Donald Trump owes an additional $87,502 in interest every day until he pays the $354 million fine in his civil fraud case, according to ABC News' calculations.

Former President Donald Trump owes an additional $87,502 in post-judgment interest every day until he pays the $354 million fine ordered by Judge Arthur Engoron in his civil fraud case, according to ABC News’ calculations based on the judge’s lengthy ruling in the case.

Judge Engoron on Friday fined Trump $354 million plus approximately $100 million in pre-judgment interest in the civil fraud case brought by New York Attorney General Letitia James, after he found that Trump and his adult sons had inflated Trump’s net worth in order to get more favorable loan terms. The former president has denied all wrongdoing and has said he will appeal.

Engoron ordered Trump to pay pre-judgment interest on each ill-gotten gain – with interest accruing based on the date of each transaction – as well as a 9% post-judgment interest rate once the court enters the judgment in the case.

  • dangblingus@lemmy.dbzer0.com
    28·
    9 months ago

    I dunno. Lying to the government/banks about your finances to the tune of billions of dollars is a huge waste of time and resources, which are paid for by the average taxpayer/bank customer who actually pays taxes and doesn’t inflate their holdings. Victimless in the sense that no one was physically harmed, but not harmless.

    • MacN'CheezusEnglish
      133·
      9 months ago

      “The subject loans made the banks lots of money, but the fraudulent [financial statements] cost the banks lots of money. The less collateral for a loan, the riskier it is, and a first principal of loan accounting is that as risk rises, so do interest rates. Thus, accurate [financial statements] would have allowed the lenders to make even more money than they did,” Engoron wrote in his summary judgment ruling.

      https://www.cnn.com/2023/11/01/politics/trump-fraud-168-million/index.html

      You’re literally cheering for big banks to make extra profit just because you want to stick it to someone you hate. And I’m sure you’ve also never inflated your skillset or exaggerated your past experience on a resume in order to get a job that would make you more money… right?