Former President Donald Trump was convicted in New York of fraud, which resulted in a massive $355 Million fine levied against him. However, if he doesn’t pay off the fines, he’ll be slapped with additional interest for each month it remains unpaid to the tune of $2.6 Million. Let’s examine what’s going on with Trump’s fine.
Three Separate Fraud Incidents
Trump’s convictions in New York were for three counts of fraud. The first one involved interest that Trump earned through fraud. The second had to do with selling the old Post Office in Washington, D.C., which was done through false financial documents.
The third is another sale, this time of a property in Ferry Point. Prosecutors suggest that the sale of this property also involved inflating his personal financial situation to make the property seem more attractive to potential buyers than it really was.
Fines For Fraud Are Massive
In the first case, the court fined Trump a whopping $168 Million. The second conviction will cost him $126 Million and the third a further $60 Million. In all, he owes the State $355 Million in fines. But the penalties themselves are only the tip of the iceberg.
In addition to owing this massive $355 Million bill, he is also liable for interest attached to the fines. According to the court, these fines may be backdated all the way to March 2019, meaning he already owes a significant amount.
Yearly Interest Fees Will Be Huge
Based on the calculations of how much Trump will owe over a year without paying off his fines, some commenters have noted that he’ll owe the State $32 Million more. That works out to roughly $1 Million every twelve days.
The most significant extra interest payment is associated with the first conviction. This conviction was backdated to March 2019 and has already racked up $75 Million in interest for the former president. This could put a considerable dent in his resources.
A Lot of Demands On Trump’s Money
While the former president is reticent about his total earnings, there seems to be a lot of demands on his money. Aside from these fines, he’s also been convicted of defamation for lying about sexual assault against E. Jean Carroll.
Aside from the legal fees and the fines he has to pay, he is also spending a lot of money preparing for his next presidential run. He’s also fighting legal battles to allow him to be represented on the Republican primary ballot. Trump seems to be showing up in courts quite a lot.
Trump’s Sons Are Also On the Hook
One of the cases that Trump was convicted for involved more than just himself. The Old Post Office sale also involved the former president’s sons, Donald Trump Jr. and Eric Trump. The ruling targets both of these individuals and the former executives of the company engaged in the sale.
Many of the people who have suspected Trump of underhanded dealings were celebrating the conviction. A few were concerned that Trump’s status as a former president might have made him immune from prosecution. However, he still needs to cover the fines in this case.
Trump Intends to Appeal the Case
In a statement to the press, Trump’s lawyer, Christopher Kise, says the estate plans to appeal the conviction. While he didn’t mention many details about the appeal, he did state that he intends to file the appeal within the 30-day window allowed by the court.
Trump still has another pending Federal case for hiding classified documents and taking them out of the presidential office after losing the election. FBI officials have stated that they have uncovered some 300 classified documents that he had no business having after a raid on the former president’s Mar-a-Lago resort home.
What Has This Done to His Bottom Line?
Reports about how much money and assets Trump has access to vary. He has made a business by moving money around and putting it in places where people can’t find it. Yet it seems as though he’s not just relying on his own money to pay off his legal fees and the interest owed on those fines.
Recently, the former president took to selling a uniquely crafted sneaker on the market. The shoes retain for anywhere between $199 and $399, and its first run has already sold out. There are even scalpers selling them at a markup on some internet auction sites.
State May Move to Seize Assets
Wherever he gets the money to pay his fines, he should do that as soon as possible. Public officials state that if Trump doesn’t start paying off those fines soon, they will move to seize property in lieu of payment. This could be a significant blow since much of Trump’s net worth is tied up in real estate.
Among the assets the state might move to seize is Trump Tower. The 58-story, 664-foot-tall mixed-use condominium skyscraper could be the first thing on the chopping block for the stage to attempt to recoup the fines owed.
A Chain of Financial Blows
Trump’s recent convictions, pending cases, settlements, and other things are significant blows to the former president’s estate. It may also impact how the public sees him, even his core supporters. Part of his success as a candidate comes from his keen financial intellect.
His convictions underline that a lot of his “financial acumen” comes from simply breaking the law where he thinks he can get away with it. How he deals with these new demands on his money may make or break whether some parts of his support base fracture or not.
Still Aiming For the Oval Office
Despite his many convictions, Trump still aims to enter the Oval Office, with his bid for presidential hopeful for the Republican party in full swing. Many GOP supporters would prefer he didn’t represent the party and are trying to have him disbarred, but he’s fighting those cases as well.
Even if he gets elected, he may still have to pay the fines that he’s already been convicted of. Only time will tell whether he will make it to the Oval Office a second time, but most people on both sides of the political aisle hope that he doesn’t.
