Judge orders Trump to pay nearly $355 million in civil fraud trial

[berg80]

Big banks just don't take anyone's word for what collateral is worth. The banks made their own assessment of the value of the collateral and the worthiness of Trump as a borrower in their eyes and wouldn't have charged President 5 cents more in interest. Unless they wanted to lose the business entirely.

Donald Trump and entities he controls own many valuable properties, including office buildings, hotels, and golf courses. Acquiring and developing such properties required huge amounts of cash Accordingly , the entities borrowed from banks and other lenders . The lenders required personal guarantees from Donald Trump, which were based on statements of financial condition compiled by accountants that Donald Trump engaged. The accountants created these compilations based on data submitted by the Trump entities. In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements. When confronted at trial with the statements, defendants fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences . As detailed herein, this Court now finds defendants liable, continues the appointment of an Independent Monitor, orders the installation of an Independent Director of Compliance, and limits defendants right to conduct business in New York for a few years.

https://static01.nyt.com/newsgraphics/documenttools/ef72526861902856/1e996397-full.pdf

 

[berg80]

Donald Trump and entities he controls own many valuable properties, including office buildings, hotels, and golf courses. Acquiring and developing such properties required huge amounts of cash Accordingly , the entities borrowed from banks and other lenders . The lenders required personal guarantees from Donald Trump, which were based on statements of financial condition compiled by accountants that Donald Trump engaged. The accountants created these compilations based on data submitted by the Trump entities. In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements. When confronted at trial with the statements, defendants fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences . As detailed herein, this Court now finds defendants liable, continues the appointment of an Independent Monitor, orders the installation of an Independent Director of Compliance, and limits defendants right to conduct business in New York for a few years.

https://static01.nyt.com/newsgraphics/documenttools/ef72526861902856/1e996397-full.pdf

In this civil action, plaintiff, the People of the State of New York , by Letitia James , Attorney General of the State of New York, seeks monetary penalties and injunctive relief against Donald John Trump ( Donald Trump ) (the former president of the United States); Donald Trump, Jr.( Donald Trump, Jr. or Trump, Jr. ) and Eric Trump (two of his sons ); Allen Weisselberg and Jeffrey McConney (two former employees of defendant The Trump Organization , Inc.); and various real estate holding entities . Plaintiff essentially alleges ( 1) that the individual defendants violated New York Executive Law § 63 ( 12) by submitting false financial statements to banks and insurance companies to obtain better rates on loans and insurance coverage; and (2) that the holding entities are liable for the individual defendants misdeeds . Defendants ( 1) allege that the statements were completely or substantially correct; and (2) crow that the borrowers paid back all loans fully and on time.

 

[Polishprince]

Donald Trump and entities he controls own many valuable properties, including office buildings, hotels, and golf courses. Acquiring and developing such properties required huge amounts of cash Accordingly , the entities borrowed from banks and other lenders . The lenders required personal guarantees from Donald Trump, which were based on statements of financial condition compiled by accountants that Donald Trump engaged. The accountants created these compilations based on data submitted by the Trump entities. In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements. When confronted at trial with the statements, defendants fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences . As detailed herein, this Court now finds defendants liable, continues the appointment of an Independent Monitor, orders the installation of an Independent Director of Compliance, and limits defendants right to conduct business in New York for a few years.

https://static01.nyt.com/newsgraphics/documenttools/ef72526861902856/1e996397-full.pdf

I am well acquainted with the bullshit ruling the liberal court made.


However, it implies that banks and other lending institutions are incompetent at doing their own business in evaluating would be borrowers.

 

[Lesh]

The judgement is criminally disproportional, even if found guilty. Nobody was financially harmed and this left-wing, activist judge orders Trump to pay 355 million dollars. You lefties are ok with activism now, but it is a very slippery slope that everyone should be concerned about.

Tell it to the Court

I am well acquainted with the bullshit ruling the liberal court made.


However, it implies that banks and other lending institutions are incompetent at doing their own business in evaluating would be borrowers.

It does.

And they often are. You do realize that loan officers get commissions for the loans they approve.

Right?

 

[ThisIsMe]

JUST IN: A judge has ordered former President Donald Trump and his companies to pay nearly $355 million in a ruling in the New York civil fraud case. The former president is also barred from serving as an officer or director of any New York corporation or other legal entity in the state for three years. Trump is expected to appeal the decision. Read the full ruling.

The lawsuit: The judge had already found Trump is liable for fraud in the civil case, but New York Attorney General Letitia James was seeking $370 million in damages. James was also looking to bar Trump from doing business in the state, alleging that the former president, his adult sons and his company defrauded banks and insurance companies by inflating the value of Trump’s assets.

Why it matters: The case is civil, not criminal, but threatens Trump's business in New York. The trial in this case has served as a precursor to the four criminal trials Trump faces this year as he campaigns to regain the presidency.

Judge orders Trump to pay nearly $355 million in civil fraud trial

Wow, that's a pleasant surprise! What do you think"?

The 355 million will be appealed. However, if trump simply re-incorporates in another state, say, Florida..doesn’t that render half of the judgment irrelevant? Since it would no longer be a “New York” corporation? Did the judgment say he couldn’t have businesses in New York? Or that he just couldn’t be an officer in a New York based business?

 

[Polishprince]

Tell it to the Court
It does.

And they often are. You do realize that loan officers get commissions for the loans they approve.

Right?

President Trump made good on the loans, so of course the loan officers got commissions. The loan officers wouldn't have been rewarded if Trump didn't pay them back with interest

 

[Tommy Tainant]

I am well acquainted with the bullshit ruling the liberal court made.


However, it implies that banks and other lending institutions are incompetent at doing their own business in evaluating would be borrowers.

They are entitled to rely on the honesty of the people that they are dealing with.
Are you saying they should have known trump is a crook ?

 

[berg80]

I am well acquainted with the bullshit ruling the liberal court made.

Aren't you just a little embarrassed to be parroting the "I'm a victim of bias" nonsense Trump spews regarding every prosecution of his crimes? You might want to try thinking for yourself instead of reflexively accepting his bullshit accusations without question.

 

[Polishprince]

They are entitled to rely on the honesty of the people that they are dealing with.
Are you saying they should have known trump is a crook ?

I'm not a crook, but the bank just didn't take my word for it when I borrowed a stinking $100,000. They sent out appraisers, experts to evaluate the collateral

 

[Rumpole]

This is, yet again, a civil trial. Due process was leapfrogged and Trump wasn't even allowed to offer a reasonable defense. Any judge in the country would strike this down.

The Engoron trial had already taken place, resulting in Trump being found guilty of civil fraud. The focus was on financial penalties, not criminal charges. Trump had the chance to present a defense during the trial, but the court ultimately ruled in favor of significant fines and restrictions. Alina Habba’s claims of not being allowed a valid defense reflected her lack of understanding regarding what was allowable and what wasn’t in the proceedings. Habba is utterly incompetent so one must wonder why someone who seeks the nation's highest office would hire someone so incompetent as Habba? It goes to poor Judgement of Donald Trump.

FYI, the only person acting like Putin is Biden.
Putin would have had these people killed before this went to a bench trial.
[/MEDIA]

Yes, Putin would have done that, and there is no better friend of Putin that Donald Trump.

 

[Lesh]

President Trump made good on the loans, so of course the loan officers got commissions. The loan officers wouldn't have been rewarded if Trump didn't pay them back with interest

Bullshit. They get paid for originating the loans

 

[Lesh]

I'm not a crook, but the bank just didn't take my word for it when I borrowed a stinking $100,000. They sent out appraisers, experts to evaluate the collateral

But you’re not rich.

They play by different rules

 

[Polishprince]

Aren't you just a little embarrassed to be parroting the "I'm a victim of bias" nonsense Trump spews regarding every prosecution of his crimes? You might want to try thinking for yourself instead of reflexively accepting his bullshit accusations without question.

Not embarrassed at all. Trump is actually spot on.

The New York AG run on a platform of "get Trump", even before she reviewed the case.

As liberal lawman Lavrenty Beria of Georgia said "Show me the man, and I will show you the crime"

That's exactly what happened here.

 

[Lesh]

Not embarrassed at all. Trump is actually spot on.

The New York AG run on a platform of "get Trump", even before she reviewed the case.

As liberal lawman Lavrenty Beria of Georgia said "Show me the man, and I will show you the crime"

That's exactly what happened here.

Beria was neither liberal nor a lawman

 

[Mashmont]

JUST IN: A judge has ordered former President Donald Trump and his companies to pay nearly $355 million in a ruling in the New York civil fraud case. The former president is also barred from serving as an officer or director of any New York corporation or other legal entity in the state for three years. Trump is expected to appeal the decision. Read the full ruling.

The lawsuit: The judge had already found Trump is liable for fraud in the civil case, but New York Attorney General Letitia James was seeking $370 million in damages. James was also looking to bar Trump from doing business in the state, alleging that the former president, his adult sons and his company defrauded banks and insurance companies by inflating the value of Trump’s assets.

Why it matters: The case is civil, not criminal, but threatens Trump's business in New York. The trial in this case has served as a precursor to the four criminal trials Trump faces this year as he campaigns to regain the presidency.

Judge orders Trump to pay nearly $355 million in civil fraud trial

Wow, that's a pleasant surprise! What do you think"?

Even Democrats admit this fine, even if it were legitimate is wildly out of line. Nobody was harmed here. It's not like Madoff. Engoron has been shown to the be the crooked leftwing hack he is.

 

[John Edgar Slow Horses]

The MAGA will believe all the silly stuff about Willis yet ignore the solid down to earth indictments on Trump.

 

[berg80]

The 355 million will be appealed. However, if trump simply re-incorporates in another state, say, Florida..doesn’t that render half of the judgment irrelevant? Since it would no longer be a “New York” corporation? Did the judgment say he couldn’t have businesses in New York? Or that he just couldn’t be an officer in a New York based business?

I don't think his biz in NY has been shut down. But he and his kids are prohibited from heading up the biz for a number of years.

 

[berg80]

The Engoron trial had already taken place, resulting in Trump being found guilty of civil fraud. The focus was on financial penalties, not criminal charges. Trump had the chance to present a defense during the trial, but the court ultimately ruled in favor of significant fines and restrictions. Alina Habba’s claims of not being allowed a valid defense reflected her lack of understanding regarding what was allowable and what wasn’t in the proceedings. Habba is utterly incompetent so one must wonder why someone who seeks the nation's highest office would hire someone so incompetent as Habba? It goes to poor Judgement of Donald Trump.

Yes, Putin would have done that, and there is no better friend of Putin that Donald Trump.

Given that quite a bit of the Trump Org.'s income is based on licensing agreements for the Trump brand, not direct ownership of properties, I wonder how many of these agreements will be ended now that the court has judged he is guilty of civil fraud?

 

[ThisIsMe]

I don't think his biz in NY has been shut down. But he and his kids are prohibited from heading up the biz for a number of years.

IN New York…if he reincorporated in Florida, he could continue on like normal, right? If that’s indeed the scope of the ruling. It just says he can’t be an officer over a “New York” business, so, just make it not a New York business. Make it a business based out of Florida, at least for 3 years, then after that, re incorporate back to New York if it’s better business wise.

 

[mudwhistle]

The Engoron trial had already taken place, resulting in Trump being found guilty of civil fraud. The focus was on financial penalties, not criminal charges. Trump had the chance to present a defense during the trial, but the court ultimately ruled in favor of significant fines and restrictions. Alina Habba’s claims of not being allowed a valid defense reflected her lack of understanding regarding what was allowable and what wasn’t in the proceedings. Habba is utterly incompetent so one must wonder why someone who seeks the nation's highest office would hire someone so incompetent as Habba? It goes to poor Judgement of Donald Trump.

Yes, Putin would have done that, and there is no better friend of Putin that Donald Trump.

Bull shit. This judge conspired with the AG and the White House before the case was brought before his court.
They made up a crime and based it all off of total bull shit and demanded ridiculous cash for a non-crime with no victims.