As of Wednesday, the Trump defendants owe more than $485-million, which includes interest
New York State Attorney General Letitia James speaks to reporters after the final day in former President Donald Trump’s civil fraud trial at the State Supreme Court building in Manhattan, on Jan.11, 2024.New York state lawyers urged an appeals court late Wednesday to uphold Donald Trump’s nearly $500-million civil fraud judgment, arguing there’s “overwhelming evidence” to support a judge’s finding that the former president lied for years about his wealth as he built his real estate empire.
Trump, his company and top executives including his sons Eric and Donald Trump Jr. “created and used financial statements rife with blatant misrepresentations and omissions to maintain loans worth more than half a billion dollars and to generate over $360-million in ill-gotten profits,” Magy wrote. Trump is asking the Appellate Division to overturn Manhattan Judge Arthur Engoron’s Feb. 16 finding that he lied to banks, insurers and others about his wealth on financial statements used to secure loans and make deals. He and his lawyers argue the verdict was “erroneous” and “egregious.”
Trump denies wrongdoing and he and his lawyers say no one was harmed. He has decried the verdict as “election interference” and “weaponization against a political opponent,” complaining he was being punished for “having built a perfect company, great cash, great buildings, great everything.” James and Engoron are Democrats.
Trump is scheduled to debate his Democratic opponent, Vice President Kamala Harris, on Sept. 10. On Sept. 16, the judge in Trump’s hush money criminal case is expected to rule on a defence request to overturn his felony conviction and dismiss the case on presidential immunity grounds. Two days later, Trump is scheduled to be sentenced in the criminal case – though his lawyers have asked that it be postponed until after Election Day, Nov. 5.
If upheld, Engoron’s ruling will force Trump to give up a sizable chunk of his fortune. The judge ordered Trump to pay $355-million in penalties, accounting for what he deemed “ill-gotten gains” derived from his inflated financial statements, including lower loan interest rates and profits from projects he wouldn’t have otherwise been able to finish.
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