As of: March 1, 2024, 12:48 p.m
By: Nail Akkoyun
Comments
Press
Split
The judiciary is demanding a significant fine of half a billion dollars from Donald Trump.
This could shake up his empire.
New York City – Former US President Donald Trump must pay the sum of $464 million in the New York fraud case.
While his legal team initially announced that he would post a $100 million bail because the full fine would be “exorbitant and punitive,” this attempt has since been shot down by the judiciary.
According to US media, Judge Anil Singh ruled on Wednesday (February 28) that Trump must pay the entire sum, including daily interest of $111,984, as a kind of security.
The mountain of debt is therefore getting bigger and bigger for the Republican;
According to the author E. Jean Carroll, Trump has to pay $83 million in the defamation trial.
How Donald Trump is supposed to raise half a billion dollars also poses a puzzle for his legal counsel.
Now Attorney General Letitia James is even threatening to seize Trump's real estate if the ex-president cannot raise the required amount by March 25th.
James started the civil case against Trump and always presented himself offensively.
The 77-year-old only has around three weeks left to defend himself against the verdict.
Trump's lawyer Kise: "Nobody has 500 million in savings"
Donald Trump's exact net worth is not known.
He has called himself a “billionaire” for decades and likes to portray himself as a wealthy, successful businessman.
Forbes
estimated his net worth at $2.6 billion as of October 2023.
Trump's lawyer Chris Kise repeatedly defended his client and claimed that it was primarily a "logistical problem" to raise such a sum.
“No one, including Jeff Bezos, Elon Musk and Donald Trump, has five hundred million dollars in the bank,” Kise is quoted as saying by the
Washington Post
.
His lawyers argued that it would be "impossible" for Trump to post a full bond and warned that without a release, "real estate would likely have to be sold to raise capital in urgent circumstances."
Former President Donald Trump during a campaign rally in Las Vegas, Nevada on February 8, 2024. © Patrick T. Fallon/AFP
Donald Trump needs a loan – major Republican donors could help out
New York-based banks could also help out instead of the real estate - but that is considered unlikely.
Deutsche Bank, which was named in the attorney general's lawsuit, had also already decided to end relations with Trump.
In an interview with Forbes,
lawyer Evan Gotlob
instead focused on the Middle East and China.
My news
Expert discovers two pithy statements in Putin's speech that hardly anyone noticed
Ukraine Succeeds in Fierce Blow with HIMARS: Russian Soldiers Die During Their Ceremony Reading
Reveal secret service information?
Security expert horrified by Scholzlesen
34 mins ago
First look at the coffin: Navalny's body reaches the church amid chants - Putin spokesman threatens to read
New asylum rule: In future, dental treatment will only be possible after three years - exception for Ukrainians
“Big worries” in the Red Sea: Frigate “Hessen” is probably suffering from a lack of ammunition
“There are many banks in the United Arab Emirates, the new Wall Street, as well as in countries like Saudi Arabia.
He also has close connections to China,” said Gotlob.
“It handcuffs him, but it doesn’t cut off his legs.” Even Trump’s former Commerce Secretary Wilbur Ross agreed, saying that “foreign banks” would be happy to help Trump.
If Donald Trump is unable to find a bank that will grant him a loan worth millions, he could try to win over wealthy sponsors from among the Republicans.
After all, Trump is likely to win the US primaries against Nikki Haley and then be officially named the Republican presidential candidate - and it can only be useful for donors to ingratiate themselves with the potential next US president.
Fraud trial becomes a disgrace for Trump: “Of course it’s embarrassing for him”
It is also suspected that Donald Trump wants to sell shares in his beloved Truth Social.
The proceeds would cover the fine, but it is unlikely that the sum could be paid in time before the March 25 deadline.
If Trump's former lawyer Michael Cohen has his way, the trial is becoming more and more of a disgrace for the 77-year-old.
“Of course he’s embarrassed,” Cohen said in an interview with US broadcaster
CNN
.
The constant claim that he is a multiple billionaire “obviously goes back to his ego, his super-ego.”
These claims, Cohen said, were just another lie from Trump - and now it has been exposed.
Fraud trial: Trump Organization under scrutiny
The fraud trial is about the future of the Trump corporate empire.
The public prosecutor's office accused Trump, his sons and employees of manipulating the value of the Trump Organization for years in order to get cheaper loans and insurance contracts.
Judge Arthur Engoron had already confirmed this before the trial.
There was no threat of a prison sentence or direct impact on Trump's bid for the presidency in the civil case.
However, the ex-president is currently involved in a number of other proceedings.
Three further criminal trials are being prepared, including on allegations of attempted election manipulation.
Civil lawsuits are also ongoing.
(nak)