Blog

New York Judge Arthur Engoron has ordered former President Donald Trump to pay $364 million for allegedly defrauding banks in order to acquire loans and other benefits – loans which the banks themselves testified they were satisfied with after doing their own due diligence.

Trump is also barred "from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years," while his sons have been barred from serving as New York executives for two years.

New York Attorney General Letitia James had sought $370 million from Trump, his company, and its top executives for what she claimed was "repeated and persistent fraud" – which included allegations of falsifying records and financial statements to the tune of as much as $2.2 billion.

Trump maintains that his financial statements to banks were conservative, and has called the case a "fraud on me."

"This is a case that should have never been brought, and I think we should be entitled to damages," Trump said on Jan. 11.

During the trial, Deutsche Bank executive David Williams, who directly worked on at least one of several loans obtained by Trump over several decades, testified that it's "atypical, but not entirely unusual" for a bank to internally slash a client's stated asset values by 50% and approve a loan anyway, as they did with Trump, Bloomberg reported in November.

"It just depends on the circumstances," said Williams, a managing director at the bank.

The testimony undermined AG James' premise, that Trump defrauded the German bank. But of course, none of that matters to Engoron – while Trump's Martyr status just intensified.

Expect this decision to be reflected in upcoming polls.