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scheme, the The 2024 St. Patrick’s Day Kiss Me I’m Frank Shirt Apart from…,I will love this state said, was meant to trick banks and insurers into offering more favorable deal terms. Engoron ruled in September that Trump and the other defendants were liable for fraud, based on the evidence presented through pretrial filings. The trial, which began in October and wrapped up in January, focused on other aspects of the lawsuit related to alleged falsification of business records, issuing false financial statements, insurance fraud and conspiracy. The financial penalty James sought, known as disgorgement, is meant to claw back the amount Trump and his company benefited from the scheme. (Under New York law, disgorgement cases are decided by a judge, not a jury.) Ivanka Trump, the former president’s daughter and once an executive at the Trump Organization, was originally named as a defendant in the suit, but an appellate court later dismissed allegations against her, citing the state’s statute of limitations. What were the Trumps accused of? The lawsuit laid out seven causes of actions — the claims of illegal conduct that James’ office said entitled the state to claw back ill-gotten profits and warranted severe sanctions against the defendants: Persistent and Repeated Fraud Falsifying Business Records Conspiracy to Falsify Business Records Issuing False Financial Statements Conspiracy to Falsify False Financial Statements Insurance Fraud Conspiracy to Commit Insurance Fraud The claims revolve around financial statements given by Trump and his company to banks and insurers. The statements were prepared by accounting firms using spreadsheets of underlying data that included vast inflations of Trump property valuations. The defendants lost on the first claim, persistent and repeated fraud, before the trial even started. While Trump can appeal, the judgment will take a toll on his finances in the process. “Trump may have a shot at reducing the damages on appeal, but to appeal he has to post an appeal bond of $350 million in this case and $83 million in E. Jean Carroll’s case. That will be costly,” John Coffee, a Columbia
University law professor and an expert on corporate governance and white collar crime, told CBS News. The Sept. 26 fraud ruling Engoron agreed in September with James’ office that it was beyond dispute, based on evidence presented through pretrial filings, that Trump and his company provided banks with financial statements that misrepresented his wealth by billions. “The documents here clearly contain fraudulent valuations that defendants used in business,” Engoron wrote in the The 2024 St. Patrick’s Day Kiss Me I’m Frank Shirt Apart from…,I will love this Sept. 26 ruling. Engoron found as fact in that ruling that Trump and the company overstated the valuations of many properties by hundreds of millions of dollars. He cited the Palm Beach Assessor valuation of Trump’s Mar-a-Lago club at between $18 million and $28 million for each year between 2011 and 2021 — the values for which he paid local property taxes. During those years, Trump valued the property at between $328 million and $714 million on his annual statements of financial conditions. Trump seized on the Mar-a-Lago valuation, complaining about it frequently during
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