In remarks from Mar-a-Lago, Donald Trump slammed Judge Arthur Engoron, New York Attorney General Letitia James and vowed to appeal Friday’s ruling that orders he and his companies pay nearly $355 million. “It’s a very sad day for, in my opinion, the county,” the former president said speaking from Palm Beach, Florida.
Quick Read
- Donald Trump, speaking from Mar-a-Lago, criticized Judge Arthur Engoron and New York Attorney General Letitia James over Friday’s ruling.
- Trump vowed to appeal the decision, expressing confidence in a successful outcome.
- He described the ruling as a “very sad day” for the country in his opinion.
- Trump made these remarks from Palm Beach, Florida, indicating his determination to challenge the judgment.
- Donald Trump faces a significant financial blow following a New York state judge’s order to pay a $355 million civil fraud judgment, potentially impacting his cash reserves and credit access.
- The ruling, handed down by Justice Arthur Engoron, accuses Trump of fraudulently inflating his net worth to secure better loan terms, and imposes monetary penalties alongside restrictions on his corporate activities and lending access in New York for three years.
- Trump denies wrongdoing, labeling the case a political vendetta by New York Attorney General Letitia James.
- Trump’s real estate empire, comprising approximately 500 entities globally, is primarily tied to real estate ventures, with Forbes estimating his net worth at $2.6 billion, mostly in real estate assets.
- While Trump claims to have around $400 million in cash, the judgment and additional damages from defamation cases could strain his financial resources.
- Trump’s ability to raise cash may be limited by the ban on obtaining loans from New York-chartered banks, though the potential sale of his stake in Truth Social, valued at around $4 billion, could provide relief.
- Campaign funds cannot be used to pay the judgment, as the case is unrelated to Trump’s political activities or presidency.
- Trump’s legal team plans to appeal the decision, which could require him to deposit the full judgment amount plus interest during the appeal process, potentially posing challenges given the court’s findings of deception.
- Failure to comply with the judgment could result in contempt of court charges, additional fines, or wage garnishment, although imprisonment is considered unlikely.
The Associated Press has the story:
Defiant Trump after NY verdict: ‘I’m fighting for US. I’m fighting for the people’
Newslooks- Palm Beach, Florida- (AP)
In remarks from Mar-a-Lago, Donald Trump slammed Judge Arthur Engoron, New York Attorney General Letitia James and vowed to appeal Friday’s ruling that orders he and his companies pay nearly $355 million. “It’s a very sad day for, in my opinion, the county,” the former president said speaking from Palm Beach, Florida.
“We’ll appeal, we’ll be successful, I think,” Trump said
“A crooked New York judge working with the very corrupt attorney general of New York State, who ran on the basis of ‘I will get trump’ before knowing me — before even knowing anything about me — just ruled that I have to pay a fine of $355 million based on absolutely nothing,” Trump said. “No victims. No damages. Great financial statements, with full disclaimer clauses, only success.”
Trump vehemently criticized Judge Arthur Engoron on Friday, labeling him a “clubhouse politician” after the judge fined him over $350 million and barred him from operating his business in New York for three years. Defending his company, Trump accused Democrats of orchestrating the legal action to impede him but asserted that they will not succeed.
Engoron’s ruling, delivered after a lengthy civil fraud trial initiated by New York Attorney General Letitia James, alleged Trump inflated his assets and engaged in fraudulent activities. Trump argued that banks and insurance companies profited from his dealings and criticized Engoron for assessing Mar-a-Lago’s value far below its actual worth.
In a scathing critique, Trump accused Engoron of bias, claiming the judge had been overturned on this case multiple times. He disparaged Engoron as a “political hack” collaborating with a corrupt attorney general, attributing the legal action to interference in the electoral process.
Engoron’s ruling, outlining Trump’s evasive testimony and credibility issues, drew Trump’s rebuke. Trump maintained he answered questions directly and cited favorable financial statements. He condemned Engoron’s judgment as indicative of a deteriorating political climate, likening it to conditions in Russia.
Trump attributed the legal challenges to his political success, asserting they were attempts to thwart his momentum. He portrayed himself as a fighter for America’s people and expressed determination to appeal Engoron’s decision, claiming victory in most of the appeal process already.
Analyzing the Impact of Trump’s $355 Million Civil Fraud Judgment on His Finances:
Donald Trump’s recent $355 million civil fraud judgment poses significant challenges to his financial standing and future prospects. Here’s an overview of how this ruling by a New York state judge could affect Trump’s financial landscape:
- The Ruling: Justice Arthur Engoron found Trump guilty of fraudulently inflating his net worth to secure better loan terms. Alongside monetary penalties, Trump was barred from running a corporation in New York for three years, and banks chartered or registered in the state were prohibited from lending to Trump and his affiliated businesses for the same duration.
- Impact on Trump’s Real Estate Empire: Trump’s extensive portfolio, comprising around 500 entities across real estate, licensing, and other ventures, faces uncertainty. While Forbes estimates his net worth at $2.6 billion, predominantly tied up in real estate, the judgment’s financial ramifications could strain his liquidity.
- Financial Ability to Pay: With limited access to loans from New York-chartered banks, Trump’s ability to raise cash is hampered. Besides the $355 million judgment, he faces additional financial obligations, including $83 million in damages to writer E. Jean Carroll for defamation. Trump’s potential sale of his stake in Truth Social, valued at around $4 billion, could offer relief.
- Use of Campaign Funds: Trump cannot utilize campaign funds to settle the judgment, as the case is unrelated to his political activities. Despite claims of political motivation by Trump and his legal team, legal experts assert that damages awards are personal expenses.
- Payment Timeline and Legal Strategies: Trump’s legal team plans to appeal the decision, which may require him to deposit the full judgment amount plus interest during the appeal process. Securing an appeal bond could be challenging given the court’s findings of deception. The appeals process could extend over a year, with uncertainty regarding a potential stay on Engoron’s ruling.
- Consequences of Non-Payment: Failure to comply with the judgment could lead to contempt of court charges, additional fines, or wage garnishment. While imprisonment is deemed unlikely, Trump faces significant repercussions for non-payment.
In summary, Trump’s $355 million civil fraud judgment presents formidable financial and legal hurdles, with implications for his real estate empire and future endeavors.
