Donald Trump is appealing a New York judge’s ruling that he must pay $454 million in penalties and interest in a civil fraud case. The judgment stems from allegations that Trump inflated property values to secure better loan terms.
The ruling, issued earlier this month, includes $355 million in penalties, with the amount ballooning due to accruing interest, which increases by at least $112,000 per day. New York Attorney General Letitia James has vowed to seize Trump’s assets if he fails to pay.
In addition to the financial penalties, Judge Arthur Engoron banned Trump from conducting business in New York for three years. Trump, who plans to appeal the ruling, has denounced it as a political witch hunt.
His legal team argues that the court erred in its judgment and exceeded its jurisdiction. They also contend that Trump was wrongly sued under consumer protection statutes typically aimed at businesses.
This latest development adds to the legal battles Trump faces, including a defamation case and criminal proceedings in New York City. The former president’s sons, Donald Jr. and Eric, who were also implicated in the civil fraud case, have joined their father’s appeal.
The appeals process could extend for a year or more, and Trump could potentially delay payment by offering assets or an appeal bond. However, his finances face further strain as he grapples with multiple legal challenges.
In response to the ongoing legal proceedings, a Trump campaign spokesman decried efforts to silence Trump through a gag order, characterizing them as unconstitutional and politically motivated.
