A huge penalty for deceiving lenders about the value of his properties and his own net worth, if upheld, leaves Donald J. Trump in a perilous financial position.
Across 92 pages, the judge, Arthur F. Engoron, took Mr. Trump to task several times — both for his business practices and his comportment in the courtroom.
Even after Mr. Trump had begun to lose, and face real financial and business consequences, he was working out a way to benefit from being placed on trial.
For more than three years, Justice Arthur F. Engoron has been ruling against the former president. On Friday, he handed Donald J. Trump a loss in his civil fraud trial.