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Tag: letitia james
Donald Trump

Trump Begs For Cash To Keep Properties Out Of Letitia James' 'Filthy Hands'

Former President Donald Trump is on the verge of losing two of his valued real estate assets, and the alleged billionaire is now panhandling the public for small-dollar donations to hang onto his wealth.

The Guardian reported that Trump's 2024 campaign is sending emails to supporters specifically asking for their financial support to help pay the $464 million in judgment penalties and interest he owes for defrauding the State of New York. Attorney General Letitia James has already started the process of seizing the real estate tycoon's assets to cover the judgment, including one of his golf courses in Westchester County. She also said she looks at Trump's 40 Wall Street property "each and every day."

"Insane radical Democrat AG Letitia James wants to SEIZE my properties in New York. This includes the iconic Trump Tower," the ex-president wrote in an email with the subject line "Keep your filthy hands off Trump tower!"

"Democrats think that this will intimidate me. They think that if they take my cash to stifle my campaign, that I’ll GIVE UP!" The email continued. "But worst of all? They think that YOU will abandon me, and that you will GIVE UP on our country. Here’s one thing they don’t know: WE WILL NEVER SURRENDER!"

Trump's legal costs are likely far too large to be crowdfunded. A GoFundMe campaign to pay his New York civil fraud judgment that's still online as of this writing has only raised $1.6 million out of a $355 million goal (fundraisers to pay legal restitution are prohibited under GoFundMe's terms and conditions). It's not known yet how much Trump will raise from his email appeal, but the amount raised may not even cover the estimated $111,000 in interest his judgment accumulates with each passing day.

And of course, the civil fraud judgment isn't the only financial blow to Trump's empire. Former Elle columnist E. Jean Carroll successfully sued Trump for both sexual abuse and defamation, winning judgments of $5 million and $83.3 million, respectively. The former president posted a $90 million bond guaranteed by insurance giant Chubb Group earlier this month, which includes both the judgment and interest necessary to appeal civil judgments in the Empire State. However, his legal team has complained that obtaining a bond to cover the fraud judgment is a "practical impossibility."

"A bond of this size is rarely if ever seen. In the unusual circumstance that a bond of this size is issued, it is provided to the largest public companies in the world, not to individuals or privately held businesses," said Gary Giulietti of brokerage firm Lockton Companies. Giuletti — whom Trump hired to help him obtain a bond — added that for nine-figure judgments like Trump's, most guarantors won't accept real estate assets as collateral and would only agree to cash or cash equivalent assets, like securities.

If James did move to seize 40 Wall Street, she may be able to obtain as much as $220 million according to a 2012 appraisal. Trump Tower — the ex-president's signature Fifth Avenue property — was valued at $117 million by Forbes in 2017. His Mar-a-Lago estate in Florida could garner close to $20 million, and his Seven Springs property could bring in close to $57 million.

The 45th president of the United States may have a way out of losing his assets depending on how his Truth Social platform's initial public offering (IPO) performs in financial markets after its expected debut next week. The ex-president is expected to make $3 billion off of his stake in the company, which would be more than enough to cover the fraud judgment and his judgments in both E. Jean Carroll lawsuits.

Trump has continued to use Truth Social to attack both James and Judge Arthur Engoron, who handed down the $355 million verdict in the bench trial. He recently called the penalty "CRAZY" and referred to the judgment as "ELECTION INTERFERENCE."

"If I sold assets, and then won the Appeal, the assets would be forever gone," Trump wrote on Thursday. "Also, putting up money before an Appeal is VERY EXPENSIVE. When I win the Appeal, all of that money is gone, and I would have done nothing wrong."

Reprinted with permission from Alternet.

New York Jury Issues $5M Fraud Verdict Against NRA Chief LaPierre

New York Jury Issues $5M Fraud Verdict Against NRA Chief LaPierre

A New York jury has reached a verdict against former National Rifle Association (NRA) CEO Wayne LaPierre, finding him guilty of corruption and defrauding the organization of more than $5 million.

Courthouse News reporter Erik Ueblacker tweeted the verdict on Friday, which found that the NRA sustained $5,400,000 in financial harm as a result of LaPierre's actions. However, the jury also agreed that LaPierre had already paid back $1,048,769.98 to the organization, meaning he's still on the hook for more than $4.35 million.

According to ABC News, the jury also found that the NRA was liable for financial mismanagement, and ruled that NRA corporate secretary and general counsel John Frazer and former NRA treasurer and CFO Wilson "Woody" Phillips violated their statutory obligations to discharge the duties of their positions in good faith.

LaPierre's attorney called the lawsuit — which was filed by New York Attorney General Letitia James in 2020 — politically motivated, and argued that his client "acted in good faith and with honesty, sincerity and intention." LaPierre resigned from his position atop the NRA just before the seven-week trial began for health reasons.

The central allegations of the trial focused on LaPierre's stacking of organizational leadership with loyalists who would enable and green-light his misuse of organizational funds. The New York Times reported that James' office accused LaPierre of "diverting millions of dollars in NRA funding toward personal use," which included hair and makeup for his wife, speaking fees for board members, contracts with favored vendors willing to pay kickbacks and luxurious private jet excursions to exclusive locations.

Prior to the start of the trial, James secured a guilty plea from the NRA's former chief operations officer, Joshua Powell. ABC reported that as part of his settlement, he agreed that he "breached his fiduciary duties of care, loyalty and obedience by using the NRA's charitable assets for his own benefit and the benefit of his family," and that he "failed to administer the charitable assets entrusted to his care properly."

The NRA's membership has been steadily declining, with The Tracereporting that the organization's membership dipped from 4.9 million to 4.3 million between April of 2021 and January of 2023, which aligns with the time frame of the corruption lawsuit.

Reprinted with permission from Alternet

Trump Faces Huge Potential Damages In January 6 Civil Lawsuits

Trump Faces Huge Potential Damages In January 6 Civil Lawsuits

Before Justice Arthur Engoron released his verdict in New York Attorney General Letitia James' civil fraud case, many legal experts predicted that Trump would get clobbered financially. And that's exactly what happened.

On Friday afternoon, February 16, Engoron ordered Trump to pay almost $355 million. But when interest in factored in, that figure increases to $450 million.

Engoron's decision comes after two separate civil defamation lawsuits by former Elle Magazine columnist E. Jean Carroll.

Trump was ordered to pay Carroll $5 million in damages in her first lawsuit against him and $83.3 million in the second one. Between James' case (including the interest) and the damages in Carroll's lawsuits, Trump owes over $535 million.

According to Forbes' Alison Durkee, those aren't the only civil cases that Trump needs to be worried about.

In an article published on February 19, Durkee explains, "Former President Donald Trump now owes more than $440 million before interest in civil court fines after being ordered to pay more than $354 million Friday in the civil fraud case against him and his company — and it's possible more damages awards could be coming as the ex-president faces more civil cases seeking to hold him liable for the January 6 riot. Trump still faces multiple civil lawsuits — which have largely been consolidated in court — brought by Democratic lawmakers and Capitol police officers, which seek to hold Trump personally liable for the January 6 riot."

Durkee adds, "Those cases are now moving forward after federal district and appeals courts refused to throw them out, rejecting Trump's argument that he has 'immunity' because the allegations stem from actions he took as president."

Durkee notes that the "January 6 civil cases" are "moving forward again in federal district court after appeals courts refused to throw them out." A hearing, according to Durkee, has been scheduled for this Friday, February 23.

"Trump has denied the allegations against him in the civil January 6 lawsuits, accusing Democratic lawmakers in his motion to dismiss of 'attempting to undermine the First Amendment by bringing this lawsuit, based on their longstanding and public grudges against President Trump,'" Durkee reports. "The lawmakers 'fail to plausibly plead any viable conspiracy theory against President Trump,' Trump's attorneys wrote…. The ex-president has continued to insist ex-presidents have 'absolute immunity' even as courts have rejected his arguments, claiming such immunity is necessary even when their actions 'cross the line.'"

Reprinted with permission from Alternet.

Letitia James

James: Trump Should Be Banned From New York Real Estate For 'Outrageous' Fraud

NEW YORK, January 5 (Reuters) - Donald Trump should be permanently barred from New York's real estate industry for "outrageous" fraud, the state's attorney general said in a court filing on Friday ahead of closing arguments in a civil case against the former U.S. president.

Attorney General Letitia James and lawyers for Trump and the other defendants filed their final briefs ahead of closing arguments scheduled for next Thursday in Manhattan in a case that threatens to strip him of prized real estate assets.

In their filing, Trump's lawyers accused the attorney general's office of overstepping its authority by trying to bar Trump from "any and all" business activity, a penalty "far more substantial than the mere loss of money."

Trump's lawyers said the state failed during the three-month trial last year to show any "real-world impact" from Trump's financial statements to banks, which according to the judge presiding over the case overstated his net worth by billions of dollars.

The attorney general's office in its filing said Trump's "myriad deceptive schemes" to "inflate asset values and conceal facts were so outrageous that they belie innocent explanation."

Trump is the frontrunner for the Republican nomination to challenge Democratic President Joe Biden in this year's U.S. election.

Justice Arthur Engoron will hand down his verdict sometime after the closing arguments. Engoron already found Trump liable for fraudulently overstating his wealth to secure better loan terms.The trial focused on damages. James, an elected Democrat, is seeking at least $370 million in penalties from Trump and his co-defendants, as well as restrictions on Trump's ability to do business in the state.

Trump has denied wrongdoing and called the case a political witch hunt. He said in a social media post on Friday that there were "no victims" in the case.

Trump separately has been charged with crimes in four other cases, pleading not guilty in each. His maelstrom of legal troubles has not diminished his commanding lead over Republican rivals in the presidential race.

During defiant and meandering testimony in October, Trump boasted about his business acumen and railed against what he said was political bias against him by James and Engoron.

Three of his adult children -- Donald Jr., Eric, and Ivanka Trump -- also testified in the trial. They said they had little to no involvement with their father's financial statements while running the Trump Organization, an umbrella company for his wide-ranging business ventures. Unlike her brothers, Ivanka Trump is not a defendant.

Lawyers for Donald Jr. and Eric Trump said in their own filing on Friday that there was no evidence that either had "anything more than a peripheral knowledge or involvement in" the preparation of their father's financial statements.

The future of Trump's empire hangs in the balance after Engoron in September ordered the dissolution of companies controlling crown jewels of his New York portfolio, including Trump Tower and 40 Wall Street in Manhattan.

That order is on hold while Trump appeals. Some legal experts have said Engoron may lack the authority to issue such a sweeping order.

Trump is under indictment in Washington and Georgia for his efforts to overturn his 2020 election loss to Biden, in Florida for his handling of classified documents after leaving office, and in New York over hush money paid to a porn star ahead of the 2016 election.

The first of his criminal trials is scheduled to begin in New York in March, but that is subject to change as Trump's crowded legal calendar complicates court schedules.

Reporting by Jack Queen; Editing by Will Dunham, Noeleen Walder, DanielWallis and Nick Zieminski