Bridgewater, VA – Judge Arthur Engoron found former president Donald Trump responsible for issuing false financial statements, false bank records and fraud and barred him from serving as director of any company in New York for three years. The full report from Engoron to Trump is found here.
Throughout the trial, Trump shared his displeasure about Engoron and the case on social media and even in the courtroom while being testified.
In response, Engoron issued a 92-page order to Trump, ordering him to pay $355 million, which will likely be about $450 million with interest included. Trump and his sons are also not allowed to lead their own business or apply for financing. Trump must come up with the money or secure a bond within 30 days.
The order will not leave Trump bankrupt, as most of his fortune is invested in real estate worth much more than the fine ordered.
Trump’s lawyers will appeal the ruling and are confident that higher courts will reverse the ruling. Trump stated, “We will get back to work. We’ll appeal, we’ll be successful, I think because frankly, if we’re not successful, New York State is gone.”
Trump’s lawyers argue that the fraud did not have a victim in the traditional sense. A Trump Organization spokeswoman noted that the company “never missed any loan payment or been in default on any loan and the lenders performed extensive due diligence prior to entering into these transactions.”
However, trial attorney Ryan Saba thinks that it will be a difficult appeal for Trump because Engoron’s extensive order includes many facts of the case. Saba stated, “The findings in this opinion, if the appeal is based upon a factual challenge, are going to be very difficult to overturn.”
If the first appeal is unsuccessful, Trump could go to the state’s highest court, New York’s Court of Appeals. The appeal process will likely be ongoing for years, the longer the appeal takes, the more interest the fine will accumulate.
Even if Trump wins the presidential election, there is no way out of the fine unless his appeal is successful.
