In New York, a civil fraud judgment against former President Donald Trump was finalized, resulting in fines and interest totaling over $454 million. The judgment was made official by the New York county clerk, allowing the debt to begin accumulating post-judgment interest of nearly $112,000 per day. This verdict stems from accusations that Trump lied about his wealth to secure loans and make deals to benefit his real estate business. Judge Arthur Engoron ordered Trump to pay $354.9 million in penalties, along with nearly $100 million in interest.
Trump has a 30-day window to appeal the judgment, during which he must deposit sufficient funds in a court-controlled account or secure a bond for the total amount owed. New York Attorney General Letitia James has stated that if Trump is unable to cover the bill, she will seek to seize some of his assets. However, the appeal process is likely to delay the collection of the penalty until a final decision is reached. Despite the judgment, Trump has denied any wrongdoing and his lawyers have been working to challenge the ruling.
Post-judgment interest on Trump’s penalty has increased to $111,984 per day, up from $87,502 per day prior to the verdict being finalized. This interest is calculated based on the total judgment, including the underlying penalty of $355 million and the nearly $100 million in pre-judgment interest. Trump’s two eldest sons, Eric and Donald Trump Jr., as well as former Trump Organization finance chief Allen Weisselberg, are also facing daily interest charges until the debt is paid off.
The judgment against Trump and his co-defendants will continue to accrue interest even during their appeal process. If the verdict is ultimately overturned, they may not be required to pay anything. Trump’s legal team had sought to delay the enforcement of the penalty, but Judge Engoron rejected their request, stating that they had failed to provide a sufficient justification for a stay. The Appellate Division will now have the opportunity to review any appeals made by Trump and his co-defendants.
Overall, the finalized civil fraud judgment against Donald Trump in New York represents a significant financial liability for the former president and his associates. The appeals process will determine whether the penalties and interest must be paid or if the verdict will be overturned. In the meantime, Trump continues to maintain his innocence and challenge the accusations of fraud leveled against him.
