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.

  • fine_sandy_bottom@discuss.tchncs.de
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    8 months ago

    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.

    • justabigemptyhole@lemmy.world
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      8 months ago

      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.

      • fine_sandy_bottom@discuss.tchncs.de
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        8 months ago

        “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.

    • CableMonster@lemmy.ml
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      8 months ago

      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?

                • CableMonster@lemmy.ml
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                  8 months ago

                  Was the bank not able to do their own assessment of the value of the property? Was the bank upset with the outcome?

                  • fine_sandy_bottom@discuss.tchncs.de
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                    8 months ago

                    They could have and no they weren’t.

                    However, as you well know, that’s not how fraud works. They lied in order to obtain a benefit. That’s fraud. They got caught, they’re being penalised.

                    The judgement does kind of address your attitude:

                    Timely and total repayment of loans does not extinguish the harm that false statements inflict on the marketplace. Indeed, the common excuse that “everybody does it” is all the more reason to strive for honesty and transparency and to be vigilant in enforcing the rules. Here, despite the false financial statements, it is undisputed that defendants have made all required payments on time; the next group of lenders to receive bogus statements might not be so lucky. New York means business in combating business fraud.

                    You’re an engineer right? Imagine building a bridge with degraded steel, then on being discovered your defence is simply that the bridge hasn’t fallen down and everyone using it has been happy enough.

                    As you can imagine, enforcing standards serves bridge users everywhere.

          • Ghyste@sh.itjust.works
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            8 months ago

            You’ve done a pretty good job establishing your ignorance. Don’t hurt yourself with the mental gymnastics.

            • CableMonster@lemmy.ml
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              8 months ago

              Oh yeah, doing real estate for decades makes me super ignorant about real estate financing… Is that the best insult you got?

              • Ghyste@sh.itjust.works
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                8 months ago

                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.

                • CableMonster@lemmy.ml
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                  8 months ago

                  Again, you literally dont know what the case is about. You can keep getting your news from partisan hacks if you want, but then you are always going to just be repeating lies. Literally listen to any non partisan person who knows real estate and they will tell you the same thing. For example take Kevin O Leary and see what he has to say. Or I guess you can just keep your fingers in your ears if you wish.