Heidi Li FeldmanI’m reading Judge Engoron’s opinion. Sharing some of my reactions in real time. So far, the best line of the opinion: “The Trump Organization keeps Weisselberg on a short leash, and it shows.” 1/
The opinion calmly, yet brutally, details Eric Trump’s lying on the stand and how he was repeatedly shown to be lying. 2/
Engoron on Michael Cohen: “Michael Cohen was an important witness on behalf of the plaintiff, although hardly the linchpin that defendants have attempted to portray him to be. His testimony was significantly compromised by his having pleaded guilty to perjury and by some seeming contradictions in what he said at trial….3/
Engoron on Michael Cohen, cont. “However, carefully parsed, he testified that although Donald Trump did not expressly direct him to reverse engineer financial statements , he ordered him to do so indirectly, in his mob voice. Although the animosity between the witness and the defendant is palpable,
providing Cohen with an incentive to lie, the Court found his testimony credible, …” 4/
providing Cohen with an incentive to lie, the Court found his testimony credible, …” 4/
Engoron on Michael Cohen, cont. “… based on the
relaxed manner in which he testified, the general plausibility ofhis statements, and, most importantly , the way his testimony was corroborated by other trial evidence. …” 5/
relaxed manner in which he testified, the general plausibility ofhis statements, and, most importantly , the way his testimony was corroborated by other trial evidence. …” 5/
Engoron on Michael Cohen, end of quote: “A less-forgiving
factfinder might have concluded differently , might not have believed a single word of a convicted perjurer. This factfinder does not believe that pleading guilty to perjury means that
you can never tell the truth . Michael Cohen told the truth.” 6/
factfinder might have concluded differently , might not have believed a single word of a convicted perjurer. This factfinder does not believe that pleading guilty to perjury means that
you can never tell the truth . Michael Cohen told the truth.” 6/
Engoron on Ivanka Trump: “Ivanka Trump was a thoughtful, articulate, and poised witness, but the Court found her inconsistent recall, depending on whether she was questioned by OAG or the defense, suspect.
In any event, what Ms. Trump cannot recall is memorialized in contemporaneous emails and documents; in the absence of her memory, the documents speak for themselves.” 6
In any event, what Ms. Trump cannot recall is memorialized in contemporaneous emails and documents; in the absence of her memory, the documents speak for themselves.” 6
After describing all the witnesses -there were more than 40 - Engoron turns to the facts of the fraud and lies. He’s unequivocal. For example: “Accordingly, there can be no mistake, Donald Trump's valuation of Mar-a-Lago from 2011 to 2021 was fraudulent.” 7/
Engoron in response to the Trumps’ efforts to blame their accountants for the frauds and lies: “…the Court notes that neither Mazars, nor Whitley Penn, nor Donald Bender, is a defendant in this action, nor did defendants ever attempt to implead them as third party defendants. …. 8/
Quote continued:“More significantly , however, this defense is wholly undercut by the overwhelming evidence adduced at trial demonstrating that Mazars and Whitley Penn relied on the Trump
Organization , not vice versa , to be truthful and accurate , and they had a right to do so.” 9/
Organization , not vice versa , to be truthful and accurate , and they had a right to do so.” 9/
Trump himself did the lying to the accountants, stresses Engoron: “Donald Trump himself acknowledged that,as was certified to in the Management Representation Letters, he was responsible for the preparation and fair presentation of financial statements.” 10/
You bet the frauds and lies are material, not “trifles”: “The frauds found here leap off the page and shock the conscience.,” writes Engoron. 11/
Engoron has thoroughly hit his stride:
“Yet another great red herring in this case has been that different appraisers can legitimately and in good faith appraise the same property at different amounts. True enough, as appraising is an art as well as a science. However, the science part cannot be fraudulent. When two appraisals rely on starkly different assumptions, that is not evidence of a difference of opinion, that is evidence of deceit.” 12/
“Yet another great red herring in this case has been that different appraisers can legitimately and in good faith appraise the same property at different amounts. True enough, as appraising is an art as well as a science. However, the science part cannot be fraudulent. When two appraisals rely on starkly different assumptions, that is not evidence of a difference of opinion, that is evidence of deceit.” 12/
Trump, Trump Jr., Eric Trump - all guilty. Penalty time. 13/
In total, defendants' fraud saved them approximately $168,040,168 in interest, which shall be imposed, jointly and severally, among Donald Trump and the defendant entities that he owns and
controls, as the misconduct at issue was committed by the Trump Organization's top management.“ 14/
controls, as the misconduct at issue was committed by the Trump Organization's top management.“ 14/
More penalties:
“Accordingly, Donald Trump, the Donald J. Trump Revocable Trust, the Trump Organization, Inc., Trump Organization LLC, and the Trump Old Post Office LLC are jointly and severally liable, in the amount of $126,828,600, for the ill-gotten profits Donald Trump netted from the sale of the Old Post Office.” 15/
Still more penalties. “Eric Trump is liable, in the amount of $4,013,024, for the distribution he individually received from the sale ofthe Old Post Office.
Donald Trump, Jr.is liable, in the amount of $4,013,024, ….” 16/
Donald Trump, Jr.is liable, in the amount of $4,013,024, ….” 16/
More disgorgement required: “Similarly, Donald Trump, the Donald J. Trump Revocable Trust, the Trump Organization, Inc., and Trump Organization LLC are jointly and severally liable for disgorgement of the windfall profits of $60 million attributable to selling Ferry Point to Bally's.” 17/
Finding that the Trumps are pathologically incapable of recognizing and acknowledging their wrongdoing, Engaron orders extreme oversight measures of their businesses. Basically, for the next three years. they can’t submit any financial statements to any bank, insurance company, or other business entity without prior judicial review and permission. 18/
Furthermore: “The Court hereby enjoins Donald Trump, Allen Weisselberg, and Jeffrey McConney 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. … 19/
“The Court hereby enjoins Donald Trump and the Trump Organization and its affiliates from applying for loans from any financial institution chartered by or registered with the New York State Department of Financial Services for a period of three years.
The Court hereby enjoins Eric Trump and Donald Trump, Jr. from serving as an officer or
director of any New York corporation or other legal entity for a period of two years.” 20/
The Court hereby enjoins Eric Trump and Donald Trump, Jr. from serving as an officer or
director of any New York corporation or other legal entity for a period of two years.” 20/
I’ve shared the passages that have struck me as especially significant as I did my first read of the opinion by Judge #Engoron. My basic overall reaction is that he has done a masterful job of showing that Donald Trump, Eric Trump, Trump Jr. and Ivanka are sleazy liars who made inordinate profit by lying over and over. They can’t be trusted. 21/
CassandraVert@heidilifeldman
Why do you think Alan W got a lifetime ban while the Trumps only got 2-3 years ban?
Why do you think Alan W got a lifetime ban while the Trumps only got 2-3 years ban?
ArtemesiaAny bank, or any bank doing business in NY state (which admittedly is most of them)?
Joe Stewart@heidilifeldman
Another illustration of my ignorance….
I wasn’t aware of “disgorgement” until I read his decision. It’s an appropriate technique, for sure. Particularly since a purpose is to prevent future bad behavior.
Another illustration of my ignorance….
I wasn’t aware of “disgorgement” until I read his decision. It’s an appropriate technique, for sure. Particularly since a purpose is to prevent future bad behavior.
I think more attention needs to be paid to this aspect: the referenced organizations are liable for up to $187 mil of the judgement. Which I guess could be to his benefit, should they have any assets left. But it also lets the state strip those organisations.
Edit: $187 mil, not $127. There's another $60 mil statement of liability below.
ShantiS@heidilifeldman What happens when he appeals? Is it possible that he can get away without any of these penalties?
Ariaflame@Shantis @heidilifeldman I believe if he wishes to appeal he needs to put the amount (plus possibly interest) up as a bond first within 30 days. If he loses the appeal then it automatically gets paid from that.
Tawtovo (ܬܘܬܒܐ)@heidilifeldman
Thank you for these!
Spelling check: should it be Engoron rather than Engaron?
your auntifa liza 🇵🇷 🦛 🦦@heidilifeldman in other words: try to make her CEO and we'll be scrutinizing every single move of hers for the next 3 years for any and all slips?
Jenny
Ω 🌍 Gus Posey
Adam John@heidilifeldman sitting on the edge of my seat for the rest, Heidi! (presumably you'll tip us off when you've completed the "real time read")
Michael Gemar@heidilifeldman I presume there’s no actual likelihood of a perjury charge?
it's B! Cavello 🐝@heidilifeldman @michaelgemar this feels like it ought to be a big deal!
Frank Bennett 🇯🇵@heidilifeldman I liked that the preface finishes by describing the ban as "for a few years." It's probably stated that way just to save words over the details, but the tone and subtext say (to my ear) "I'm pulling the punch here. Don't forget that."
Karen Strickholm@heidilifeldman Thanks for this thread!
Nicole ParsonsTrump's 2020 presidential run was supported by at least 133 billionaires, domestically.
His foreign donors remain anonymous.
Billionaires who knew Trump was a fraudster and still financed his campaign, and later his coup.
They probably share many of Trump's business practices.
It would be wonderful if these 133 megadonors shared Trump's fate.
Investigations are in order.
Floaty Birb@Npars01 @heidilifeldman It is interesting to see the net wealth of these donors listed next to their donations, which by comparison are pocket change. As in, they can probably very easily make back the money they give politicians with a favorable policy concession.
Chuck DarwinHow Donald Trump’s Donors Got Rich
Forbes found 133 billionaires or spouses of billionaires who donated to Trump’s campaign ahead of the 2020 election. They built their fortunes in 17 industries
Some clearly benefited from having a friend in the White House:
🔸Miriam #Adelson received the Presidential Medal of Freedom.
🔸Kelcy #Warren, chief executive of Energy Transfer Partners, got clearance for his Dakota Access Pipeline, as well as a seat on the board of trustees at the John F. Kennedy Center for the Performing Arts.
🔸Harold #Hamm, the oil baron, became an informal advisor.
🔸Linda #McMahon, who is married to WWE Chief Executive Vince McMahon, accepted a role as head of the Small Business Administration, before moving on to chair a pro-Trump super-PAC named America First Action.
On average, the donors contributed about $285,000 to the Trump campaign and its joint-fundraising committees, which split their hauls with the Republican Party.
About 9% of Trump’s billionaire donors, however, gave less than $5,000.
At least 19 also donated to pro-Trump super-PACs.
Unlike other types of political committees, super-PACs can accept unlimited amounts of money.
The #Adelsons, for instance, gave $90 million to a pro-Trump super-PAC called Preserve America.
Marvel Entertainment billionaire Isaac #Perlmutter and his wife, Laura, gave $21 million to America First.
Kelcy #Warren donated $10 million to the same group