NEW YORK — The stunning civil fraud judgment against Donald Trump was finalized in New York on Friday, marking an official verdict that leaves the former president on the hook for more than $454 million in penalties and interest.
The New York district attorney’s procedural move starts the clock on Trump’s appeals process, while the post-ruling debt could accrue interest of nearly $112,000 a day, according to a spokesperson for New York Attorney General Letitia James, who presented the case. case.
In his Feb. 16 ruling, Judge Arthur Engoron ruled that Trump lied for years about his wealth to secure favorable loans and make deals that helped keep his real estate empire afloat. He was ordered to pay $354.9 million in fines plus nearly $100 million in interest.
The formalized ruling gives Trump 30 days to appeal, which he has promised to do. Within that same time frame, he must deposit “sufficient funds” into a court-supervised account or secure bond for the entire amount, James’ office said.
Earlier this week, James said she would seek to seize some of the former president’s assets if he is unable to pay the bill, although the appeal will likely halt collection of his sentence while the trial plays out.
Trump has denied wrongdoing. His lawyers had tried to delay the filing after arguing with state attorneys and the judge over what should be on the paperwork.
On Thursday, Engoron rejected attorney Clifford Robert’s request to delay the execution of the sentence for 30 days, writing in an email: “You have not explained, let alone justified, any reason for a delay. I am confident that the Appellate Division will protect your rights on appeal.”
Starting Friday, interest on Trump’s fine will rise to $111,984 per day, up from the $87,502 per day he owed before the verdict was made official. That’s because post-judgment interest is calculated on the total judgment: the underlying $355 million fine, plus the nearly $100 million he collected in interest.
Before the verdict was handed down, Trump was charged interest only on the underlying fine. In total, Trump and his co-defendants will have to pay $114,554 a day in interest until they pay up, according to calculations by The Associated Press.
That includes $1,149 per day from each of Trump’s two eldest sons, Eric and Donald Trump Jr., and $272 per day from former Trump Organization chief financial officer Allen Weisselberg. These amounts will continue to increase even if they are appealed. If Trump and his co-defendants succeed in overturning the verdict, they may owe nothing.