On Feb 16, Manhattan Supreme Court Justice Arthur fined Trump $354.8 million, plus about $100 million in pre-judgment interest. The sum Trump must pay is so large it accumulates tens of thousands of dollars in interest every single day.
Hefty punishment
Engoron found Trump, two of his business partners, and his sons, Eric and Don Jr., liable for six fraud claims. The group repeatedly and fraudulently misrepresented Trump’s net worth in order to secure better loan terms from financial institutions.
Doing the math
In total, the co-defendants collectively owe about $364 million before interest is taken into account. That colossal sum accrues interest at a rate of 9 percent per year.
Calculations
According to calculations done by the Associated Press, the total daily increase because of that interest is over $89,000. Trump alone will face a daily increase of $87,502.
Huge fee
That daily interest figure is more than many New Yorkers make in an entire year. After a year, Trump could owe $32 million in interest payments alone.
Breaking things down
Trump’s massive penalty comes from several sources. First, Engoron determined that the former president must pay back $168 million that he made from saved interest by lying about his new worth when securing loans involving one of his Florida golf resorts.
Earning money
Trump and his organization must also pay interest on this fee, which Enogoron decided should be calculated from March 2, 2019, which is the day New York Attorney General Letitia James began her investigation into the former president. After almost five years at 9 percent, that interest alone is $75 million — and counting.
Another fee
Engoron also decided Trump must pay back the nearly $127 million he earned from selling the Old Post Office hotel in Washington DC. He had bought the building years before by lying about his net worth.
More calculations
Engoron determined that interest should be calculated for this fine from the day the sale was finalized. After about a year and eight months, that represents over $20 million.
Third fee
Yet another fee was levied by Engoron from Trump’s lies made while securing a licensing agreement for a golf course in the Bronx. Engoron ruled Trump must repay the $60 million he made from selling the course in 2023.
Yet more interest
The interest from that sale already totals more than $3.5 million. In total, according to the Associated Press’ calculations, Trump alone owes almost $454 million, a figure that’s increasing by tens of thousands every day.
Clock ticking
Though Trump has said he will appeal the ruling, he can’t prevent the interest from accruing. He faces a mid-March deadline for paying the total amount or securing a bond.
Furious
“This shocking and corrupt Interference in the Free Markets for political gain places every New York business transaction at risk,” Trump raged on Truth Social.
Danger looming
“If he’s able to post, if he’s able to come up with the cash that he needs to get a full bond, he’ll probably just do that,” the director of Syracuse University’s Bankruptcy Clinic told the Daily News. “If he isn’t … he’d probably ask the appellate court to lower the amount of the bonding requirement. And if they refused and he can’t raise the money, then he’s in real trouble because the judgment creditors can enforce their judgments against his assets.”
Determined to get justice
“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,” New York Attorney General Letitia James warned. “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.”
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