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Donald Trump's Debt Spiral: Ex-President Now Owes $1 Million More In Interest Related To NY Fraud Case

Published 03/03/2024, 16:04
Updated 03/03/2024, 17:10
© Reuters.  Donald Trump's Debt Spiral: Ex-President Now Owes $1 Million More In Interest Related To NY Fraud Case

Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.

Former President Donald Trump is facing a quickly worsening financial situation as interest on a New York fraud judgment against him piles up at an alarming rate.

Every nine days, Trump's debt increases by $1 million due to interest, pushing his total owed to the state of New York to $455 million as of the latest count.

This amount stems from a judgment signed on Feb. 22 by Judge Arthur Engoron, with Trump's total penalty set to increase by another $1 million every nine days as he navigates the appeals process.

This situation places Trump in a race against time, with a looming deadline of March 11 to file arguments in his appeal effort.

As Trump seeks to pause the enforcement of the judgment while pursuing a full appeal, the total amount he owes is expected to surpass $457 million by March 25.

Also Read: Donald Trump's Niece Predicts NY AG's Threat To Seize His Assets Will Seriously Rattle Him: 'He Is, Quite Simply, A Loser'

This includes the possibility, albeit slim, that the appellate panel might allow Trump to post an appeal bond of just $100 million instead of the full amount.

Regardless of the appellate panel's decision, the amount Trump owes will continue to grow, potentially reaching $470 million by the time the Republican National Convention kicks off in mid-July. This figure includes $16 million in post-judgment interest, underscoring the severity of Trump's financial woes.

Meanwhile, Trump's co-defendants, including his sons Donald Trump Jr. and Eric Trump, and former Trump Organization CEO Allen Weisselberg, are also experiencing mounting interest on the penalties they owe.

Trump's defense team has criticized the judgment as "exorbitant and punitive."

Now Read: Donald Trump Owes Way More In Damages In New York Fraud Case Than Previously Thought

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock

© 2024 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Donald Trump should demand the hanging of Manhattan Supreme Court Justice Arthur Engoron and his brood, for a crime against US Justice, with the aim of genocide of US Humanity, which does not include either Engoron or the mastermind of this crime - Biden. The Seller or Borrower may have their own ideas about the price of their property. The responsibility to provide objective data on capital is assigned to the audit firm Mazars, which refused to ensure the correctness of its data. This means that the managers of Mazars must be held criminally liable if they cause material damage to someone. Purchase and sale transactions were concluded in the good will of the parties, based on audit data and the conjuncture conditions of the time, but not on the boasts of Donald Trump. Not a single deal has been challenged.
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