Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.
Last week, Judge Arthur Engoron imposed a hefty fine of $354 million against former President Donald Trump in the New York civil fraud case.
And, on Thursday, Attorney General Letitia James indicated a readiness to seize Trump’s assets if he fails to pay the fine for exaggerating his net worth to secure more favorable loan terms. The fine includes approximately $100 million in pre-judgment interest.
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” James told ABC News, specifically mentioning Trump’s 40 Wall Street skyscraper as a potential target.
James also rejected Trump's assertion that the case lacked victims, emphasizing its significance in upholding fairness within financial markets.
“Financial frauds are not victimless crimes. He engaged in this massive amount of fraud. It wasn’t just a simple mistake, a slight oversight; the variations are wildly exaggerated, and the extent of the fraud was staggering,” she said.
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Amid James' recent announcement regarding her uncle's financial penalties, Donald Trump's niece, Mary Trump, voiced her opinion in a Substack post.
According to Mary Trump, James' remarks strike at Donald Trump's insecurities, particularly in regards to the implication that he might lack the funds to cover the judgment. This suggestion challenges Trump's public persona of immense wealth, a crucial aspect of his identity, she said.
"James implies that there’s a possibility Donald does not have enough cash to satisfy the judgment; that alone is enough to enrage him. Donald is obsessed with his net worth and he goes to great lengths to convince people he is enormously wealthy. It’s a significant part of his identity," she wrote.
"The urgency with which he clings to the the false idea that he is richer, more successful, and more talented than he is serves to hide the truth — not just from us, but from himself — that he is, quite simply, a loser," she added.
She also said that, considering the fact that her uncle's debts continuously increase due to daily interest calculations, his prospects of avoiding liquidation are seriously imperiled.
"Donald has been found liable for fraud; despite their incredible lenience in the past, it is extremely unlikely he’ll find any bank that would be willing to give him the time of day, let alone half a billion dollars. If Donald is indeed forced to liquidate his buildings, I have some ideas about how we can repurpose his properties," said Mary Trump.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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