On Monday, former President Donald Trump appealed a decision by a New York judge to impose $354.9 million in penalties on him, following a civil fraud trial. Trump, who allegedly exaggerated his net worth to secure better loan terms, now owes the state of New York at least $454 million, with interest on the penalty accruing daily.
The financial empire of the former President consists of approximately 500 entities including real estate, licensing and other business ventures. As per Forbes’ estimate, Trump’s net worth is placed roughly at $2.6 billion. He has also claimed to have about $400 million in cash. The court ruling puts restrictions on Trump, forbidding him from applying for loans from banks registered or chartered in New York. This limitation could impose severe strain on his ability to raise the penalty money.
In addition to the hefty sum from the fraud trial judgement, Trump also owes $83 million to E. Jean Carroll, a writer he allegedly defamed, and a New York jury verdict in a separate case ordered him to pay Carroll an additional $5 million.
There exists a possibility for Trump to seek an appeal bond which would allow him to postpone paying the entire amount upfront – he would instead be given the option to pay over a period of time. However, if a company or a donor provides the bond, and the appeal fails, that party would be held responsible for the total amount. Regardless of any change in Trump’s future political status, the bondholders would still have to fulfill their obligation, facing legal actions if they default.
Meanwhile, the New York Attorney General, Letitia James, has been updating the accumulated interest on Trump’s penalties daily on her Twitter account, emphasizing that the recovered money will be directed towards benefiting the population of New York.
The case will now be heard by New York’s Appellate Division, First Department. The appeal process will involve an examination to determine if the judge committed any legal or factual errors, used discretion improperly or acted outside jurisdiction. If unsuccessful in this appeal, he can then approach the state’s highest court, the Court of Appeals.
You can read the full details of the case at Jurist.org.