Donald Trump fined $355 million in fraud case. What does this mean for his campaign and finances?

Donald Trump was told to pay $355 million on Friday after a New York judge ruled that the former US president illegally inflated his wealth and manipulated property values ​​to obtain bank loans and insurance with favorable terms.

He was also banned from operating a business in New York for three years. The ruling on this side dealt a major blow to his business empire and finances.

There is no threat of jail time because this is not a criminal case but a civil one. The ruling also barred Donald Trump from serving as CEO of the Trump Organization and barred him from holding any senior business position in the state for three years.

The former US president must also appoint a new independent “compliance” officer. The judge left it to a third-party regulator to oversee the former president’s assets, such as Trump Tower and other New York properties. Monitors are installed to ensure that businesses adhere to financial reporting and accounting rules.

Trump’s sons Eric Trump and Donald Trump Jr. were also found liable in the case and ordered to pay more than $4 million each. The two men, like their father, will not be able to make acquisitions, loans or refinances for two years, unlike their father who was fined three years.

One of the biggest issues Trump must deal with immediately is finding a way to pay the $355 million fine. In addition, he must pay a high interest rate of 9% while waiting for the New York court to hear the appeal.

Trump may have to pay a cash penalty of about 10% to the bond company to obtain the bond. He must then provide some of his property as collateral to pay the remainder of the bond. This is because most bond companies require cash and property to secure the bond.

What is Donald Trump’s net worth?

A 2021 court filing by the Trump Organization during the fraud trial said Trump had nearly $293.8 million in cash and cash equivalents, for a total net worth of $4.5 billion.

Trump’s New York real estate holdings are estimated to be worth about $690 million Forbes.

Forbes The former president’s wealth is estimated at $2.6 billion, including $870 million in golf clubs and resorts, $190 million in real estate outside York, and $640 million in “cash and personal assets.”

However, the attorney general’s office disputed those figures.

If an appeals court reduces the penalties ordered by Ngoren, Trump could get back much of the money he invested. But the former president is expected to be charged a hefty, non-refundable fee by the bond company. The fee could run into the millions of dollars, according to attorneys.

Whether Trump can meet that demand will also test his claim to be a billionaire with a massive cash flow of hundreds of millions.

Trump challenges ruling

Donald Trump on Friday slammed a New York judge’s “bogus” ruling that fined the Republican presidential candidate $355 million. “This ‘decision’ is a complete sham,” Trump wrote on his Truth social platform. He also called the judge “dishonest” and the prosecutor “totally corrupt.”

“We will appeal the decision made by Judge Arthur Ngoren,” Trump said outside Mar-a-Lago. He blamed President Joe Biden for pushing the prosecution, calling it “a weaponization against a political opponent who has seen a huge surge in poll numbers.”

However, according to a report new york postthe challenge could take several years to work its way through the courts, as attorneys will first appeal to the state’s Appellate Division, First Department, and the state Court of Appeals in Albany will eventually hear the case.

this new york post Trump’s legal team is “extremely ill-equipped to handle the extraordinarily complex appeals process,” senior New York attorney Ron Kuby was quoted as saying. The former president needed “to add someone to his legal team who was more familiar with the new Byzantine world.” York Real Estate Law”.

What other penalties will Trump have to pay?

Last month, a Manhattan federal jury ruled that he must pay $83.3 million in damages for defaming advice columnist E.Jean Carroll. Another jury also found he sexually assaulted the columnist.

The former president must also face a criminal trial in a “hush money” case that begins on March 25 and will examine whether he manipulated company records to hide payments to porn star Stormy Daniels. In an effort to hide the sex scandal from voters before the election. 2016 election.