg and McConney – went after James personally. “I looked back and saw her shoes were off this morning, and she had a Starbucks coffee,” Habba said. “She doesn’t sit here with us; she goes outside with her PR team,” Habba added, prompting a warning from Engoron that she was veering outside the facts that were relevant to the case. Habba protested that her criticisms were, in fact, relevant to the case.

Trump is facing another trial in New York soon

From CNN's Lauren del Valle, Kara Scannell and Jeremy Herb

A judge ruled former President and GOP front-runner Donald Trump will face his first criminal trial with jury selection on March 25 in New York.

The logistics of the trial are coming into focus as attorneys continue to hammer out scheduling in court.

There will be 18 jurors — a panel of 12 with six alternates — seated in the jury box, Judge Juan Merchan confirmed in court on Thursday.

Court will not be in session on Wednesdays, and there will not be court on April 29. Court will go from 9:30 a.m. ET until at least 4:30 p.m. ET, if not later, Merchan said.

Merchan also said he would try to work with attorneys on scheduling around the Jewish holidays in April, but he said they would not take an entire week off from the trial.

New York's top court upheld the gag order against Trump in civil fraud trial

From CNN's Elizabeth HartfieldandDevan Cole
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (30)

Judge Arthur Engoron attends the closing arguments in the Trump Organization civil fraud trial at New York State Supreme Court on Thursday, January 11.

New York’s top court dismissed an appeal from Donald Trump’s lawyersearlier in January to remove the gag order placed on the former president in the New York Attorney General’s civil fraud trial.

New York’s appellate court in November 2023 had reinstated the order from Judge Arthur Engoron, which prohibited Trump and his attorneys from making public statements about the courtroom staff in the $370 million trial thatwrapped up in January.

The New York Court of Appeals dismissed the appeal, stating that “no substantial constitutional question is directly involved.”

What the order does: The order, initially issued by Engoron in October, bars Trump from making public statements about court staff after Trump made numerous comments about a clerk, who the former president said is biased against him. The judge had twice fined Trump for violating the order.

Trump’s lawyers have complained about the conduct of both the attorney general’s office and the judge and his clerk during the three-month trial – and they’ve already made clear they plan to appeal Engoron’s ruling.

A New York judge has the future of Trump’s business empire in his hands. Here's what is at stake in the case

From CNN's Dan Berman
Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (31)

Justice Arthur Engoron presides over the civil fraud trial of former President Donald Trump at New York State Supreme Court on November 6, 2023 in New York City.

After a contentious 11-week trial, Judge Arthur Engoron will rule on how much money Donald Trump and his co-defendants owe for alleged fraud as well aswhether the former president can still do business in the state. He hasalready ruledthat Trump engaged in fraud.

The civil lawsuit from New York Attorney General Letitia James, a Democrat, isseeking$370 millionfrom Trump and the other defendants (the figure was originally $250 million).She alleges that Trump filed fraudulent financial statements that allowed him to obtain loans and insurance at more favorable rates.

The trial goes to the heart of Trump’s image as a successful billionaire and includes accusations of fraud regarding his Trump Tower apartment, Mar-a-Lago estate and several golf courses, among other assets.

James isasking for $370 millionfrom Trump and the co-defendants in disgorgement – or ill-gotten gains. Engoron has already ruled that Trump has engaged in fraud and ordered the dissolution of his business empire, an actionthat isonhold pending Trump’s appeal. Engoron canceled business certificates for many of Trump’s entities in New York, including the Trump Organization (a sprawling entity comprised of 500 limited liability companies).

Engoron also called for a receiver to oversee the dissolution of the entities, which include buildings such as Trump Tower, 40 Wall Street and the Seven Springs family compound in Westchester County, New York.

His upcoming ruling will address six additional claims including conspiracy, issuing false financial statements, falsifying business records and insurance fraud.

The attorney general’s officeargued in its closing presentationthat Trump “acted with intent” to fraudulently inflate the value of his assets in his financial statements.

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Live updates: Trump ordered to pay nearly $355 million in civil fraud trial | CNN Politics (2024)
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