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Lawyers for #Trump & #TrumpOrganization told an appeals panel Thurs that it should throw out a judge's ruling that Trump must pay hundreds of millions in profit obtained through #fraud, plus interest.
≥2 of the justices from the 5-justice panel from the Appellate Division, First Judicial Dept of the NY State Supreme Court seemed skeptical about the enormity of the judgment, which has ballooned to $489M.
#civil #law #conspiracy #fraud #illGottenGains
https://www.cbsnews.com/news/trump-fraud-appeals-court-489-million/
An attorney for #NY countered that the figure accurately represents the size of #Trump's #illGottenGains from #fraud.
In Feb, #NewYork Judge Arthur #Engoron found that Trump, his company & top execs — including sons Eric & Donald Trump Jr. — deceived banking partners by falsely #inflating Trump's #wealth on financial statements. That deception allowed Trump & his company to receive deal terms, loans & taxes that he wouldn't otherwise, leading to massive windfalls.
The judge ordered #Trump & his co-defendants to pay the state nearly $364M in "#illGottenGains" & interest — from before & after the ruling — that has accrued to >$120M. Since the case is a #civil matter, Trump does not face the prospect of prison time.
Trump was not present for Thursday's arguments. His attorney & a lawyer for #NYAG #LetitiaJames, whose office brought the case, argued before the justices in a Manhattan courtroom.
#NewYork's Deputy Solicitor General Judith Vale argued, "Although this is a large number, it's a large number for a couple reasons. One, there was a lot of #fraud & illegality. It went on for 7 years. Another reason is because the guarantee & the financial statements each year worked to get enormously favorable interest rate savings to the defendants."
Vale added: "It is not an excuse to say, well, our fraud was very successful, so we should get some of the money."