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On February 16, 2024, former President Donald Trump was hit with a massive fine and business ban in relation to the New York civil fraud case against him. In addition to a three-year ban from serving on the executive board of any legal entity in the state, Manhattan Supreme Court Judge Arthur F. Engoron ordered the ex-POTUS to pay over $354 million in damages. As if that number wasn’t high enough, the total penalty after interest is about $464 million.
This staggering fine includes the initial penalty fee, accrued interest, and disgorgement that requires parties to give up profits obtained from acts deemed illegal or wrongful. Trump’s legal team sought assistance from 30 insurance companies to back his bond costs as he filed an appeal against the fraud verdict, and all 30 denied the team’s requests.
A March 18, 2024, court filing by Trump’s lawyers read, “Despite scouring the market, we have been unsuccessful in our effort to obtain a bond for the Judgment Amount for Defendants for the simple reason that obtaining an appeal bond for $464 million is a practical impossibility under the circumstances presented” (via USA Today). As we wait to see what comes of Trump’s financial woes, we know at least one thing is for certain: President Joe Biden won’t be offering any assistance.
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