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Donald Trump challenges millionaire fine in NY civil fraud case

Donald Trump challenges millionaire fine in NY civil fraud case

donald trump appealed his sentence for civil fraud in NY for US$454 million, challenging a judge’s ruling that the former president inflated the value of his assets to obtain contracts and soft loans, while building his real estate empire that led him to fame and eventually to White House.

Lawyers for the former president filed notices of appeal Monday asking the state’s mid-level appeals court to overturn the ruling issued by Judge Arthur Engoron on Feb. 16 in state Attorney General Letitia James’ lawsuit. and reverse steep fines that threaten to deplete Trump’s cash reserves.

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 excessively” of its jurisdiction.

Trump’s appeal documents did not address whether Trump sought to stay collection of the judgment while he appeals, providing money, assets or an appeal bond covering the amount owed in order to qualify for an automatic stay.

Messages seeking comment were left with Trump’s lawyers and James’ office.

Engoron found that Trump, his company and top executives, including his sons Eric and Donald Trump Jr., conspired for years to deceive banks and insurers by inflating his wealth in financial statements used to guarantee loans and close deals. Among other sanctions, the judge imposed strict limitations on the ability of the family company, the Trump Organization, to do business.

The appeal ensures that the legal fight over Trump’s business practices will persist well into the presidential primary season and likely beyond, as he tries to secure the Republican presidential nomination in his quest to retake the White House.

If upheld, the Engoron ruling will force Trump to give up a considerable portion of his fortune. Engoron ordered Trump to pay $355 million in fines, but with interest, the total has risen to nearly $454 million. That total increases by almost US$112,000 a day until he pays up.

Trump testified last year that he had about $400 million in cash, plus property and other investments. James, a Democrat, told ABC News that if he can’t pay, she will seek to seize some of his assets.

Trump’s appeal was expected. His lawyers laid the groundwork for months by frequently objecting to Engoron’s handling of the trial.

Source: Gestion

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