Sat. Jul 20th, 2024

Judgment in Trump civil fraud case officially entered at $464 million

By 37ci3 Feb23,2024

An official in New York formally issued a fraud verdict against the former president for more than 464 million dollars. Donald Trump and the company’s top managers – this amount will increase to more than $111,000 per day until it is paid.

The move starts the clock on when Trump must file an appeal to post a bond for the reward. If he doesn’t, the New York Attorney General’s Office could begin collection proceedings against Trump and his co-defendants in a civil fraud case.

Former President Donald Trump speaks as he leaves the courtroom for a break during a civil fraud trial on January 11, 2024 in New York Supreme Court.
Former President Donald Trump speaks as he leaves the courtroom for a break during a civil fraud trial on January 11, 2024 in New York Supreme Court.File Michael M. Santiago/Getty Images

The vast majority of the $464,576,230.62 judgment — $454,156,783.05, to be exact — is against Trump and his companies. The rest judgment He is up against his sons Donald Trump Jr. and Eric Trump, who have run the Trump Organization since 2017, and former top executives Allen Weisselberg and Jeff McConney.

The amount includes prejudgment interest calculated at a higher rate 3 dollars50 million prize Judge Arthur Engoron handed down the sentence last week.

Trump had lawyers he was trying to delay The decision is likely to give them more time to line up financing for the bond, but Engoron denied that request Thursday.

“You have failed to articulate any basis for a stay,” Engoron said in an email to Trump’s lawyer, Clifford S. Roberts, before signing the ruling. The decision became official on Friday after it was entered by the secretary.

Trump’s attorney, Alina Habba, told Fox News on Monday that we would be ready to release the bond amount.

The bond will cost a lot. Although courts have discretion in determining how much is required for bond, New York courts typically require up to 120% of the judgment, including pre-judgment interest. That means it may have to post more than $500 million in bonds.

In a ruling last week after a months-long trial, Engoron found that Trump and his top executives engaged in a massive and long-term scheme to deliberately inflate his assets on financial statements so he could benefit from favorable loan and insurance rates. in fact, he had no right. The judge ordered him to pay “ill-gotten gains” he made from years of fraud and also barred Trump from “serving for a period of time in New York as an officer or director of any New York corporation or other entity. including a company called “for three years”.

Trump has maintained that he did nothing wrong and that the affair was part of a massive Democratic conspiracy to oust him.

Engoron cited Trump and his superiors’ lack of remorse for their decision, saying they had “total remorse and pathological borderline remorse.”

“They are only accused of inflating the value of assets to make more money. The documents prove this time and time again. This is not a mortal sin, but a venial one,” Engoron wrote. “The defendants did not commit murder or arson. They did not rob a bank at gunpoint. Donald Trump is not Bernard Madoff. Yet the defendants are incapable of admitting the error of their ways.”

“Their refusal to admit wrongdoing—indeed, to perpetuate it—leads this Court to conclude that they will continue to do so in the future, unless restrained by the court,” he said, according to the Independent Monitor.

Trump was dealt a blow last month 83.3 million dollars verdict in writer E. Jean Carroll’s libel suit against him. The judgment This case was heard on February 8. Trump said he plans to appeal this verdict.

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