Former President Donald Trump on Monday appealed a New York court decision to fine him more than $355 million in penalties, plus millions more in interest, and ban him from doing business in New York for fraudulently inflating his net worth to secure more favorable loans.
Trump asked a state appellate court to overturn Justice Arthur Engoron’s Feb. 16 ruling in a civil fraud lawsuit brought in 2022 by state Attorney General Letitia James, a Democrat who campaigned on investigating the former president.
In their appeal, Trump’s lawyers wrote that the intermediate-level state appeals court should decide whether Engoron “committed errors of law and/or fact” and whether he abused his discretion or his jurisdiction, according to court records.
“We trust that the Appellate Division will overturn this egregious fine and take the necessary steps to restore the public faith in New York’s legal system,” Trump attorney Alina Habba told the Washington Examiner.
Engoron ruled against Trump in September before the start of a lengthy trial to determine the amount owed. The justice said that Trump, his adult sons, and other Trump Organization associates schemed for years to deceive banks and insurers by inflating his wealth to secure loans and make deals. However, James presented no evidence during the trial that any banks or insurers lost money working with Trump.
The former president is not allowed to do business in the state for three years under the ruling, and a court-appointed monitor was put in place to oversee the business in the interim.
Trump’s post-judgment interest is expected to accrue at $111,984 each day until it is paid, according to James. Because the pretrial ruling dates back to late September, it is estimated Trump owes just over $99 million in interest.
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The notice of appeal on Monday does not indicate that Trump has secured an appeal bond, which is required to pause the judgment from being enforced against him during the appeals process.
Trump is the Republican front-runner expected to obtain the GOP nomination to face off against his likely opponent, President Joe Biden, for the November election. The former president is also ensnared in four separate criminal indictments, two of which allege him of conspiring to overturn his 2020 election loss.
