Former president Donald Trump may be at risk of losing significant assets to the state if he fails to pay the $354 million fine incurred through a civil fraud lawsuit.
One Week On
One week after Donald Trump was fined $354 million in a business fraud case, New York Attorney General Letitia James has claimed she will make moves to seize his assets if he fails to pay up.
Potential Asset Seizure
Last Tuesday, James spoke with ABC News and confirmed that she would seek asset seizure if the former president refused to pay or could not otherwise afford to.
“We Will Seek Judgement Enforcement”
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” she told reporter Aaron Katersky.
Trump Found Guilty
Judge Arthur Engeron delivered the court ruling on February 16, deeming Trump guilty of fraudulently inflating his net worth and business assets to receive better loan terms, something the accused has vigorously denied.
Former President Responds
Trump responded to James’ ABC interview two days later via social media, referring to the AG as a “communist” and calling the significant fine “unconstitutional.”
Social Media Outburst
“This Communist is looking to destroy New York State with her unconstitutional fine of hundreds of millions of dollars on a perfect legally gotten and fully repaid loan. Can’t let this happen!” he shared with his followers.
Appeal Incoming
The real estate mogul has proclaimed his innocence throughout the court process and will likely file an appeal.
She Remains Confident
However, James has expressed confidence that her case will stand if appealed and even mentioned specific Trump-owned property that could be seized during a court collections process.
“I Look at 40 Wall Street Every Day”
“We are prepared to make sure that the judgment is paid to New Yorkers, and yes, I look at 40 Wall Street each and every day,” she said.
Not a Victimless Crime
She also stressed that in her eyes, Trump’s alleged fraud was not a “victimless crime” as some have suggested, but instead reflected the inequality of the financial markets for “average New Yorkers” compared to people in positions of power.
“This Massive Amount of Fraud”
“Financial frauds are not victimless crimes. He engaged in this massive amount of fraud. It wasn’t just a simple mistake, a slight oversight, the variations are wildly exaggerated, and the extent of the fraud was staggering,” James continued.
Different Rules for Different People?
“If average New Yorkers went into a bank and submitted false documents, the government would throw the book at them, and the same should be true for former presidents,” she said.
Long List of Court Cases
This latest ruling is just the next in a string of court cases for Donald Trump. Outside of this case, he has been charged with 91 felonies accumulated from four ongoing criminal cases.
Trump Cries Witch Hunt
Trump has declared the latest lawsuit as part of a political “witch hunt” designed to jeopardize his chances in the upcoming 2024 presidential elections.
To Pay or Not to Pay?
Whether or not he will be able to pay off the hefty sum is a matter of much debate.
In 2023, he claimed to have $400 million in the bank, and in his last annual financial statement in 2021, he reported having $294 million in cash and cash equivalents.
High Expenses
This would not be enough to pay the $354 million, an extra $100 million in pre-judgment interest, and other outlying fees and payments owed.
Tied Up in Investments
The rest of his net worth, which he has claimed sits in the billions, is further concentrated in real estate and investments that won’t be easily liquidated.
Jean E Carrol Case
He has already been fined $83.3 million in a defamation lawsuit in January, where he stood accused of attacking writer Jean E Carroll via social media following the 2023 sexual assault case she brought against him.
Another Denial
Trump also vigorously denied the verdict in this case and is expected to appeal sentencing.
“Our Legal System is out of control, and being used as a Political Weapon,” he said in a public statement following the ruling. “Absolutely ridiculous!”
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The post Attorney General Letitia James Threatens to Seize Donald Trumps Assets if He Fails to Pay off $354 Million Fine first appeared on From Frugal to Free.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
