Trump Is Racking Up An Extra $87,500 Per Day In Interest From Fraud Ruling

  • Trump Is Racking Up An Extra $87,500 Per Day In Interest From Fraud Ruling

    Posted by Unknown Member on February 20, 2024 at 8:11 am

    A New York judge ordered Trump to pay almost $355 million Friday in the civil fraud case against the Florida Criminal and his company—an amount that will only keep ballooning, as a nine percent interest rate on the judgment means Trump’s bill will keep ticking up by more than $87,500 per day until it’s paid.

    Judge Arthur Engoron ordered Trump and companies he controls to pay $354.9 million as part of the civil fraud case—accusing Trump and his associates of misstating valuations on financial statements for personal gain—which is made up of three separate penalties for $168 million, $126.8 million and $60 million.

    Including interest, Trump actually owed $453.5 million as of Friday, according to the New York attorney general’s office, based on a nine percent interest rate that Engoron ruled started accruing on the fines in March 2019, May 2022 and June 2023, respectively—adding $98.6 million to the amount Trump owes.

    That interest will keep accruing until it’s paid off—even if Trump appeals the ruling, which won’t stop him from having to post an appeals bond or putting cash into a court-controlled account.

    The nine percent rate means Trump will owe an additional $31.9 million in interest per year, which breaks down to $2.7 million per month, $614,196 per week and $87,502 per day.

    That means as of Tuesday—four days after Engoron’s ruling on Friday—Trump now owes $453.9 million, according to a penalty calculator created by Associated Press journalist Mike Sislak, adding approximately $350,000 to his total.

    At the nine percent interest rate, Trump will owe approximately $454.2 million on Friday—a week after the ruling—$456 million a month from the ruling on March 16, and $469.5 million six months out from the ruling on August 16.

    If Trump’s appeals process in the case keeps going on for another year, he’ll owe $485.6 million as of Feb. 16, 2025.

    https://www.forbes.com/sites/alisondurkee/2024/02/20/trump-is-racking-up-an-extra-87500-per-day-in-interest-from-fraud-ruling/?sh=284d7d773693

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