Trump's Legal Team Requests 30-Day Extension on $355M Fraud Verdict Payment: Lawyers Say NY Attorney General In 'Unseemly Rush'

The legal team of former President Donald Trump has reportedly sought a 30-day extension to pay a $355 million business fraud verdict against him.

What Happened: The request was submitted on Wednesday. Trump’s lawyers argued that New York Attorney General Letitia James is hastily trying to enforce the verdict, given its substantial amount, reported The Hill.

The attorneys argued that James was in an “unseemly rush” to enforce the ruling. They pointed out the “magnitude of the judgment,” according to the report.

If the verdict is enforced, Trump would have a month to gather the funds for the payment. This new request aims to delay the enforcement of the verdict by 30 days.

James had previously cautioned that some of Trump’s assets could be seized if he fails to raise the necessary funds. The $355 million verdict, along with an additional $100 million in prejudgment interest, is the largest financial penalty Trump and his companies have faced amidst his various legal battles.

See Also: Trump’s Rising Legal Costs Could Make Him ‘Thoroughly Compromised’ Warns Ex-Lawyer Michael Cohen: ‘He Is For Sale’

In the fraud case, Trump was found guilty of falsely inflating his net worth and the value of several properties to secure more favorable borrowing terms. The state of New York argued that he sent this false information to banks and insurers, which they claimed was evidence of fraud.

As part of the verdict, Trump has been prohibited from operating businesses in New York for three years. The former president has pledged to appeal the ruling.

Why It Matters: This verdict is a result of a lawsuit filed by New York Attorney General James, accusing Trump and his family businesses of inflating his net worth by as much as $3.6 billion a year over a decade to secure better loan conditions. The verdict, delivered by Justice Arthur Engoron, also bans Trump from serving as an officer or director in any New York corporation for three years.

Moreover, 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.

The verdict has been criticized by “Shark Tank” investor Kevin O’Leary, who has labeled the verdict as the work of a "rogue judge" and expressed concerns about its potential impact on New York's business investments and the reputation of the United States as a prime investment destination.

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