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Judge rejects Trump's appeal to pay only $100 million of $454 million in fines from New York fraud probe

Judge rejects Trump's appeal to pay only $100 million of $454 million in fines from New York fraud probe

A New York appeals judge on Wednesday rejected former President Donald Trump's proposal to pay less than a quarter of the fine he was ordered to pay in one of his civil fraud cases in New York state.

Singh agreed to some of Trump's demands, including lifting a three-year ban on New York banks from taking out loans, which would help him get the money he needs to pay the bailout.

Earlier Wednesday, Donald Trump's lawyers said the former president was willing to post $100 million in bail, less than a quarter of the staggering fine a judge in New York imposed against him in the state's civil fraud case.

The president's legal team argued that the provisions of the judgment made it impossible for the former president to pay the fine in full.

Prosecutors are trying to block New York Attorney General Letitia James' office from carrying out the sentence while their appeal is pending. Singh ruled that Trump must deposit the full amount, which would automatically stop collection.

In total, the Republican presidential candidate and his campaigners owe the government more than $465 million. They have until March 25 to seek an injunction, a legal mechanism that stops the collection while he appeals, or risk being forced to pay fines or have some of their assets confiscated.

Why should Donald Trump pay such a huge fine?

Judge Arthur Engoron ruled that Trump committed fraud by submitting false financial statements for his companies for about 11 years, which allowed him to obtain loans and insurance at favorable rates.

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At least two years ago, the Trump Organization stopped sending inflated financial figures about his net worth to Deutsche Bank and other companies, but a court-appointed watchdog said that happened only after he was sued and other financial documents continued to contain errors and misrepresentations. .

Although the bank offered lower interest rates because Trump agreed to personally guarantee the loans with his own money, it's unclear how much interest rates fell because of the inflated figures.

Last September, Judge Nkoron ruled that he must revoke the state certificates he needed to operate many of his businesses in New York.

Engoron said Trump should lose control of those companies that are the official owners of his Fifth Avenue headquarters and other iconic properties.

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