Finance

Trump Fraud Case Racking Up $112K in Daily Interest

Even as former President Donald Trump appeals the $454.2 million civil fraud case against him, the 9% interest is jacking up his bill by more than $111,984 each day, Forbes reports.

This means Trump will owe an additional $40.9 million a year — or $786,041 per week and $3.4 million per month.

That interest will keep accruing, as per New York Supreme Court Judge Arthur Engoron’s ruling, until it is paid off into a court-controlled account.

In six months, August 16, 2024, the amount will swell to $473.8 million. If the appeals process continues for another year, the amount will total $494.4 million, on Feb. 16, 2025.

In two separate cases brought by writer E. Jean Carroll, Trump has paid $5.5 million into a court-controlled account to cover the defamation and sexual assault verdict. In a second defamation trial, Trump was ordered to pay Carroll another $83.3 million in January, which he has not yet paid.

Forbes estimated Trump’s net worth at $2.6 billion in September, including $426 million in cash and liquid assets. The $454.6 civil fraud and $83.3 million defamation cases total $537.9 million, which exceeds the amount Trump is estimated to have in the bank.

If Trump cannot come up with the money during the appeals process, he could secure an appeals bond from a third party, or borrow against his mortgage-free real estate assets, which Forbes estimate to be worth at least $1.1 billion.

However, experts have said Trump may have trouble finding a party or a bank to help him with a loan or a bond, given his legal jeopardy and the New York fraud case’s dispute with the value of his assets.

Perhaps the thornier issue is that the fraud ruling bars Trump from applying for any loans from any New York state-registered financial institution for three years.

Trump could find a wealthy financier such as Elon Musk or Saudi Arabian Crown Prince Mohammed bin Salman to help him front the cash.

One potential way out of the legal quagmire for the former president is his social media company is expected to merge with Digital World Acquisition Corp., a deal estimated to be worth up to $10 billion, with Trump’s shares in the deal potentially worth $4 billion.


© 2024 Newsmax Finance. All rights reserved.

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