'A lot of money': Trump owes $87K in interest per day until he pays the fine in his civil fraud case
'A lot of money': Trump owes $87K in interest per day until he pays the fine in his civil fraud case
Donald Trump owes an additional $87,502 in interest every day until he pays the $354 million fine in his civil fraud case, according to ABC News' calculations.
Former President Donald Trump owes an additional $87,502 in post-judgment interest every day until he pays the $354 million fine ordered by Judge Arthur Engoron in his civil fraud case, according to ABC News' calculations based on the judge's lengthy ruling in the case.
Judge Engoron on Friday fined Trump $354 million plus approximately $100 million in pre-judgment interest in the civil fraud case brought by New York Attorney General Letitia James, after he found that Trump and his adult sons had inflated Trump's net worth in order to get more favorable loan terms. The former president has denied all wrongdoing and has said he will appeal.
Engoron ordered Trump to pay pre-judgment interest on each ill-gotten gain -- with interest accruing based on the date of each transaction -- as well as a 9% post-judgment interest rate once the court enters the judgment in the case.
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As far as I can tell, this case was only about him inflating the value of his properties in order to obtain more favorable terms on his loan.
If he did also undervalue them for the purpose of paying less taxes, that would be a separate case. And in that case, I wouldn't argue that it was a victimless crime.
The case was about all the fraud involved in the financial statements alongside disingenuous valuations and deed restrictions on his properties.
Why don't you read it yourself?
It says nothing about any alleged tax fraud, only fraudulent financial statements used to obtain a lower interest rate on a loan.
Like I said, if he DID cheat on taxes, that's a different case, and I wouldn't be claiming that there were no victims.
He cheated on his taxes by having the deed to Mar-a-lago restricted to commercial use only while using it and valuing it as if it were a single family residence. It's a massive difference in value when it comes to taxes and that isn't the only property he had deed restrictions or easements on.
Okay, perhaps he did, but that's not what this case is about, is it?
His tax evasion is a significant piece of his fraud. Even if you insist on discounting it, the laws and regulations violated in this case are set up to allow enforcement of fair business practices in New York, and in large part were enacted in the 60's because of how easily businesses were evading the common law fraud regulations. It's less about whether or not there is a victim, but rather about whether or not outside businesses and interests can rely on fair practices and enforcement in New York as a whole.
Again, that may be the case, but this lawsuit wasn't about that.
By insisting that he deserves this ruling because of something else he did, you're only proving that this has nothing to do with justice, and you simply want to see him punished in any way possible.
The point of the laws he broke is to limit corruption and fraud in business in New York. What he did is exactly and explicitly what the laws are in place to try to prevent.