The $464 million verdict imposed on former President Donald Trump, his adult sons, and two former Trump Organization officials in the New York attorney general’s civil fraud lawsuit has been appealed.
The Trumps notified the court of their intention to appeal on Monday, the first working day following Judge Arthur Engoron’s official announcement of the verdict. Including interest, Donald Trump is personally liable for $454 million.
The filing stated that the attorneys were appealing the money judgment as well as other relief, such as the years-long prohibitions on the Trumps serving as officers of New York corporations and the possibility that the judge “committed errors of law and/or fact, abused its discretion, and/or acted in excess of its jurisdiction.”
It was not immediately apparent how Trump intended to pay the appeal’s costs.
In order to pay the $355 million and the approximately $100 million in interest he was ordered to pay, Trump will either need to post bail or provide cash. Due to the scam, each of his sons was sentenced to repay more than $4 million in gains that they had wrongfully acquired.
Criminal defense lawyer Jeremy Saland stated, “That interest is going to keep ticking throughout the entirety of the case if he does not provide all those dollars.” “He’s in trouble, that much is true.”
Attorneys state that interest will continue to accrue at a 9% annual rate until the entire amount is paid. The attorney general cannot seize Trump’s property if he posts a bond, which may be secured by real estate or other assets.
Trump may also request a stay of the verdict from the appeals court, or request that they postpone the requirement that he post the money.
Although some attorneys claim that posting judgments of this magnitude is more typical for businesses, the magnitude of the award for an individual is rather unprecedented.
In a court document from the previous year, the attorney general’s office for New York stated that in 2021, Trump had around $200 million in cash invested in a partnership with Vornado.
If Trump were to sell a property in order to generate money, it might take months, need approval from the attorney general, and be approved by the monitor that was put in place as a result of the probe. There would probably be a big tax charge as well.
Trump could be able to get the money he posted later if his appeal is granted or if the court lowers the amount owed.
One week after finding Trump, Donald Trump Jr., and Eric Trump responsible for fraud in the civil action brought by New York Attorney General Letitia James, Engoron’s signed judgment was uploaded to the court docket on Friday.
Trump requested a 30-day postponement of the verdict, but the judge rejected his request, stating that there was no justification or explanation provided. Given the “magnitude” of the ruling, his attorneys had contended that it wouldn’t hurt the New York attorney general’s office and would enable an orderly procedure.
More information has been added to this story.
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