Trump formally ordered to pay $454 million in New York fraud case
Reuters
Published Feb 23, 2024 03:38PM ET
Updated Feb 23, 2024 06:00PM ET
By Jonathan Stempel
NEW YORK (Reuters) -Donald Trump was formally ordered by a New York judge to pay $454.2 million after being found liable for manipulating his net worth, in a civil fraud case brought by New York state's attorney general.
The payment includes the $354.9 million penalty that Justice Arthur Engoron of the state court in Manhattan ordered on Feb. 16, plus interest, following a non-jury trial that stretched over three months.
Engoron also ordered Trump's adult sons, Donald Trump Jr. and Eric Trump, to each pay nearly $4.7 million, and the Trump Organization's former chief financial officer, Allen Weisselberg, to pay $1.1 million, all including interest.
The payouts total $464.6 million and were determined on Thursday. More than $114,000 of interest will continue accruing daily, mostly for Donald Trump alone. The judgment was made public on Friday.
Attorney General Letitia James accused the defendants of illegally overstating the value of Trump's properties in order to inflate his net worth and obtain better loan and insurance terms.
Engoron also banned Trump for three years from serving in a top role at any New York company, or seeking loans from banks registered in the state. His adult sons received two-year bans from leadership roles.
The judge said the defendants' "complete lack of contrition and remorse borders on pathological."
Engoron's decision threatens the business empire that Trump built over much of his adult life.
The Republican former president also faces four unrelated criminal prosecutions, in which he has pleaded not guilty, as he seeks to regain the White House from Democrat Joe Biden.
Trump has accused James and Engoron, both Democrats, of being corrupt, and called the case part of a witch hunt by political opponents.
He plans to appeal his penalty to the Appellate Division, a mid-level appeals court, but would have to come up with the money owed or obtain a bond.
Engoron rejected a request by Clifford Robert, a lawyer for the defendants, to delay enforcing the judgments for 30 days in order to allow "an orderly post-judgment process, particularly given the magnitude of judgment."
Get The News You Want
In a Thursday morning email to Robert, Engoron wrote: "You have failed to explain, much less justify, any basis for a stay. I am confident that the Appellate Division will protect your appellate rights."
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.