A New York judge ordered Donald Trump and his companies on Friday to pay $355 million, finding they engaged in a yearslong scheme to dupe banks and others with financial statements that inflated his wealth. NBC10’s Lauren Mayk has the details of the ruling as well as Trump’s announcement around the same time that he plans on visiting Philadelphia on Saturday for a sneaker convention.
Around the same time a judge fined Donald Trump more than $350 million in his civil business fraud trial, the former president announced that he plans on visiting Philadelphia over the weekend for a sneaker convention.
“Looking forward to being at Sneakercon at the Philadelphia Convention Center, Pennsylvania, at 3 P.M. ET on Saturday,” Trump wrote on the social media platform Truth Social Friday afternoon. “Then leaving for a Big Rally in Michigan!”
Sneaker Con is a popular sneaker convention that takes place in cities across the country, including Philadelphia. It’s unclear at this point if Trump plans on holding a campaign event at the convention or if he’s merely visiting.
The announcement was made around the same time New York judge Arthur Engoron imposed a penalty of more than $350 million against Trump for what he ruled was a yearslong scheme to dupe banks and others with financial statements that inflated the former president’s wealth.
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The stiff penalty after a 2 ½ -month long trial was a victory for New York Attorney General Letitia James, a Democrat, who sued Trump over what she said was not just harmless bragging but years of deceptive practices as he built the multinational collection of skyscrapers, golf courses and other properties that catapulted him to wealth, fame and the White House.
Trump spokeswoman Alina Habba said Trump would appeal the ruling. In a statement, Habba said "countless hours of testimony proved that there was no wrongdoing, no crime, and no victim."
James sued Trump in 2022 under a state law that authorizes her to investigate persistent fraud in business dealings.
Politics
The suit accused Trump and his co-defendants of routinely puffing up his financial statements to create an illusion his properties were more valuable than they really were. State lawyers said Trump exaggerated his wealth by as much as $3.6 billion one year.
By making himself seem richer, Trump qualified for better loan terms, saved on interest and was able to complete projects he might otherwise not have finished, state lawyers said.
Read more about Judge Engoron’s ruling against Trump here.
