Donald Trump owes an additional $87,502 in interest every day until he pays the $354 million fine in his civil fraud case, according to ABC News' calculations.

Former President Donald Trump owes an additional $87,502 in post-judgment interest every day until he pays the $354 million fine ordered by Judge Arthur Engoron in his civil fraud case, according to ABC News’ calculations based on the judge’s lengthy ruling in the case.

Judge Engoron on Friday fined Trump $354 million plus approximately $100 million in pre-judgment interest in the civil fraud case brought by New York Attorney General Letitia James, after he found that Trump and his adult sons had inflated Trump’s net worth in order to get more favorable loan terms. The former president has denied all wrongdoing and has said he will appeal.

Engoron ordered Trump to pay pre-judgment interest on each ill-gotten gain – with interest accruing based on the date of each transaction – as well as a 9% post-judgment interest rate once the court enters the judgment in the case.

  • gregorum@lemm.eeEnglish
    6·
    8 months ago

    yes. in order to appeal this judgement, Trump would have to put up between 120-125% of the $355M judgement (to cover the judgement + interest) in order to file an appeal. He can do this in cash, or he can secure a bond by leveraging his assets as collateral. It’s unclear whether he has that much liquid cash, and it’s unlikely that anyone would be willing to issue a bond for him, especially since any of his assets he might use are marked for asset forfeiture by the State of New York should his appeal fail, as it most assuredly will.

    FTA:

    Trump will continue to accrue interest on the fine during his lengthy appeal of Engoron’s ruling, unless he deposits the full amount of the fine into an escrow account, according to Thomas.

    While Trump’s appeal will prompt an automatic stay of the enforcement of Engoron’s ruling, Trump needs to first put money into an escrow account or post a bond in order to appeal.

    If Trump decides to post a bond to cover the fine during his appeal, the interest will continue to accrue during his appeal, adding potentially tens of millions of dollars in the process.

    (emphasis added)

          • gregorum@lemm.eeEnglish
            1·
            8 months ago

            After 30 days, enforcement mechanisms can be employed. Not only seizing property, but also garnishment of wages, putting liens on other properties, etc. Trump probably doesn’t completely own all of his properties, and some of his other properties may be already mortgaged up to the hilt, so they may not bear much if they are sold. During the discovery, for all of these enforcement actions, we may all find out that Trump is actually completely broke. That would also be fun.

              • gregorum@lemm.eeEnglish
                2·
                8 months ago

                some, maybe. it’s extremely complicated. and Trump may declare bankruptcy, which would cause his repayments to get reassessed and restructured.

                but one thing is certain: Trump will be made to pay. He’s extremely fucked, at least financially. There’s no way now to delay or prevent it.