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 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
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
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
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
“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
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
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
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?
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
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
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
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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