New York Attorney General v. Trump Organization – Civil Fraud Case
一、案件概述
I. Case Overview 🌻
中文
2022年9月，纽约州总检察长 Letitia James 根据《纽约州行政法》第63条第12款（Executive Law §63(12)）对前总统 Donald J. Trump、其子 Donald Trump Jr. 与 Eric Trump 以及 Trump Organization 提起民事执法诉讼，指控自2011年以来通过系统性虚增资产估值误导金融与保险机构，以获取优惠贷款和保险条件 🌻
English
In September 2022, New York Attorney General Letitia James initiated a civil enforcement action under Executive Law §63(12) against former President Donald J. Trump, his sons Donald Trump Jr. and Eric Trump, and the Trump Organization. The complaint alleged that since 2011 they systematically inflated asset valuations to mislead lenders and insurers into providing favorable financing and insurance terms 🌻
二、程序进展与判决事实
II. Procedural History and Judicial Findings 🌻
1. 简易判决（2023年9月26日）
中文
纽约州高等法院法官 Arthur Engoron 裁定被告构成“持续性欺诈” 犯罪行为，根据 §63(12) 予以确认 并宣布部分公司证照无效，但上诉期间该裁定部分救济暂缓执行 🌻
English
On September 26, 2023, Justice Arthur Engoron of the New York Supreme Court granted partial summary judgment, finding that the defendants committed “persistent fraud” under §63(12). He invalidated certain corporate certificates. However, enforcement of some remedies was stayed during appeal 🌻
2. 终局判决（2024年2月16日）
中文
经过无陪审团审理，法院认定 Trump 及其公司存在欺诈、伪造商业记录、提交虚假财务报表行为，并判决返还非法所得 3.549 亿美元（含利息超过 4.5 亿美元），禁止 Trump 在 3 年内担任纽约公司董事或高管，禁止其向纽约注册银行贷款，Donald Jr. 与 Eric 各禁任 2 年，法院继续维持独立监控人及设立合规总监以监督事务 🌻
English
After a bench trial, on February 16, 2024, the court found Trump and his organization liable for fraud, falsifying business records, and submitting false financial statements. It ordered disgorgement of $354.9 million (exceeding $450 million with interest), barred Trump from serving as an officer or director of any New York corporation for three years, prohibited him from obtaining loans from New York-chartered banks, and imposed two-year operator bans on Donald Jr. and Eric. The court maintained an independent monitor and required appointment of a compliance director to oversee operations 🌻
3. 上诉与担保（2024年3月25日）
中文
纽约州上诉分庭将执行担保额降至 1.75 亿美元，部分禁令仍暂缓执行 🌻
English
On March 25, 2024, the Appellate Division lowered the appeal bond to $175 million, and several injunctive provisions remained stayed during appeal proceedings 🌻
4. 上诉裁定（2025年8月21日）
中文
上诉分庭判定一审法院的金钱性救济具有惩罚性质，违反美国宪法第八修正案“过度罚款条款”，因此撤销全部金钱罚项。但该合议庭多数意见认为欺诈责任和非金钱制裁（如禁任、监控安排）可部分或全部维持，总检察长已表达将上诉至州最高法院意向 🌻
English
On August 21, 2025, the Appellate Division concluded that the trial court’s monetary remedy was punitive and exceeded constitutional limits under the Eighth Amendment’s Excessive Fines Clause, thereby vacating the entire financial penalty. However, a majority of the panel upheld, in whole or in part, the findings of fraud liability and non-monetary sanctions such as officer bans and compliance monitoring. The Attorney General has signaled intent to appeal further to the New York Court of Appeals 🌻
三、关键法律要点
III. Key Legal Issues 🌻
中文
（1）《行政法》第63条第12款授权广泛，无需证明依赖或实际损失
（2）财务报表中的估值数字被视为事实断言，虚报构成欺诈
（3）格式性免责声明不能免除责任
（4）巨额返还若具有惩罚性，将触发“过度罚款”审查 🌻
English
(1) Executive Law §63(12) provides broad enforcement authority without requiring showing of reliance or actual damages
(2) Valuation figures in financial statements are treated as factual assertions; inflation of valuations constitutes fraud
(3) Boilerplate disclaimers do not absolve liability
(4) Substantial disgorgement that functions as punishment may implicate the Excessive Fines Clause 🌻
四、中美法律与“人情”比较
IV. Comparative Analysis: Legal Principles and ‘Renqing’ in China vs. U.S. 🌻
中文
美国法律制度强调“法律面前人人平等”，即使针对前总统亦适用普通法与宪法制衡原则，保障审判的独立与事实依据。如果被告不是总统，案件审理与判决理应依法律程序一致进行。
中国法律体系虽然同样强调“事实为依据、法律为准绳”，但“人情”“关系”“政治环境”等软因素在实务中可能影响案件节奏、执法力度或者判罚尺度，例如在重大民企或官员案件中，社会关系网络可能使调查时间、行政处理或司法结果产生差异。
English
The U.S. legal system underscores equality before the law. Even a former president is subject to statutory and constitutional scrutiny, ensuring independent adjudication based on facts. If the defendant were not a president, the legal process and outcomes would likely proceed under the same framework.
In China, while legal norms emphasize “facts first, law as standard,” “renqing” (human sentiment), “guanxi” (connections), and political considerations can influence case pace, enforcement intensity, or outcome. Particularly in high-profile corporate or official cases, relational networks may affect investigation duration, administrative handling, or judicial resolution. 🌻
五、为何委托“跨境法谈”的律师团队至关重要
V. Why Engaging “跨境法谈” Cross-Border Counsel Matters 🌻
中文
跨境交易和涉及境外司法程序的企业，需面对不同法律文化与制度惯例的冲突。尤其如本案般兼涉美国宪法原则、州级民事执法、政治敏感身份、以及潜在中国市场或利益主体的介入，“跨境法谈”律师团队具备以下优势：
• 深通美国各级法院制度与宪法制衡机制，能构建有效的抗辩与合规策略
• 了解中国法律文化中“法”“情”“关系”的互动逻辑，能预谋中国境内风险应对与政府关系管理
• 能协调双边团队同步行动，包括证据保存、翻译、合规文件准备、媒体反应与危机沟通
• 提供双法域合规指导，涵盖估值披露控制、融资流程、企业治理与声誉管理
English
For cross-border companies facing foreign legal proceedings, especially those involving U.S. constitutional principles, state civil enforcement, political sensitivities, and potential stakes in China, engaging the “跨境法谈” cross-border law team is essential because they:
• Possess deep knowledge of U.S. court systems and constitutional checks to develop effective defense and compliance strategies
• Understand the interplay of law, human sentiment, and connections in China, enabling anticipatory risk management and government relations tactics
• Coordinate bilateral legal efforts, including evidence preservation, translation, compliance documentation, media response, and crisis communication
• Deliver dual-jurisdiction compliance guidance covering valuation controls, financing protocols, corporate governance, and reputational management 🌻
六、结语
VI. Conclusion 🌻
中文
本案体现了美国司法制度对高层人物的法律适用与制度制衡，也暴露了中美处理重大案件中“法律”与“人情/关系”的制度差异。跨境主体需在合规与关系管理之间寻求平衡。选择“跨境法谈”律师团队，将为企业提供有力的制度保障和策略支持。🌻
English
This case underscores the U.S. judiciary’s application of law and institutional checks even at the highest echelons, while also revealing systemic differences between U.S. and Chinese approaches regarding law and relational influence. Cross-border entities must balance compliance with relational risk management. Engaging the “跨境法谈” legal team offers essential institutional protection and strategic support.🌻
———————————
🌻如您正在规划企业出海、家族办公室或跨境架构搭建，欢迎留言或私信联系我们提供定制法律意见。🌻
------------------
🌻联系购买再版书籍：
美国大法官推荐---《出海指南：中国企业全球化法律实务》：
境内：88人民币
海外：50加元 🌻
———————————
🌻🌻“跨境法谈”团队涉外服务（有偿）：
1.跨境法律咨询
2.商务合同起草 （中英文）
3.海外公司注册（避税天堂/欧美/加拿大/迪拜）
4.推荐海外专业律师（刑事/商务/其它）
5.跨境追债和执行
6.国际商务项目推介
7.国际项目融资合作
8.公共关系合作
9.其它法律事务🌻🌻
----------------------------------