New York Judge Arthur Engoron included a lengthy verbal slap along with the $364 million financial penalty in his 92-page order against Donald Trump and his company following his fraud trial.
Engoron, who suffered repeated attacks from Trump on himself and his chief clerk and imposed a gag on the former president on certain attacks during the trial, included a lengthy section in his order blasting Trump for ‘refusal to admit error.’
He quotes English power Alexander Pope saying, ‘To err is human, to forgive is divine,’ then went after Trump for failing to rise to the occasion even while facing what has been called the civil death penalty for his company.
Engoron wrote that the defendants ‘apparently are of a different mind. After some four years of investigation and litigation, the only error (“inadvertent,” of course) that they acknowledge is the tripling of the size of the Trump Tower Penthouse, which cannot be gainsaid.’
‘Their complete lack of contrition and remorse borders on pathological,’ he wrote, while announcing the $355 million fine for Trump plus about $4 million each for Donald Trump Jr. and Eric Trump, plus $1 million for exec Allen Weisselberg.
Judge Arthur Engoron said the ‘lack of contrition’ by Trump’s side ‘borders on pathological’ in an order where he slapped Trump with a $355 million penalty
His slap came after Trump adopted a combative courtroom strategy where he often teed off on the proceedings from inside Engoron’s New York courthouse, and even stormed out of proceedings on his final day in court. He also accused Engoron of taking guidance from his chief clerk Allison Greenfield, who Trump falsely accused of being Sen. Chuck Schumer’s ‘girlfriend.’
Trump did not appear any more repentant after the stunning $355 million award, which his lawyer vowed to appeal.
‘This “decision” is a Complete and Total SHAM. There were No Victims, No Damages, No Complaints. Only satisfied Banks and Insurance Companies (which made a ton of money), GREAT Financial Statements, that didn’t even include the most valuable Asset – The TRUMP Brand, IRONCLAD Disclaimers (Buyer Beware, and Do your Own Due Diligence), and amazing Properties all over the World,’ Trump posted.
Engoron, who sometimes smiled for the cameras inside the courtroom in a case that drew nationwide attention even as Trump glowered while seated with his attorneys, gave himself the opportunity to criticize Trump’s approach in his decision, where he said the conduct that brought his finding of fraud was nevertheless not as bad as some of the worst crimes.
Trump tore into Engoron and clerk Allison Greenfield during the trial
Trump slapped back in his own posting
This is a venial sin, not a mortal sin,’ wrote Engoron, asking why Trump didn’t show contrition
‘They are accused only of inflating asset values to make more money. The documents prove this over and over again. This is a venial sin, not a mortal sin,’ he writes.
‘Defendants did not commit murder or arson They did not rob a bank at gunpoint. Donald Trump is not Bernard Madoff. Yet, defendants are incapable of admitting the error of their ways.’
Instead, they adopt a “See no evil, hear no evil, speak no evil” posture that the evidence belies. This Court is not constituted to judge morality; it is constituted to find facts and apply the law. In this particular case, in applying the law to the facts, the Court intends to protect the integrity of the financial marketplace and, thus, the public as a whole.
‘Defendants’ refusal to admit error—indeed, to continue it, according to the Independent Monitor—constrains this Court to conclude that they will engage in it going forward unless judicially restrained. Indeed, Donald Trump testified that, even today, he does not believe the Trump Organization needed to make any changes based on the facts that came out during this trial’ he wrote.
If is the financial penalty that is more likely to inflame Trump.
The former president is estimated to be worth more than $2 billion, but payin goff a $355 million fine could require some painful decisions.
Trump owns two dozen buildings as part of a golf and real estate empire, but has kept only a fraction of his worth in cash or other liquid assets.
He claimed in a deposition for the suit brought by New York AG Letitia James to have $400 million in cash, saying it was ‘a lot for a developer.’
James’ investigators found his liquid assets were $93 million as of 2020.
That creates a potential cash crunch after Friday’s stunning court order.
Part of the problem is Trump has already been ordered to pay $83 million to writer E. Jean Carroll in her defamation suit, which followed a $5 million award in a separate trial where he was found liable for sexually abusing her.
Former President Donald Trump faces a potential cash crunch as he faces a $355 million award from a New York judge, following an $83 million damage award in the E. Jean Carroll defamation case
With those liabilities, while facing a mountain of legal fees in his four criminal trials, Trump may be forced to try to secure a bond. Recent campaign financial reports revealed PACs associated with Trump had shelled out $50 million in legal fees.
A bond would typically cost him 10 per cent of the amount owed, which would require him to come up with $35 million that he could not get back.
The heart of the case against Trump related to claims the court found to be inflated over actual market values for Trump properties.
If he were to start offloading, Trump would find out what some of the buildings were really worth.
Trump Tower, where Trump’s triplex apartment came up in court, is worth a net $56 million when $100 million in debt is subtracted, according to one estimate. A misstatement of the size of his triplex apartment was part of Trump’s fraud case
Trump’s stake in the building at 40 Wall Street alone – which featured in his fraud trial – is estimated at $80 million
Former President Trump’s Mar-a-Lago estate which the court found Trump inflated the value of as much as $2,300%. The tax appraisers estimate put its value between $18 and $27.6
Judge Arthur Engoron already found Trump liable for fraud but the penalty was determined with the trial. At one point in proceedings Engoron told the former president’s lawyer to ‘control your client’. Now he has slapped Trump with a $355 million award
Forbes calculated that Trump’s New York City real estate is worth $690 million. His real estate outside the city is worth $190 million, and his golf clubs and resorts are worth $870 million.
Trump has made boasting about those assets part of his iconic brand, and according to the magazine his social media and branding business is worth $160 million.
Trump used his Truth Social platform to rail against his prosecution in New York, but the value of the site has fluctuated in estimates.
James’ office relied on Palm Beach assessors to list the value of Mar-a-Lago at $18 million, but Trump says it is worth vastly more, perhaps more than $1 billion. Forbes put the net value at $292 million.
Selling it would be a challenge, since Trump changed it to his official residence.
Trump’s overseas golf clubs, including Trump Turnberry which is undergoing an expansion, is estimated to be worth $94 million.
Trump’s Doral golf club in Miami is estimated to be worth $166 million.
He also owns a string of other golf clubs, including one in Virginia that he used as president but has used less frequently since leaving the White House.
He has many New York properties to choose from should he seek to unload one. His lawyer Alina Habba fumed in a statement Friday: ‘Let me make one thing perfectly clear: this is not just about Donald Trump – if this decision stands, it will serve as a signal to every single American that New York is no longer open for business.’
Trump’s stake in the building at 40 Wall Street alone – which featured in his fraud trial – is estimated at $80 million.
Trump Tower, where Trump’s triplex apartment came up in court, is worth a net $56 million when $100 million in debt is subtracted.
(Donald Trump Jr. signed a letter with the Mazars accounting firm stating Trump’s apartment was 30,000 square feet, shortly after communicating with Trump Organization lawyer Alan Garten about an email stating it was 10,996 square feet, based on property records).
“He’s not going to suddenly become working class. But it’s just going to be a lot of cash. His fortune will be significantly reduced, former federal prosecutor Diana Florence told the BBC.
The judge’s order enjoins Trump’s company ‘from applying for loans from any financial institution chartered by or registered with the New York Department of Financial Services for a period of three years,’ which limits its own options.
Trump has paid off most of the $295 million he once owed to Deutsche Bank, bringing down his liabilities since leaving office.