Former President Donald Trump has been ordered by a judge to pay nearly $354 million to New York state for deceiving banks about the values of his properties.
Judge Arthur Engoron ruled that Trump was guilty of fraud, conspiracy, issuing false financial statements, and falsifying business records. He also barred Trump from serving as a company director in New York for three years.
Although Engoron did not dissolve the Trump Organization, he criticized Trump in a scathing 93-page opinion, portraying him as unrepentant and likely to commit fraud again.
The judge referenced the Trump Organization’s conviction in a criminal tax fraud case in 2022, where it was found to have provided off-the-books benefits to top executives for over a decade.
Engoron described the lack of contrition and remorse from Trump and his associates as “bordering on pathological” and stated that the frauds committed were shocking.
Trump’s fraudulent activities involved submitting false financial data to banks to borrow more money at lower rates. Engoron ordered Trump to pay interest on the profits he made from the fraud, potentially increasing the penalty total to around $450 million.
Trump has stated that he will appeal the ruling, calling it a “political witch hunt” and accusing President Joe Biden of being behind the civil fraud case in New York. CNN reports that Trump and his co-defendants will likely need to pay the full judgment amount to proceed with the appeal.
The money will be held in an account during the appellate process, which could take years to resolve. The interest on the judgment will continue to accrue until the full amount is paid.
