Letitia James Threatens to Seize Trump’s Assets if He Doesn’t Pay Up
New York real estate mogul Donald Trump could soon be without any New York real estate, as the state attorney general has warned that she is prepared to seize his buildings if he doesn’t pay his $354 million penalty for financial fraud.
A judge fined Trump the whopping amount on Friday for committing real estate–related financial fraud in New York state. Trump can appeal the ruling, but he would first have to pay the entire amount plus interest, which could add as much as an additional $100 million.
The penalty could prove too much for Trump’s personal coffers to bear. But New York Attorney General Letitia James, who initially sued Trump for fraud, has a plan.
“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,” James told ABC on Tuesday.
“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, referring to one of Trump’s iconic Wall Street skyscrapers.
James accused Trump, his sons Don Jr. and Eric, the Trump Organization, and other company executives of fraudulently inflating the value of various real estate assets to get more favorable terms on bank loans. Presiding Judge Arthur Engoron determined in September that Trump committed fraud and last week delivered the final judgment.
In addition to Trump’s massive penalty, his two adult sons have been fined $4 million each. Trump has been banned from serving as an officer in any New York company for three years, while his sons have been banned for a period of two years.
James had originally sued for $250 million, but the penalty went up significantly after Trump repeatedly bragged about his alleged net worth during his deposition.
“Their complete lack of contrition and remorse borders on pathological,” Engoron wrote in his ruling. “They are accused only of inflating asset values to make more money. The documents prove this over and over again.”