In a verdict that may send a jolt through legal and corporate circles alike, former US President Donald Trump is faced with a $454 million bill, a culmination of a $355 million fraud verdict and an additional $99 million in interest, according to New York’s civil fraud lawsuit surrounding the value of his assets.
Judge Arthur Engoron, who presided over the case, locked the damages, thereby setting the stage for a 30-day countdown for Trump to launch an appeal. This added amount seems to affirm the estimates that were recently made public by the state attorney general.
New York Attorney General Letitia James successfully won the trial after presenting evidencewhich suggested that Trump, his sons, and his company had grossly inflated assets by billions of dollars per year. This was allegedly done to reap more favorable loan conditions for over a decade.
The weight of such a verdict is not only financial for Trump, with the interest on this substantial sum set to rise by approximately $112,000 per day, if left unpaid. Trump may soon find himself caught in a tight spot, particularly as he is also dealing with an $83.3 million damage award in the E. Jean Carroll defamation trial, and four current criminal cases. One of these is set to go to trial next month in Manhattan.
While the initial fine was close to the $370 million sought by the attorney general, the final payout has exceeded the $250 million originally quoted in the complaint, due in part to additional evidence presented at trial. The verdict did not, however, impose a lifetime ban preventing Trump from engaging in business in New York, a stricture which was sought by James. The imposed three-year ban on running a business in the state is a symbolic low blow to the former president whose career bloomed in New York City.
While the judgment calculates damages on Trump’s sons, Eric and Donald Jr., as well as former Trump Organization Chief Financial Officer Allen Weisselberg, all of whom were accused of participation in the fraud, it shows the willingness of the legal system to hold individuals accountable for their part in corporate misgivings, setting precedence for corporate legal professionals to take note.