A judge in New York has officially told former President Donald Trump that he will have to pay a whopping $454.2 million in fines and interest if found guilty of civil fraud.
Justice Arthur Angoron of the New York State Supreme Court in Manhattan announced Thursday that Trump must pay $354.9 million, including accrued interest and the penalty imposed by Angoron on Feb. 16.
New York’s Attorney General, Letitia James, took up the case, accusing Trump of inflating the value of his properties to obtain better loan and insurance deals.
After a three-month trial without a jury, Angoron agreed and last month found Trump guilty of civil fraud. In addition to the money penalty, the judge said Trump could not be an executive at any New York company or seek loans from state-registered banks for three years.
Trump and his adult sons, Donald Jr. and Eric, have been asked to repay about $4.7 million, including interest. Trump’s former CFO Allen Weisselberg must repay more than $1 million. And to make matters worse, the interest is increasing every day – especially for Trump – at a rate of more than $114,000 per day.
Engoron originally stated that the defendants showed no remorse at all, which he felt was a form of pathology.
Trump will try to appeal the decision, but for now he will either have to pay up or take bond. Angoron rejected his lawyer’s request for a 30-day break to implement the decision in an email Thursday.
The penalties and sanctions are threatening Trump’s business empire, which he has built for years while he insists he has done nothing wrong. The former president dismissed the civil case as a politically motivated “witch hunt” and pleaded not guilty to the four separate criminal charges he is currently facing.
Trump is trying to make a comeback in 2024 after losing to Democrat Joe Biden. The fraud verdict is another major legal setback for him as he is dealing with criminal charges from different angles.