Former President Donald Trump is facing a new legal setback after a judge in New York rejected a request to delay payment of a $355 million fine in his civil fraud case.
Trump's lawyers asked Judge Arthur Engoron for a 30-day continuance, citing the need for an "orderly post-judgment process." However, Engoron denied the request, stating that insufficient justifications were provided to stay the proceedings. "[They] failed to explain, much less justify, any basis for a stay," the judge said, adding that he is confident the Appellate Division will protect appellate rights.
This comes after Engoron ruled that the former president, his family and the Trump Organization are liable for $355 million in damages in the civil fraud case brought by New York Attorney General Letitia James.
Trump faces serious financial troubles
Former President Donald Trump finds himself in an increasingly complex financial situation. Although Trump claimed to have about $400 million in cash to deal with his court sanctions, this reserve is in danger of being depleted faster than expected.
Earlier this year, Trump was ordered to pay $83.3 million for defaming journalist E. Jean Carroll. Engoron, in addition to imposing a fine of more than $300 million, has included a 9% interest charge, which will accrue daily until full payment is made.
Despite having a net worth valued at several million dollars, including property and investments, prosecutor Letitia James warned that she would seize Trump's assets if he did not comply with the judgment.
The debt for the recent fine amounts to almost $454 million with interest, with the possibility of increasing by more than $87,000 every day until it is paid in full.
