CNS News– Former President Donald Trump is facing increasing financial pressure as he appeals a $454 million civil verdict against him in New York state. The verdict, handed down on February 16, imposes a staggering fine for fraudulent asset valuations. With each passing day, interest on the fine accrues at a rate of almost $112,000, according to calculations by Attorney General Letitia James.
The initial fine already includes $99 million in pre-trial interest dating back to 2019. Post-trial, the daily increase, determined by James, amounts to approximately $3.36 million per month or over $4,600 per hour. Trump, along with his sons Eric Trump and Donald Trump Jr., as well as former Trump Organization Chief Financial Officer Allen Weisselberg, faces fines totaling more than $10 million.
The total interest for the $464.6 million fine amounts to $114,553 per day. Trump’s decision to appeal the verdict instead of paying it upfront risks further ballooning of the amount during the appeals process. To appeal, Trump may soon be required to post bonds with the court equal to 110% of the verdict, potentially draining his financial resources significantly.
Trump owes $112,000 for every day he doesn’t pay fraud fine https://t.co/1hMLhbrRQJ
— Crain’s New York (@CrainsNewYork) February 26, 2024
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Trump’s attorney, Alina Habba, expressed confidence in the appellate process, stating, “We trust that the Appellate Division will overturn this egregious fine and take the necessary steps to restore the public faith in New York’s legal system.”
This legal battle adds to Trump’s mounting legal woes, including a separate $83.3 million jury verdict against him and four ongoing criminal prosecutions. One of these cases, involving hush money payments to a porn star before the 2016 election, is set for trial on March 25 in Manhattan.