Former President Donald Trump owes an additional $87,502 in post-judgment interest every day until he pays the $354 million fine ordered by Judge Arthur Engoron in his civil fraud case, according to ABC News’ calculations based on the judge’s lengthy ruling in the case.
Judge Engoron on Friday fined Trump $354 million plus approximately $100 million in pre-judgment interest in the civil fraud case brought by New York Attorney General Letitia James, after he found that Trump and his adult sons had inflated Trump’s net worth in order to get more favorable loan terms. The former president has denied all wrongdoing and has said he will appeal.
Engoron ordered Trump to pay pre-judgment interest on each ill-gotten gain – with interest accruing based on the date of each transaction – as well as a 9% post-judgment interest rate once the court enters the judgment in the case.
I’m kind of astonished.
I’m telling you as an accounting person, fraudulent misrepresentation of one financial circumstances is an egregious crime.
This whole “victimless crime” thing is incredibly naive.
Cool, who was the victim? How were they victimized?
As you well know, there is no victim, as in no single person who was harmed. Yet Trump’s actions are a crime nonetheless. The whole victimless crime angle is a derivative of a straw man fallacy.
As a society we prescribe a minimum acceptable level of behaviour through laws. When people contravene these laws we impose penalties. There is no requirement for someone to be harmed.
That said, I’m sure you can imagine what would happen if fraud was not a crime. It’s just not possible to conduct business of any kind if there is no penalty for fraud.
The apologists are out and about it seems. The rich sycophants I get, wanting lower taxes and all. What I’ll never get is being middle or lower class and being so cucked as to defend some bourgeois criminal like he was a friend.
“Temporarily embarrassed millionaires”.
My parents are broke. They will always vote conservative despite the benefits going to the wealthy, because they feel like they ought to be wealthy.
There was no victim because he did nothing wrong. Should a person be able to list their house for more than its true value, have someone agree to the price and then apply for a loan?
Of course not.
Should a company be allowed to make up the numbers shown on its financial reports?
No, but that is not what happened. Do you actually understand what they did that was so wrong?
That’s exactly what happened.
What specifically do you think they falsified?
The purported “fair value” of a range of assets supporting Trump’s net worth.
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Oh gotcha, you dont actually understand what is happening in the case.
You’ve done a pretty good job establishing your ignorance. Don’t hurt yourself with the mental gymnastics.
Oh yeah, doing real estate for decades makes me super ignorant about real estate financing… Is that the best insult you got?
I don’t see what more needs to be said. You’re ignoring every fact in the case as hard as you can. Quit embarrassing yourself. Good day.