On February 16, the ruling on former president Donald Trump’s civil fraud case against the state of New York was returned, finding him guilty. The court is demanding that Trump pays $355 million as a penalty for not accurately reporting his many pieces of real estate over the years. The penalty price raises by $87,502 in interest every day he does not pay, which has skyrocketed the fees from $355 to $454 million since February 16.
As of now there is speculation that Trump cannot afford to pay off the full $454 million due to his money being tied up in many different investments. Letitia James, New York Attorney General, told ABC News, “If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets.” Some say the former president is even considering filing for bankruptcy.
His financial situation is in question mainly due to the other court cases that have also given him heavy fines. Trump recently attempted to sue the New York Times due to them disclosing confidential tax records during their investigation into his finances.
The judge on the case swiftly dismissed the case ruling in favor of the defendant “because The Times’ purpose in reporting on a story of a high public interest constitutes justification as a matter of law.” He was then ordered to pay the legal fees of both parties, which came out at approximately $392,000. Another recent court case made him pay $83.3 million for the defamation of writer E. Jean Carroll when he called her a liar during a sexual assault case.
The presidential candidate has announced his plans for appealing the verdict of the New York civil fraud case. Due to the appeal process Trump does not have to pay the fines yet and they cannot seize his property. If he wins the appeal he does not have to pay anything, but if he loses he must pay the penalty plus all interest he has accrued. The daily interest will still be applied throughout this process.
Trump’s family and close advisors are also being heavily fined for their profit off of the fraudulent finance reports. His two sons have to pay approximately $4.7 million each. They have both started their appeal process alongside their father. Voters are wondering how this court case will reflect in the polls for the 2024 presidential election.
