Trump's Unsettled $355 Million Fine Growing By $2.6 Million Every Month: Report

Former President Donald Trump has been ordered to pay interest on the $355 million penalties from the New York case against him. The interest has accrued approximately $100 million, and Trump faces an additional $2.6 million monthly if he doesn’t clear this fine.

What Happened: The penalties against Trump come from a New York case, and the total amount owed includes a 9% per annum interest, as ruled by Judge Arthur Engoron on Friday. The interest has been accumulating since March 2019, as per a Business Insider report on Wednesday.

If Trump were to pay the total amount today, it would cost him around $450 million. The penalties are divided into three categories.

The first penalty is for $168 million, which Trump saved in interest through fraud from March 2019, and he will have to pay 9% per annum interest on this, resulting in an extra $75 million. The second penalty is over the $126 million profit from selling the Old Post Office in Washington DC, and the third is $60 million from Trump’s profits in the sale of Ferry Point, a golf course in the Bronx.

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Trump could face a loss of about $32 million from interest every year if he does not clear his $355 million disgorgement. New York Attorney General Letitia James has stated that if Trump does not start paying the fine, her office will move to seize his assets, such as Trump Tower.

Why It Matters: The $355 million fine was a result of a lengthy civil fraud trial in New York, which also imposed a three-year ban on Trump’s leadership in any New York corporation. This ruling was delivered by Justice Engoron and accused Trump and his family businesses of inflating his net worth by as much as $3.6 billion a year over a decade.

Several public figures, including former White House Press Secretary Sean Spicer and Shark Tank’s Kevin O’Leary, have expressed their disapproval of the verdict, with O’Leary calling it “unjust,” “appalling,” and “un-American.”

Trump, who is also facing a hush-money case involving Stormy Daniels in Manhattan, charges from the Department of Justice in connection with his handling of sensitive documents, and an election-related racketeering case from Fulton County, Georgia, has spent $53 million in PAC donor money on his legal fees in 2023.

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