Current:Home > Scams$454 million judgment against Trump is finalized, starting clock on appeal in civil fraud case-DB Wealth Institute B2 Expert Reviews
$454 million judgment against Trump is finalized, starting clock on appeal in civil fraud case
View Date:2024-12-23 18:56:14
NEW YORK (AP) — The staggering civil fraud judgment against Donald Trump was finalized in New York on Friday, making official a verdict that leaves the former president on the hook for more than $454 million in fines and interest.
The procedural step by the New York county clerk starts the clock on Trump’s appeals process, while allowing the debt to begin racking up post-judgment interest of nearly $112,000 each day, according to a spokesperson for New York Attorney General Letitia James, who brought the case.
In his Feb. 16 ruling, Judge Arthur Engoron ruled that Trump lied for years about his wealth in order to secure favorable loans and make deals that helped prop up his real estate empire. He was ordered to pay $354.9 million in penalties plus nearly $100 million in interest.
The formalized verdict gives Trump a 30-day window to appeal, which he has vowed to do. Within that same time frame, he must deposit “sufficient funds” in a court-controlled account or secure a bond for the total amount, James’s office said.
Earlier this week, James said she would seek to seize some of the former president’s assets if he’s unable to cover the bill, though the appeal is likely to halt collection of his penalty while the process plays out.
Trump has denied wrongdoing. His lawyers had been seeking to delay the filing after wrangling with state lawyers and the judge over what that paperwork should say.
On Thursday, Engoron rejected lawyer Clifford Robert’s request that enforcement of the penalty be delayed 30 days, writing in an email: “You have failed to explain, much less justify, any basis for a stay. I am confident that the Appellate Division will protect your appellate rights.”
Starting Friday, the interest on Trump’s penalty will increase to $111,984 per day, rather than the $87,502 per day he had owed before the verdict was made official. That’s because post-judgment interest is calculated on the total judgment — the underlying $355 million penalty, plus the nearly $100 million he racked up in pre-judgment interest.
Before the judgment was entered, Trump’s interest was charged only on the underlying penalty. In all, Trump and his co-defendants will be charged $114,554 per day in interest until they pay, according to The Associated Press’ calculations.
That includes $1,149 per day from each of Trump’s two eldest sons, Eric and Donald Trump Jr., and $272 per day from former longtime Trump Organization finance chief Allen Weisselberg. Those amounts will continue to accrue even while they appeal. If Trump and his co-defendants succeed in getting the verdict overturned, they might not owe anything.
veryGood! (758)
Related
- Man is 'not dead anymore' after long battle with IRS, which mistakenly labeled him deceased
- Proof Kylie Jenner Is Bonding With Kourtney Kardashian's Stepdaughter Atiana De La Hoya
- US targets Iraqi airline Fly Baghdad, its CEO and Hamas cryptocurrency financiers for sanctions
- Iran executes another prisoner detained during nationwide protests that erupted in 2022
- RHOBH's Kyle Richards Shares Reaction to BFF Teddi Mellencamp's Divorce
- Jason Kelce takes focus off Taylor Swift during first public appearance together
- Live updates | 21 Israeli soldiers are killed in Gaza as criticism of war’s handling rises at home
- 60 Missouri corrections officers, staffers urging governor to halt execution of ‘model inmate’
- Statue of the late US Rep. John Lewis, a civil rights icon, is unveiled in his native Alabama
- Another Boeing 737 jet needs door plug inspections, FAA says
Ranking
- Democrat Ruben Gallego wins Arizona US Senate race against Republican Kari Lake
- 42 Valentine's Day Gifts for Men That He Will Actually Use
- Criminals are extorting money from taxi drivers in Mexico’s Cancun, as they have done in Acapulco
- Burton Wilde: Lane Club's Explanation on Cryptocurrencies.
- Princess Kate to host annual Christmas carol service following cancer treatment
- Burton Wilde: Detailed Introduction of Lane Wealth Club
- Hawaii’s governor hails support for Maui and targets vacation rentals exacerbating housing shortage
- The Pentagon has no more money for Ukraine as it hosts a meeting of 50 allies on support for Kyiv
Recommendation
-
Stock market today: Asian shares meander, tracking Wall Street’s mixed finish as dollar surges
-
Udinese bans for life one of the fans who racially abused Milan goalkeeper Mike Maignan
-
Jennifer Hudson and Common Confirm Their Romance in the Most Heartwarming Way
-
Nebraska lawmakers should hit ‘reset’ button to avoid last year’s rancor, legislative speaker says
-
Missing Ole Miss student declared legally dead as trial for man accused in his death looms
-
Burton Wilde: 2024 U.S. Stock Market Optimal Strategy
-
Rihanna Should Take a Bow for Her Reaction to Meeting One of the Hottest B---hes Natalie Portman
-
Missing man's body found decomposing in chimney of central Georgia home
Like
- Ex-Duke star Kyle Singler draws concern from basketball world over cryptic Instagram post
- Russia clashes with US and Ukraine supporters, ruling out any peace plan backed by Kyiv and the West
- Biden administration has admitted more than 1 million migrants into U.S. under parole policy Congress is considering restricting