On Friday, Donald Trump faced a significant setback as a New York judge mandated that the former president and his companies pay $355 million in penalties. The ruling stemmed from what the judge characterized as a scheme by Trump to deceive banks and insurers through the inflation of his wealth on annual financial statements. New York attorney general Letitia James has said: “Donald Trump may have authored the art of the deal, but he perfected the art of the steal.”
Quick Read
- New York Attorney General Letitia James announces a significant financial judgment against Donald Trump and his sons, Eric and Donald Jr., for fraud.
- James accuses Trump of knowingly inflating his net worth by billions of dollars to enrich himself and his family.
- The court orders Trump and the other defendants to pay $463.9 million, including $363.9 million in disgorgement plus $100 million in interest.
- James emphasizes that white-collar financial fraud has real victims and fewer resources for working people, small businesses, and families.
- She asserts that Trump’s fraud was intentional, egregious, and illegal, benefiting him, his family, and the Trump Organization.
- James condemns Trump’s lack of contrition and flouting of the rules, stressing that there cannot be different rules for different people, including former presidents.
- The decision is hailed as a massive victory for accountability and justice.
The Associated Press has the story:
New York AG Letitia James: Trump ‘perfected the art of the steal’
Newslooks- NEW YORK (AP)
On Friday, Donald Trump faced a significant setback as a New York judge mandated that the former president and his companies pay $355 million in penalties. The ruling stemmed from what the judge characterized as a scheme by Trump to deceive banks and insurers through the inflation of his wealth on annual financial statements. New York attorney general Letitia James has said: “Donald Trump may have authored the art of the deal, but he perfected the art of the steal.”
James has said: “Donald Trump may have authored the art of the deal, but he perfected the art of the steal. She’s just spoken at a press conference following the massive financial judgment against the former president and his sons Eric and Donald Jr on Friday for fraud.
She said:
Donald Trump falsely knowingly inflated his net worth by billions of dollars to unjustly enrich himself, his family and to cheat the system. This long running fraud was intentional, egregious, illegal, and he did it all of this with the help of the other defendants, his two adult sons, and senior executives at the Trump Organization. And so, after 11 weeks of trial, we showed the staggering extent of his fraud and exactly how Donald Trump and the other defendants deceived banks, insurance companies and other financial institutions for their own personal gain.
We proved just how much Donald Trump his family and his company unjustly benefited from his fraud.
New York attorney general Letitia James said.
Letitia James took no questions at her press conference in Manhattan, but delivered a damning verdict on Donald Trump, and his fraudulent tenure at the helm of the Trump Organization:
Today, the court once again ruled in our favor, and in favor of every hard working American who plays by the rules. Donald Trump and the other defendants were ordered to pay $463.9m. That represents $363.9m in disgorgement plus $100m in interest, which will continue to increase every single day until it is paid. I want to be clear, white collar financial fraud is not a victimless crime. When the powerful break the law and take more than their fair share, there are fewer resources available for working people, small businesses and families.
New York attorney general Letitia James said.
The New York Attorney General said that everyday Americans cannot lie to a bank about how much money they have in order to get a mortgage, to buy a home, or a loan to keep their business afloat, or to send their child to college. And if they did our government would throw the book at them.
James added that the scale and the scope of Donald Trump’s fraud is staggering. And so is his ego, and his belief that the rules do not apply to him.
She concluded her statement by saying, today, we are holding Donald Trump accountable. We are holding him accountable for lying, cheating, and a lack of contrition, and for flouting the rules at all of us. There cannot be different rules for different people in this country and former presidents are no exception. This decision is a massive victory for every American who believes in that simple but fundamental pillar of our democracy that the rule of law applies to all of us equally fairly.
