Former President Donald Trump’s civil fraud trial in New York City began in October of 2023. Six months later, Trump faces a deadline on Monday, March 25, to pay a $464 million judgement as an appeal continues to play out.
New York Attorney General Letitia James brought forth the civil fraud case and Judge Arthur Engoron ruled Trump inflated his worth to get better bank loans, ordering him to pay $454 million dollars to the state.
The case is unprecedented.
“An Associated Press analysis of nearly 70 years of civil cases under the law showed that such a penalty has only been imposed a dozen previous times, and Trump’s case stands apart in a significant way: It’s the only big business found that was threatened with a shutdown without a showing of obvious victims and major losses,” the report stated.
Under New York law, Trump must pay 110% of the judgment while he appeals, even if he might later get the judgment dismissed.
Since the judgment against him is $454 million, his appeal bond is $464 million.
Trump’s team said it has tried securing the bond amount with over 30 companies but calls it a “practical impossibility”
Trump was given a 30-day deadline to pay, which expires on Monday. However, there’s no indication yet that he has secured the cash. Questions have arisen about why a billionaire like Trump is seemingly unable to come up with the money. Another billionaire has defended Trump, noting that net worth is different than cash in the bank.
If Trump doesn’t secure the money, the state could give him more time or compromise on a lower amount. However, Attorney General James has already said Trump’s assets will be on the line.
Trump’s fortune lies in real estate, and James can legally begin the process of seizing and selling Trump properties as early as next week. Not only is there the $464 million price tag on the bond but interest is also accruing. Each day, $111,000 is tacked on.
Trump has asked an appeals court to give him more time or accept a $100 million bond rather than the current ask of nearly half a billion. It’s not certain if the appeals court would grant him a grace period before Monday’s hard deadline.
