Donald Trump appeals $454 million loss in New York real estate fraud case
Former President Donald Trump filed an appeal Monday against the dramatic $454 million court loss he suffered in a New York real estate fraud case.
Trump's liability includes penalties of about $355 million plus interest that started running at different times for different Trump properties. Interest will continue accumulating at 9% a year until the judgment is paid, under state law.
New York Attorney General Letitia James accused Trump in the lawsuit of wildly overstating the value of his assets in financial statements provided to banks.
More: How much is Trump ordered to pay? Graphics show a possible $500 million in penalties
In a decision Feb. 16, Justice Arthur Engoron wrote that the frauds uncovered in an investigation by the New York Attorney General's Office "leap off the page and shock the conscience."
In addition to an $83.3 million loss in court last month to writer E. Jean Carroll in a New York defamation case, the verdict in Trump's civil fraud trial has created a cash crunch for the real estate mogul, who now owes more than half a billion dollars.
Trump filed the appeal document Monday along with his two oldest sons, former Trump Organization executives, and several business entities.
Engoron's financial judgment across the defendants totaled about $464.6 million, including interest, as of Friday. That includes penalties and interest against Trump's sons Don Jr. and Eric of about $4.7 million each. Trump and his sons have denied any wrongdoing.
Although Trump didn't lay out his appellate arguments Monday, legal experts expect he will argue that the fraud he was found liable for didn't involve traditional victims. James made the case that Trump inflated his net worth to get better loan terms, but the lenders themselves haven't sued Trump alleging they were harmed by the inflation.
"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 lawyer Alina Habba said in a statement Monday.
The New York Attorney General's Office declined to comment.
Contributing: Bart Jansen
This article originally appeared on USA TODAY: Donald Trump appeals $454 million loss in New York fraud case
