Donald Trump can’t enforce $454 million fine for fraud

Could Donald Trump Lose His Fortune? The former US president cannot provide New York courts with a guarantee that he will pay a $454 million fine for financial fraud at his real estate empire after being sentenced in February, his lawyers admitted Monday. In a 5,000-page legal document published online this Monday by the Manhattan Appellate Division of the New York State Supreme Court, the former President of the United States’ defense argues that a guarantee of such an amount is “practically impossible.”

“The judgment plus interest exceeds $464 million,” or $355 million plus 100 million interest for Donald Trump and eight million plus interest for his sons Donald Jr. and Eric, “and very few companies are considering a guarantee voucher.” (legal bond) close to that amount,” counter the lawyers, who say they have contacted about thirty insurance companies.

This means that in the absence of a 100% guarantee of payment of the fine, the appeal filed by Donald Trump in February to another court, but without a retrial, will not have a suspensive nature: a person of business and political tribune will therefore have to pay a fine . the entire amount by March 25 under penalty of confiscation of part of his real estate by the court.

Trump condemns ‘witch hunt’

The Republican presidential candidate denounced the “witch hunt” in a press release this Monday night and called the fine “unconstitutional, un-American, unprecedented and virtually impossible for ANY company, including a successful company like mine.”

On February 28, the Appellate Division of the New York Supreme Court rejected the $100 million guarantee proposal. The former president and his two adult sons also appealed a three- and two-year ban on doing business in New York State, respectively. Their lawyers in February said the fine was “exorbitant and vexatious” and that the “blanket ban” on doing business in New York was “unlawful and unconstitutional” and was “impossible to insure or fully guarantee.”

In a high-profile ruling on February 16, New York Judge Arthur Engoron ordered the ex-president to pay a $354.86 million fine for financial fraud and $4 million to each of his two sons. New York State Attorney General Letitia James filed a complaint against Donald Trump in October 2022 and forced him, his sons and their Trump Organization to stand trial in civil court on fraud charges from October to January last year.

The tycoon, who made a fortune in real estate before destroying the democracy of a leading world power, criticized the “totally bogus” decision that publicly smeared Judges James and Engoron.