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Civil Fraud Penalty

All articles tagged with #civil fraud penalty

law4 months ago

Appeals Court Overturns Trump’s Nearly $500 Million Civil Fraud Penalty

A New York appeals court has overturned a $500 million civil fraud penalty against Donald Trump and his company, ruling that the fine was an excessive punishment violating the Eighth Amendment, while maintaining other non-monetary penalties. The case, initiated by NY Attorney General Letitia James, involved allegations of overvaluing assets and business fraud, but the court found the monetary penalty to be disproportionate and subject to appeal.

via CNBC|
#appeals-court#civil-fraud-penalty#donald-trump
legal-politics1 year ago

"Trump's Appeal Denied: Judge Refuses to Halt $454 Million Fraud Penalty"

A New York appellate judge has refused to halt the collection of Donald Trump’s $454 million civil fraud penalty while he appeals, giving him less than a month to pay up or secure a bond covering the full amount. The judge rejected Trump’s offer of a $100 million bond but granted an interim stay pausing a provision in the verdict that barred him, his company, and co-defendants from obtaining loans from New York banks. Trump's lawyers warned he may need to sell properties to cover the penalty and would have no way of getting them back if he is successful in his appeal.

via The Associated Press|
#appellate-judge#civil-fraud-penalty#donald-trump
politics1 year ago

Trump Offers $100 Million Bond to Delay $454 Million Fraud Penalty

Donald Trump's lawyers have offered to post a $100 million bond to halt the collection of his $454 million civil fraud penalty in New York, arguing that provisions of the verdict make it impossible for him to secure a bond for the full amount. The New York appellate court heard arguments at an emergency hearing and could issue a decision soon. The ruling prohibits Trump, his company, and co-defendants from obtaining loans from New York banks for three years, making it difficult to secure a bond covering the full judgment. Trump's lawyers maintain that he is worth several billion dollars and testified last year that he had about $400 million in cash, in addition to properties and other investments.

via CBS News|
#civil-fraud-penalty#donald-trump#fraud
legalfinancial1 year ago

"NY AG Warns of Seizing Trump's Properties Over $454M Civil Fraud Debt"

New York Attorney General Letitia James warns that Donald Trump's properties could be seized if he fails to pay the nearly $454 million civil fraud penalty, which is increasing by $87,502 per day in interest. Trump denies wrongdoing and plans to appeal, potentially delaying the enforcement of the penalty. The state could seize his assets if he can't pay, and Trump's ability to cover the debt is uncertain, with most of his net worth tied up in properties and investments. If he can't post a bond or meet bonding requirements, he may file for bankruptcy to take advantage of the automatic stay on collection.

via PBS NewsHour|
#appeal#asset-seizure#civil-fraud-penalty
legal-politics1 year ago

"New York AG Threatens Seizure of Trump's Property Over $454M Civil Fraud Debt"

New York Attorney General Letitia James has stated that she will seek to seize some of Donald Trump's assets if he can't pay the nearly $454 million civil fraud penalty, which is increasing by $87,502 each day until paid. Trump's ability to pay his mounting legal debts is uncertain after back-to-back courtroom losses, and his promised appeal is likely to halt collection of his penalty. The state could seize Trump's assets if he can't pay, and Trump's ability to avoid asset seizure depends on his cash reserves and ability to free up cash. If Trump wins his appeal, he might not have to pay anything, and he could also file for bankruptcy to take advantage of the automatic stay on collection. As of now, Trump owes just under $454 million, including interest, and the total bill increases by $89,729 per day.

via The Associated Press|
#appeal#asset-seizure#civil-fraud-penalty