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Former President Donald J. Trump was penalized $355 million and banned for three years from serving in any top roles at a New York company, including his own, in a ruling on Friday by Justice Arthur F. Engoron. The decision comes after the state Attorney General Letitia James sued Mr. Trump, members of his family and his company in 2022.

The ruling expands on Justice Engorons decision last fall, which found that Mr. Trumps financial statements were filled with fraudulent claims. Mr. Trump will appeal the financial penalty and is likely to appeal other restrictions; he has already appealed last falls ruling.

The New York Times is annotating the document.

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A 20-year veteran of the New York judiciary, Justice Engoron oversaw the monthslong trial. Due to a powerful state law requiring that the matter be handled as a bench trial, there was no jury in this case.

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This ruling is a result of a 2022 lawsuit filed by New Yorks attorney general, Letitia James, against Donald J. Trump and the Trump Organization; his adult sons, Donald Trump Jr. and Eric Trump; the companys former chief financial officer Allen Weisselberg and former controller Jeffrey McConney; and several of their related entities. Mr. Trumps daughter, Ivanka Trump, was also initially a defendant until an appeals court dismissed the case against her.

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The law under which Ms. James sued, known by its shorthand 63(12), requires the plaintiff to show a defendants conduct was deceptive. If that standard is met, a judge can impose severe punishment, including forfeiting the money obtained through fraud. Ms. James has also used this law against the oil company ExxonMobil, the tobacco brand Juul and the pharma executive Martin Shkreli.

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Justice Engoron is now providing a background of this case. This ruling comes after a three-year investigation by the attorney generals office and the conclusion of a trial that ended last month. But this likely wont be Mr. Trumps last word on the matter he will appeal the financial penalty and is likely to appeal other restrictions, as he has already appealed other rulings.

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In late 2022, Justice Engoron assigned a former federal judge, Barbara Jones, to serve as a monitor at the Trump Organization and tasked her with keeping an eye on the company and its lending relationships. Last month, she issued a report citing inconsistencies in its financial reporting, which may reflect a lack of adequate internal controls.

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Here, Justice Engoron is laying out the laws he considered in his ruling beyond 63(12). The attorney generals lawsuit included allegations of violations of falsifying business records, issuing false financial statements, insurance fraud and related conspiracy offenses.

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For over 50 pages, Justice Engoron describes his conclusions about the testimony of all of the witnesses who spoke during the trial.

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For more than a dozen pages, Justice Engoron provides background on specific assets that Mr. Trump included in his annual financial statements.

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The judge is clarifying that Ms. James had to prove her claims by a preponderance of the evidence, meaning she had to demonstrate it was more likely than not that Mr. Trump and the co-defendants should be held liable. This is a lower standard than that of a criminal trial, which requires that evidence be proven beyond a reasonable doubt.

Read more from the original source:
The Civil Fraud Ruling on Donald Trump, Annotated - The New York Times

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