In a consequential legal development, former US President Donald Trump has been formally ordered by a New York judge to pay $454.2 million after being found liable for manipulating his net worth.
This verdict, stemming from a civil fraud case brought by New York State’s Attorney General, Letitia James, allows the Trump defendants a 30-day window to either appeal the decision or fulfill the total payment.
Justice Arthur Engoron of the state court in Manhattan finalized the judgment, which includes the $354.9 million penalty ordered on February 16, along with interest. The non-jury trial spanned over three months, leading to this substantial financial penalty.
The judge also directed Trump’s adult sons, Donald Trump Jr. and Eric Trump, to individually pay nearly $4.7 million, and the Trump Organization’s former chief financial officer, Allen Weisselberg, to pay $1.1 million, all inclusive of interest. The total payouts amount to $464.6 million, with daily interest continuing to accrue, primarily for Donald Trump alone. The judgment was made public on Friday.
Attorney General Letitia James had accused the defendants of unlawfully inflating the value of Trump’s properties to exaggerate his net worth, aiming to secure favorable loan and insurance terms.
In addition to the financial penalties, Justice Engoron imposed a three-year ban on Donald Trump from serving in a top role at any New York company or seeking loans from banks registered in the state. Donald Trump Jr. and Eric Trump received two-year bans from leadership roles. The judge criticized the defendants, stating that their “complete lack of contrition and remorse borders on pathological.”
