Trump appeals $454 million judgment in New York fraud case

Trump to appeal $454 million civil fraud judgment

Trump to appeal $454 million civil fraud judgment 00:32

Former President Donald Trump on Monday officially began the process of appealing the historic $454 million judgment against him in his New York civil fraud case, a figure that grows by more than $100,000 in interest every year. day.

In order to benefit from an automatic stay of judgment as the appeal progresses, Trump must post the full amount as bail, known in the New York civil court system as a “recognizance.” .

Trump did not post bail, according to a spokeswoman for New York Attorney General Letitia James. The spokesperson declined to comment on the call.

Trump's lawyer, Clifford Robert, summarized the issues that Trump and other defendants will pursue on appeal in two opinions filed Monday morning. They asked the Appellate Division of the First Department – ​​part of New York's second highest court – to determine whether Judge Arthur Engoron “errors of law and/or of fact, abused” [his] discretion, and/or acted beyond [his] jurisdiction” when following up the case.

In addition to the massive financial penalties, Engoron's Feb. 16 ruling barred the defendants from seeking loans from any financial institution registered with New York State for three years. He also banned Trump and two executives from serving on the board of directors of any company in the state for the same length of time, and imposed the same sanction on his sons Donald Jr. and Eric for two years. The decision called for the appointment of an independent chief compliance officer within the Trump Organization and continued monitoring by an independent monitor.

Trump and the defendants are appealing all sanctions imposed by Engoron's decision.

“We are confident that the Appellate Division will overturn this enormous fine and take the necessary steps to restore public confidence in New York's legal system,” Trump lawyer Alina Habba said in a statement to CBS News.

Engoron's 92-page ruling constitutes one of the largest corporate sanctions in New York history. The judge found that Trump and others were responsible for a decade of fraud that “is obvious and shocking to the conscience.”

He ordered the restitution of $354 million, the amount of “ill-gotten gains” they made from a scheme to use fraudulent property appraisals and Trump's net worth to obtain loans and terms. favorable insurance policies. This figure exceeds $100 million, taking into account years of interest. Experts say it is unlikely that Trump will be able to use his presidential campaign funds to cover part of the judgment.

“Their complete lack of contrition and remorse borders on the pathological,” Engoron wrote. “They are accused only of inflating asset values ​​to make more money. The documents prove this time and time again.”

Engoron concluded that Trump and other defendants submitted “patently false financial data” to accountants, who compiled financial statements based on the lies submitted to lenders and insurers.

“When confronted at trial with these statements, the facts presented by defendants and expert witnesses simply denied reality, and defendants failed to accept responsibility or impose internal controls to prevent future recurrences “, wrote Engoron.

Trump investigates more Graham Kates

Graham Kates is an investigative reporter who covers criminal justice, privacy issues and information security for CBS News Digital. Contact Graham at [email protected] or [email protected]

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