New York Attorney General Letitia James remarks on the civil fraud trial against Donald Trump and the Trump Organization at 6 p.m. ET on Feb. 16. ----------------------------
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We have a responsibility to protect the integrity of the marketplace.
For years, Donald Trump engaged in deceptive business practices and tremendous fraud.
Donald Trump falsely and knowingly inflated his net worth by billions of dollars to unjustly
enrich himself, his family, and to cheat the system.
Donald Trump may have authored the art of the deal, but he perfected the art of the
steal.
This long-running fraud was intentional, egregious, illegal, and he did all of this with the help
of the other defendants, his two adult sons and senior executives at the Trump Organization.
After 11 weeks of trial, we showed the staggering extent of his fraud and exactly how Donald
Trump and the other defendants deceived banks, insurance companies, and other financial institutions
for their own personal gain.
We proved just how much Donald Trump, his family, and his company unjustly benefited
from his fraud.
Today, the court once again ruled in our favor and in favor of every hardworking American
who plays by the rules.
Donald Trump and the other defendants were ordered to pay $463.9 million.
That represents $363.9 million in disgorgement, plus $100 million in interest, which will
continue to increase every single day until it is paid.
Donald Trump, the former chief financial officer of the Trump Organization, Allen Weisselberg,
and the former controller of the Trump Organization, Jeffrey McConnie, are each banned from serving
as an officer or director of any New York company for three years.
Mr. Weisselberg and Mr. McConnie are also banned for life from serving in a financial
management role in any New York company.
Donald Trump Jr. and Eric Trump are banned from serving as an officer or director of
any New York company for two years.
And Donald Trump and his companies are banned from applying for loans from any New York
bank or financial institution for three years.
A new independent director of compliance will be created at the Trump Organization to ensure
the company establishes internal protocols and meets financial reporting obligations.
And a current independent external monitor will continue to oversee the company's financial
dealings and ensure this fraud cannot continue.
I want to be clear.
White-collar financial fraud is not a victimless crime.
When the powerful break the law and take more than their fair share, there are fewer resources
available for working people, small businesses, and families.
And everyday Americans cannot lie to a bank about how much money they have in order to
get a mortgage to buy a home, or a loan to keep their business afloat, or to send their
child to college.
And if they did, our government would throw the book at them.
I want to thank the entire incredible and hard-working team in my office that tried
this case.
Because the scale and the scope of Donald Trump's fraud is staggering, and so too is
his ego and his belief that the rules do not apply to him.
Today, we are holding Donald Trump accountable.
We are holding him accountable for lying, cheating, and a lack of contrition, and for
flouting the rules that all of us must play by.
Because there cannot be different rules for different people in this country, and former
presidents are no exception.
This decision is a massive victory for every American who believes in that simple but fundamental
pillar of our democracy that the rule of law applies to all of us equally, fairly, and
justly.
Thank you.
