Judge Arthur Engoron told former US President Donald Trump that he needed to pay a $354 million fine. Until he pays the fine, Trump will have to pay about $84,000 in interest every day.
Because Donald Trump was found guilty of civil fraud, Judge Arthur Engoron fined him $354 million and added about $100 million in prejudgment interest on Friday. The case was first brought by Letitia James, who is the attorney general of New York. They got better loans by lying about how much their real estate deals were worth, which helped Trump and his kids.
He asked for $354 million because he lost $168 million in interest on his loans, sold a golf course in New York for $60 million, and made $126 million by selling his hotel in Washington, D.C. The hotel business ended in May 2022, so the interest due dates back to that date. This is also the case for the other theft cases.
Trump has been told to pay interest on the money he lied about making and got by hurting other people. The judge brought up this number after taking into account all the interest that would be added from the date of the deal. The interest Trump gets on his loans is about $600,000 a week. This could add to his legal fees and make him want to file an appeal.
Will Thomas, a business law professor at the University of Michigan, said, “Trump will have to pay both the pre-judgment and post-judgment interest if he loses on appeal.”
James said, “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.” Trump will have to pay the fine, and if he can’t pay it in cash, they will freeze his assets.
The co-defendants who got money from the fraud, like his kids, were also given $4 million in fines.
