Trump Appeals Fraud Verdict While Facing $112,000 Daily Interest Penalty

( – Republican frontrunner and former President Donald Trump was slammed with a $355 million fine in the civil fraud case brought by New York Attorney General Letitia James. The exorbitant fine is rapidly approaching half a billion dollars as Judge Authur Engoron has also included interest on the fine as an additional penalty.

Each day the fine remains without being overturned by higher courts it accumulates a further $112,000 in interest. James has been publicly suggesting she’ll seize Trump’s assets if he doesn’t pay up promptly. Engoron ruled unilaterally that Trump was guilty of overvaluing his properties to secure more favorable loan terms.

Trump’s team has denied the claims and will appeal the conviction. Additional penalties include barring Trump and his family members or affiliated organizations from doing business in New York for years. The appeal is likely to drag out past the November election.

Engoron had suggested Trump was guilty before the trial even began, and legal observers have said there was no fraud due to a lack of damages or victims in the case. Lawyer Arthur Fergenson said the legal definition of the term requires victims, damages, and a deception that caused the two. In this case, Trump’s team had representatives of Deutsche Bank testify that the deal was beneficial to all parties involved.

“Shark Tank” regular Kevin O’Leary highlighted how the ruling could negatively impact investment in New York. He said that one of the unique things about America is freedom in the marketplace. One of the theoretical benefits is the assurance that the authorities won’t simply claim your property unjustly, as they do in third-world or communist countries. O’Leary said that he is unwilling to put billions of dollars into the ground in New York after the ruling, citing business concerns distinct from politics.

Trump’s appeals could take several months to over a year. Collection can only be stalled if Trump puts the funds into an appeal bond. So far he hasn’t moved to pay the fine. Trump’s sons, Eric and Donald Jr. were also slapped with $4 million fines each and barred from working in the state.

Copyright 2024,