New York Civil Fraud Ruling and Its Potential Impact on Trump’s Finances
In a recent development in New York, former President Donald Trump is facing the repercussions of a civil fraud ruling. The judgment, amounting to a staggering $454,156,783.05 for Trump alone, was officially entered with the court. Additionally, Trump is now accruing over $100,000 of post-judgment interest each day. This financial blow comes on top of the recent $83.3 million verdict against him in the E. Jean Carroll defamation trial.
The civil fraud case revolves around allegations of misrepresenting the value of Trump properties. Trump’s sons, Donald Jr. and Eric Trump, along with two other Trump Organization executives, are also named as defendants in the case. They have 30 days to appeal the decision made by Judge Arthur Engoron, who found them liable for fraud.
Unsurprisingly, Trump has denied any wrongdoing and has vowed to appeal the ruling. He has dismissed the case as a politically motivated “witch hunt.” However, New York Attorney General Letitia James could potentially enforce this judgment by freezing Trump’s bank accounts and even selling off his properties. One property that James has set her sights on is the iconic 40 Wall Street skyscraper.
To prevent such actions, Trump must either post a bond or deposit money with the court. The Attorney General’s Office estimates that he would have to provide at least the full amount of the judgment and possibly additional funds to cover post-judgment interest that will continue to accrue during the appeal process.
The monetary judgment entered against all the defendants, including pre-judgment interest, amounts to a staggering $464,576,230.62. Starting today, post-judgment interest will also begin accruing at a rate of 9% per annum. This means that Trump will be accruing approximately $114,553.04 in interest per day, with his share alone amounting to $111,983.86.
In an attempt to delay the enforcement of the judgment, Trump and the other defendants requested a 30-day stay. They argued that such a delay would allow for an orderly post-judgment process, given the magnitude of the judgment. However, their request was denied by Judge Engoron, who found their explanation lacking.
This civil fraud ruling has significant implications for Trump’s finances. With mounting judgments and accruing interest, he may face severe financial consequences. The potential freezing of his bank accounts and the sale of his properties could further compound his financial woes.
As the legal battle continues, all eyes are on Donald Trump and the potential impact this ruling may have on his future business ventures and personal wealth. Only time will tell how these developments will unfold and shape the financial landscape for the former president.
