Trump and the New York business fraud lawsuit in the US - Trump ordered to pay $355m to New York for lying to banks

Controversial: Politics & Govt Politics & Govt: In The News
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https://www.bbc.co.uk/news/live/world-us-canada-67928972

What’s happened so far on the closing day of his civil fraud trial:

  • The day started with a threat against Judge Arthur Engoron’s home, with officers saying they arrived on the scene at 05:30 local time (10:30 GMT)
  • Trump arrived at court, called the trial a “terrible witch hunt” and claimed it was “political interference” by the White House, which he said should not be allowed
  • The former US president’s lawyers were up this morning, calling the case “manufactured” and alleging Attorney General Letitia James was trying put Trump out of business
  • Lawyer Chris Kise tried to blame accountants for the fraud, claimed Trump’s Florida property Mar-a-Lago was eligible to be valued as a single family home and said it was an error by a real estate agent that listed the former president’s penthouse in Trump Tower as three times its size
  • During a break, Trump told reporters that other companies are going to be moving out of New York “because of what is happening here”
  • And then in a surprise move, Donald Trump got a chance to speak in court, something the judge said yesterday wouldn’t happen because Trump hadn’t agreed to his conditions
  • Trump used the opportunity to say the case was “a fraud” on him, claiming it was election interference as the state of New York would “want to make sure I don’t win again”

Trump spoke uncharacteristically fast after Judge Engoron gave him a few minutes to speak at the end of the defence’s closing just now.

He was ultimately cut off, but he used the valuable moment to claim that his “financial statements were perfect” and that the “banks got all theirs back” and were “as happy as can be”. He went on to suggest he should “receive damages for what they took this company through”, insisting that he is “an innocent man”. “The person in the room right now hates Trump,” referring to Attorney General Letitia James.

Trump also railed against the case which “doesn’t give me a jury” and “takes away all my rights”. Finally, the judge asked Kise to control his client and Trump’s closing courtroom remarks came to an end.

Trump’s lawyer Habba goes after New York Attorney General Letitia James before wrapping up her closing argument, saying we are all here because of “one person’s agenda”. She claims that the Trump employees in charge of these valuations are all human who make human errors.

“Your Honour, do you ever make a mistake?” she asks. “No,” the judge deadpans.

Habba also says she glanced at James earlier and saw that "her shoes were off this morning, and she has a Starbucks coffee”, implying the attorney general is simply enjoying this case. Engoron maintains his scepticism, stating that this line has nothing to do with the arguments. Habba argues that it is relevant to the case, however, because James does not sit up at the counsel’s table but rather “goes outside with her PR team”.

All talk and no substance from Trump and his lawyers. No evidence offered but both Trump and Habba go for the personal attacks and insults.

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Alina Habba, right, is the second of Trump’s lawyers to speak today

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Trump giving news conference

Donald Trump is about to give a news conference at 40 Wall Street in New York - one of the buildings he is accused of fraudulently valuing. He’s just being introduced by his lawyer, Alina Habba.

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The future of Donald Trump’s family business may be decided on Friday when a New York judge is expected to deliver a verdict in his civil fraud trial.

The former president, his adult sons and his namesake company have already been found liable for fraudulently inflating the value of assets in statements to lenders.

Prosecutors have asked the judge to fine Mr Trump $370m (£291m) and to put restrictions on his ability to conduct business in the state.

That’s a lot of money, even for a billionaire. Legal experts told the BBC that a penalty that large, coupled with a potential final verdict that may greatly impact his real estate empire, could deliver a serious blow to Mr Trump’s finances.

It is up to Judge Arthur Engoron to determine the financial penalties when he delivers his ruling.

Whatever the amount, Mr Trump would also have to pay annual interest on that fine, dating back several years to when the alleged offences took place. New York’s 9% interest rate means Mr Trump might have to pay an additional nine-figure sum on top of the penalty.

Mr Trump denies committing fraud and says there was no crime because the banks made money on his investments. He is expected to launch an appeal, which would put the verdict on hold until a higher court reviews the case.

But if he wants to avoid paying the fine or have personal assets seized while the appeal process plays out, he still has to deposit the full amount to be held by the court within 30 days.

On top of this looming penalty, however, he already owes the writer E Jean Carroll $83.3 million in damages from a separate defamation case that concluded in January. His legal fees are also mounting as he battles four criminal cases at the federal and state level.

No way out - the money’s got to come from somewhere.

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I hope this is not another headline to get excited about, only to be disappointed tomorrow/today. I’ve had enough disappointment for a while.

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I agree with you, @butterscotch. Before this Frump Fiasco, I was quite fond of the word “appeal”.
Not any more. :grinning:

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The word has lost its appeal, I agree. And Trump is very experienced in its application. Since the early 1970s until he was elected president in 2016, Donald Trump and his businesses were involved in over 4,000 legal cases in U.S. federal and state courts, including battles with casino patrons, million-dollar real estate lawsuits, personal defamation lawsuits, and over 100 business tax disputes. That will mean thousands of appeals. No wonder he is so blasé about all his current court cases.

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only 354 million.
:grinning:

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Yes! Justice does prevail! Also, his sons Donnie Jr and Eric, cannot do any business in New York for two years!

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That’s a good one too.

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Adding salt to the wound:

The co-defendants will also have to pay about $100m in interest, which brings the total figure owed to $463.9m

That’ll hurt … :wink:

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Nice!

Almost goes without saying.

https://www.reuters.com/legal/judge-set-rule-trumps-370-million-civil-fraud-case-2024-02-16/?utm_source=reddit.com

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It took a while, but one trial down and several more to go. The criminla trials will be good too.

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Is this one not slightly different from other trials for Trump in that the New York legislation on business fraud is particularly tight and the powers of judges overseeing such cases particularly strong? All that on the basis that NY wants to demonstrate is acts effectively against fraud and retain its world capital of finance status. I do not know what that means in practical terms of appeals by Trump, or the court seizing assets. Or whether that means the other court cases are more likely to flounder in the face of Trump’s actions to delay or de-rail.
But all good to follow!

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This means he will have to come up with at least part, if not all of the fine, even if he appeals, and he will. This will happen before the appeal, so his baskets of fake money will dwindle down to pennies.
I’ve just seen some of his followers have already put up a “Go Fund Me” page to collect his fines!!
Now, where’s that kool-aid?

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Mr Trump will likely appeal Justice Engoron’s decision. But to stay the verdict pending the appeal, he will have to put up the entirety of the fine within 30 days.

Can Trump afford $354m?

One calculation from Forbes Magazine put Mr Trump’s total net worth at $2.6bn. The New York Attorney General’s Office estimated his annual net worth at $2bn in 2021. Based on those estimates, a penalty of $354.9m would cost Mr Trump roughly 14-17% of his wealth.

On top of this looming penalty, however, he already owes the writer E Jean Carroll $83.3 million in damages from a separate defamation case that concluded in January. His legal fees are also mounting as he battles four criminal cases at the federal and state level. These combined financial burdens - in excess of half a billion dollars - may constitute more cash than Mr Trump has available.

Legal experts say he has several potential options.

Trump could secure a bond, but it will cost him

To avoid paying everything upfront, Mr Trump could try to secure a bond - a third-party guarantee that he can pay the full fine. That would cost him many more millions, with added interest and fees. He would also likely be required to put up collateral.

He could sell assets to raise enough cash

Much of Mr Trump’s fortune is tied to his real estate ventures. Forbes found his New York real estate empire to be valued at $490m including his flagship condominium skyscraper, Trump Tower, worth $56m by the outlet’s count. His portfolio includes many other properties around the country, with golf courses, condominium towers, hotels and even a winery.

Trump could ask his loyal supporters for the money

Mr Trump may also turn to the massive fundraising engine he uses to pay his tens of millions in legal fees. According to the New York Times, 10% of every dollar that is raised from his supporters goes to pay for his defence in his civil and criminal trials.

He has used two political action committees - Save America, which has been his primary vehicle for legal fees, and Make America Great Again, which funds his presidential bid - to raise money to cover the costs of these trials, even though such structures are typically used for political purposes. These entities are separate from his official presidential campaign account.

However, $500m would be an extraordinary amount to fundraise from his supporters in a brief time period.

I’m thinking that he’ll go for the bond - selling assets will take to long to complete.

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The bizarre thing is all these lawsuits are just fueling his popularity.

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He’s going to have to sell a lot of shoes.

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T for tacky … :roll_eyes:

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The aftermath of the verdict?

NYC CRISIS-3: Major Investors Abandon NEW YORK CITY, Trump Truckers Speak Out | TRUCKERS For Trump (youtube.com)

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They are turning it to A WASTELAND. (youtube.com)

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