Legal expert analyzes Trump’s civil fraud trial penalty
Adam Kaufmann returned to NY1 to shed light on the former president's civil fraud trial penalty.
A legal expert specializing in white-collar crimes shed light Tuesday on former President Donald Trump's impending financial obligations during an appearance on "Mornings On 1."
With just 30 days for Trump to settle a hefty penalty exceeding $350 million following Friday's civil fraud trial ruling in New York City, attorney Adam Kaufmann emphasized the mounting pressure.
"It's a huge deadline," he said.
Trump faces repercussions for manipulating his net worth to gain tax and insurance advantages. The fine, coupled with an additional 9% annual interest, balloons the total penalty to more than $450 million. Kaufmann noted that alongside these penalties, Trump may owe even more due to other legal challenges.
"Let's not forget [he owes] another $83 million from his defamation case. So, the man owes a half billion dollars in court penalties. And he will try to post a bond, that's what would be the reasonable thing to do, and try to get time while the case makes its way through appeal. But what's he going to use to secure a bond is really the question," Kaufmann said.
Kaufmann explained that Trump and the Trump Organization are facing these fines as a form of disgorgement, aimed at eradicating the profit derived from illegal or improper activity.
"The fact is that if you and I go in for a loan, we have to disclose our assets, and the system requires us to and counts on our being truthful. We signed declarations about our net worth about the value of our home, and so forth. Trump and the Trump Organization lied about that again and again and again," he said.