Trump appeals $455m ruling in New York fraud trial

Trump appeals 5m ruling in New York fraud trial

Donald Trump’s attorneys are appealing a $454m judgment against the former president after a sprawling civil trial found him liable for a decade of fraud in his family business.

Attorneys for Mr Trump and his co-defendants filed paperwork with a New York appellate court on Monday, arguing that the judge overseeing the case “committed errors” of law or facts, “abused its discretion” and “acted in excess of its jurisdiction”.

The former president, his adult sons, two former Trump Organization executives and the entities associated with the brand-building properties in the Trump real estate empire were ordered to pay more than $464m at the conclusion of a three-year investigation and months-long trial.

A total judgment against Mr Trump alone amounts to nearly $455m with interest.

Post-judgment interest is accruing daily at the rate of 9 per cent per annum, or more than $114,000 for all defendants, including nearly $112,000 for Mr Trump alone.

Last week, Judge Engoron rejected requests from Mr Trump’s attorneys to delay the terms of a final judgment from New York Attorney General Letitia James, telling them in an email this week that there is “no room for further debate” and “no basis” to stall.

The attorney general’s lawsuit accused Mr Trump and his co-defendants of fraudulently inflating the values of his assets in statements of financial condition – which have at the heart of the case – that were then submitted to banks and insurers to obtain favourable financing terms that Mr Trump and his entities would not otherwise have received with statements that accurately reflected his financial state.

The total “disgorgement” owed that is now owed back to the state – money that is effectively forfeited as “ill-gotten gains” – amounts to roughly $364m, with an additional $100m in interest.

The defendants were also found liable for intentionally falsifying business records, conspiring to do so, and “repeatedly and persistently” issuing false financial statements.

Former Trump Organization executives Allen Weisselberg and Jeffrey McConney were also found liable for “repeatedly and persistently committing insurance fraud,” while all defendants were found liable for conspiracy to commit insurance fraud.

The judge banned Mr Trump from serving in top roles at any New York company, including his own, for three years. His adult sons – including Eric Trump, who effectively is running the Trump Organization – face two-year bans, throwing into doubt the Trump family’s ability to run a vital part of its empire.

Donald Jr and Eric Trump also were ordered to disgorge $4m each.

This is a developing story

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