Former President Donald Trump was barred from operating his business in New York for three years and was found liable for more than $350 million in damages in the civil fraud case brought against him, his family and the Trump Organization by New York Attorney General Letitia James.
New York Judge Arthur Engoron handed down his ruling Friday after a months-long trial beginning in October and stemming from James’ lawsuit alleging the former president inflated his asseta and committed fraud.
Engoron also barred Donald Trump Jr. and Eric Trump from serving as an officer or director of any New York corporation or legal entity in New York for two years.
New York Attorney General Letitia James brought the lawsuit accusing Trump and the Trump Organization of fraudulent business practices. The court proceedings were contentious, with Engoron repeatedly placing Trump under a partial gag order to prevent him from criticizing court staff.
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.
Trump dismissed the trial as a “witch hunt” throughout the process, accusing both Engoron and James of serving as political operatives for Democrats. Trump’s legal team also repeatedly blasted the lack of a jury in the trial.
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Former U.S. President Donald Trump gestures to the crowd at a campaign event on July 1, 2023 in Pickens, South Carolina. (Sean Rayford/Getty Images)
“There was never an option to choose a jury trial,” a Trump spokesperson told Fox News Digital last month. “It is unfortunate that a jury won’t be able to hear how absurd the merits of this case are and conclude no wrongdoing ever happened.”
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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 has said his financial statements were “perfect,” and stressed that the bank loans were repaid and are “as happy as can be.”
Throughout the trial, Trump attorneys brought witnesses, including former Deutsche Bank top executives, who testified the banks sought additional business from Trump, who they viewed as a “whale of a client.”
Trump’s defense also brought in expert witnesses, including New York University accounting professor Eli Bartov, who reviewed the Trump financial statements at issue in the case and said he found no evidence of accounting fraud.
Judge Arthur Engoron presides over the civil fraud trial of former President Donald Trump and his children at New York State Supreme Court on Nov. 13, 2023, in New York City. (Erin Schaff-Pool/Getty Images)
Bartov testified last month that Trump’s financial statements did not violate accounting principles, and he suggested that anything problematic — like a huge year-to-year leap in the estimated value of his Trump Tower penthouse — was simply an error.
“My main finding is that there is no evidence whatsoever of any accounting fraud,” Bartov testified. Trump’s financial statements, he said, “were not materially misstated.”
James’ office had requested that Engoron ban Trump, his sons and the other defendants from applying for loans in New York for five years, in addition to blocking the Trump Organization from handling any real estate business for the same period.
New York Attorney General Letitia James brought the case forward accusing Trump and his company, the Trump Organization, of fraudulent business practices. (AP Photo/Brittainy Newman)
Trump and his team have pointed to James’ comments to supporters as she ran for her position.
“We’re definitely gonna sue him, we’re gonna be a real pain in the a–,” James once told a supporter on video.
James also once said Trump was an “existential threat,” and said “the No. 1 issue in this country is defeating Donald Trump.”
“Nothing else matters,” James said.
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In September, Engoron ruled that Trump and the Trump Organization had committed fraud while building his real estate empire by deceiving banks, insurers and others by overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.
“He ruled against me without knowing anything about me,” Trump said on the stand during the trial last year. “He called me a fraud, and he didn’t know anything about me.”
Engoron’s ruling comes weeks after Trump was ordered to pay over $83 million in a defamation case brought by writer E. Jean Carroll, who accused Trump of sexual assault.