Trump Sets A Milestone In Legal Costs, Surpasses One Million In Interest Charge In Addition To Half A Billion In Court Fines

Former President Donald Trump surpassed one million in interest charges in the New York fraud case, and the number is growing each day. 

Judge Engoron’s ruling 

Judge Arthur F. Engoron poses for a photo in the courtroom for the 4th day of Trump's civic fraud trial at the New York State Supreme Court on October 5th, 2023. (Photo by Meir Chaimowitz/NurPhoto) (Photo by Meir Chaimowitz / NurPhoto / NurPhoto via AFP)
Image by Meir Chaimowitz / NurPhoto / NurPhoto via AFP

Judge Arthur Engoron fined Trump $355 million plus the pre-judgment interest that goes back to 2019 when New York Attorney General Letitia James began her probe. Twelve days after the Judge’s ruling on February 27, Trump owes $1,172,434 in additional interest charges. 

The math 

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The AP explained how Trump surpassed an additional million in interest charges. Until February 23, or during the first seven days since the ruling, Trump paid an extra $87,502 daily. After these seven days, the interest charge went up to $111,984. In the first seven days, it was $612,514. Four days later, it surpassed a million in interest charges. 

The debt surpasses half a billion 

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In total, Trump owes 83 million in the E. Jean Carroll verdict plus hundreds of millions in the fraud case. According to the New York Times, the former president has over 350 million at his immediate disposal. As AG Letitia James shared on X, “+$114,553.04 = $464,805,336.70.” 

Trump’s appeal 

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The lawyers for Trump appealed Judge Engoron’s ruling, asking the  Appellate court to reexamine if the Judge “committed errors of law and/or fact” and “abused its discretion, and/or acted in excess of its jurisdiction.” It did not mention the bond of over 400 million that Trump should post up until 30 days after the Judge’s ruling.

Comments from Trump’s team 

Former US President Donald Trump departs during a break in the civil fraud trial against the Trump Organization, at the New York State Supreme Court in New York City on December 7, 2023. Former US President Donald Trump was back in court on December 7, 2023, for his New York civil trial on fraud allegations, once again condemning the process as unfair. Trump, the frontrunner for the 2024 Republican presidential nomination, and his two eldest sons are accused of inflating the value of their real estate assets to receive more favorable bank loans and insurance terms. (Photo by TIMOTHY A. CLARY / AFP)

“We trust that the Appellate Division will overturn this egregious fine and take the necessary steps to restore the public faith in New York’s legal system,” Alina Habba said in a statement to CBS News.

Habba confirmed Trump will post bond 

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Speaking on Fox News, Trump’s attorney and legal spokesperson said that the “full amount” of the bond will be posted. “We will be prepared to do that.” 

Carroll’s lawyer is not so sure

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Roberta Kaplan, a lawyer for E. Jean Carroll, who filed two civil suits against Trump and won, commented on Trump’s finances on the podcast “On with Kara Swisher.” The lawyer said, “I suspect it’s because he couldn’t get a bond,” adding, Whatever questions the bond companies were asking, either he didn’t want to answer or they didn’t like his answers.”

James is ready to seize the assets

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James stated, “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.” Speaking to ABC News, James added, “We are prepared to make sure that the judgment is paid to New Yorkers, and yes, I look at 40 Wall Street each and every day.”

No victims?

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Trump and his allies claim that there are “no victims,” but James disagrees. She said, “Financial frauds are not victimless crimes,” adding, “He engaged in this massive amount of fraud. It wasn’t just a simple mistake, a slight oversight; the variations are wildly exaggerated, and the extent of the fraud was staggering.” 

GoFundMe for Trump 

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Elena Cardone, the wife of real estate investor Grant Cardone, started a GoFundMe page for the former president and likely GOP nominee in the 2024 election. She wrote, “This is more than a legal fund; it’s a clarion call to all patriots to rally in defense of a man who has never hesitated to stand in defense of us.” 

Trump is a billionaire

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Cardone, the husband, shared on X, “Give something & DEMONSTRATE that the people of America are standing together against unjust rulings like this where a bias judges & corrupt legal system is out of control. Any amount is welcomed & 100% of funds will be forwarded to Trump Org for his defense of this ridiculous judgment.” That being said, according to Forbes, Trump is worth an estimated $2.6 billion, though the number could be higher. 

Trump needs cash and more time 

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Despite being a billionaire, Trump testified under oath that he has less than 400 million at his disposal. Selling some of his assets is not possible due to the deadlines, so many wonder if the public will ever learn where Trump got the money. But there are other issues at hand. For example, Trump’s first criminal trial is set to start on March 25. 

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