Former U.S President, Donald Trump has appealed his $454m New York civil fraud judgment, challenging a judge’s ruling that he manipulated the value of his properties to obtain advantageous loan and insurance rates as he grew his real estate empire.
Trump’s lawyers filed a notice of appeal on Monday, February 26, 2024, asking the state’s mid-level appeals court to overturn Judge Arthur Engoron’s ruling in a civil fraud lawsuit brought in 2022 by New York Attorney General, Letitia James.
Engoron found that Trump, his company and top executives, including his sons; Donald Trump Jr and Eric Trump, schemed for years to deceive banks and insurers by inflating his wealth on financial statements used to secure loans and make deals.
The judgment, which includes $354m in penalties plus $100m in pre-judgement interest following the three-month, non-jury trial that concluded on 16 February, will continue to accrue interest if the former President fails to pay.
Among other penalties, the judge put strict limitations on the ability of Trump’s company, the Trump Organization, to do business.
The former U.S President, who has repeatedly described the prosecution as a “witch-hunt”, has denied all wrongdoing.
Trump’s lawyers wrote in court papers that they are asking the appeals court to decide whether Engoron “committed errors of law and/or fact” and whether he abused his discretion or “acted in excess” of his jurisdiction.
Trump’s appeal paperwork did not address whether Trump was seeking to pause collection of the judgment while he appeals by putting up money, assets or an appeal bond covering the amount owed to qualify for an automatic stay.
If upheld, Engoron’s ruling will force Trump to give up a sizable chunk of his fortune.
Trump maintains that he is worth several billion dollars and testified last year that he had about $400 million in cash, in addition to properties and other investments.
New York Attorney General, Letitia James, a Democrat, told a news agency that if Trump is unable to pay, she will seek to seize some of his assets.
Trump said Engoron’s decision, the costliest consequence of his recent legal troubles, was “election interference” and “weaponization against a political opponent.”
Trump complained he was being punished for “having built a perfect company, great cash, great buildings, great everything.”
Trump’s Legal Woes To Persist
Trump’s appeal ensures that the legal fight over Trump’s business practices will persist into the thick of the presidential primary season, and likely beyond, as he tries to clinch the Republican presidential nomination in his quest to retake the White House.
The appeal was expected. Trump had vowed to appeal and his lawyers had been laying the groundwork for months by objecting frequently to Engoron’s handling of the trial.
Trump wasn’t able to appeal the decision immediately because the clerk’s office at Engoron’s courthouse had to file paperwork known as a judgment to make it official.
That was done on Friday, February 23, 2024, starting a 30-day window for Trump to pay up or file an appeal and seek a stay.
The appeal is one of Trump’s many legal challenges. He has been indicted on criminal charges four times in the last year. He is accused in Georgia and Washington, D.C., of plotting to overturn his 2020 election loss to Democrat Joe Biden. In Florida, he is charged with hoarding classified documents.
He is scheduled to go on trial next month in Manhattan for falsifying business records related to hush money paid to porn actor Stormy Daniels on his behalf.
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