It Sure Looks Like Trump Can’t Pay the Bond in His Fraud Trial
Donald Trump’s lawyers have asked to postpone enforcement of his multimillion-dollar civil fraud fine, even as delay tactics cost the former president $87,500 a day.Trump was fined $354 million on Friday for real estate-related financial fraud in New York state and temporarily banned from doing business in the state. Presiding Judge Arthur Engoron gave Trump 30 days to pay the fine. But Engoron also ordered Trump to pay pre-judgment interest dating back to March 2019, when New York Attorney General Letitia James first began investigating the Trump Organization.James’s office calculated last week that, including interest, Trump owes more than $450 million. Trump can appeal the decision, but he has to pay the penalty in full first. And unfortunately for him, he accrues more interest every day.In a desperate bid to keep the bill as low as possible, Trump’s lawyers filed a request Wednesday night to delay enforcement of the fine. In a letter to Engoron, lawyer Clifford Robert slammed what he described as James’s “unseemly rush to memorialize a ‘judgment.’”“Defendants request the Court stay enforcement of that Judgment for thirty (30) days,” Robert wrote.The request for delay is likely so Trump can try either to raise enough capital to pay the fine, or to find a company willing to help him post a bond. Trump reportedly holds only about $600 million in liquid assets, not nearly enough to pay the millions he owes in this and other legal penalties.Trump owes writer E. Jean Carroll $88.3 million for sexually assaulting her in the mid-1990s and then defaming her twice when denying it. He also owes thousands of dollars in fines that he racked up during his recent trials for attacking courtroom staff, and $400,000 to The New York Times.Unfortunately for Trump, the longer he delays paying the civil fraud fine, the higher it gets. With the statutory annual interest rate set at nine percent, that shakes out to an increase of $87,502 per day. According to a penalty calculator created by Associated Press journalist Mike Sislak, as of Thursday, Trump owes the state of New York a grand total of $454,069,281.
Donald Trump’s lawyers have asked to postpone enforcement of his multimillion-dollar civil fraud fine, even as delay tactics cost the former president $87,500 a day.
Trump was fined $354 million on Friday for real estate-related financial fraud in New York state and temporarily banned from doing business in the state. Presiding Judge Arthur Engoron gave Trump 30 days to pay the fine. But Engoron also ordered Trump to pay pre-judgment interest dating back to March 2019, when New York Attorney General Letitia James first began investigating the Trump Organization.
James’s office calculated last week that, including interest, Trump owes more than $450 million. Trump can appeal the decision, but he has to pay the penalty in full first. And unfortunately for him, he accrues more interest every day.
In a desperate bid to keep the bill as low as possible, Trump’s lawyers filed a request Wednesday night to delay enforcement of the fine. In a letter to Engoron, lawyer Clifford Robert slammed what he described as James’s “unseemly rush to memorialize a ‘judgment.’”
“Defendants request the Court stay enforcement of that Judgment for thirty (30) days,” Robert wrote.
The request for delay is likely so Trump can try either to raise enough capital to pay the fine, or to find a company willing to help him post a bond. Trump reportedly holds only about $600 million in liquid assets, not nearly enough to pay the millions he owes in this and other legal penalties.
Trump owes writer E. Jean Carroll $88.3 million for sexually assaulting her in the mid-1990s and then defaming her twice when denying it. He also owes thousands of dollars in fines that he racked up during his recent trials for attacking courtroom staff, and $400,000 to The New York Times.
Unfortunately for Trump, the longer he delays paying the civil fraud fine, the higher it gets. With the statutory annual interest rate set at nine percent, that shakes out to an increase of $87,502 per day. According to a penalty calculator created by Associated Press journalist Mike Sislak, as of Thursday, Trump owes the state of New York a grand total of $454,069,281.
