Trump’s Fate Sealed: Staggering Civil Fraud Judgment Finalized In New York

In a significant legal development, a staggering civil fraud judgment against former US President Donald Trump was finalized in New York on Friday, February 24. The verdict leaves Trump liable for a substantial amount of money, including fines and interest, totaling over USD 454 million.

The procedural step taken by the New York county clerk officially initiates Trump’s appeals process. However, the debt will begin accumulating post-judgment interest at a staggering rate of nearly USD 112,000 per day, according to a spokesperson for New York Attorney General Letitia James, who brought the case against Trump.

In his ruling on February 16, Judge Arthur Engoron found that Trump had engaged in a pattern of misrepresenting his wealth over several years. This was done to secure favorable loans and make deals that bolstered his real estate empire. As a result, Trump was ordered to pay USD 354.9 million in penalties, along with nearly USD 100 million in interest.

Trump’s Response and Appeal Process

Trump has vehemently denied any wrongdoing and has vowed to appeal the judgment. He has a 30-day window to file an appeal, during which time he must deposit “sufficient funds” in a court-controlled account or secure a bond for the total amount. If he fails to do so, New York Attorney General Letitia James has indicated that she will seek to seize some of Trump’s assets to cover the debt.

However, it is important to note that the appeal process is likely to halt the collection of the penalty while the legal proceedings unfold.

Mounting Interest and Potential Consequences

As of Friday, the interest on Trump’s penalty will increase significantly, from USD 87,502 per day to USD 111,984 per day. This is because post-judgment interest is calculated on the total judgment amount, including the underlying USD 355 million penalty and the pre-judgment interest that had accrued.

In total, Trump and his co-defendants, including his two eldest sons, Eric and Donald Trump Jr., and former Trump Organization finance chief Allen Weisselberg, will be charged a combined USD 114,554 per day in interest until the debt is paid. These amounts will continue to accumulate even during the appeals process.

Conclusion

The finalized civil fraud judgment against Donald Trump marks a significant development in the legal proceedings surrounding his business practices. With the appeals process underway, the outcome of this case will have far-reaching implications for Trump and his associates. As the legal battle continues, the focus will be on whether the judgment will be upheld or overturned, determining the ultimate financial consequences for Trump and his co-defendants.