Trump waiting to hear penalties in New York fraud case

Connie Queline

Trump waiting to hear penalties in New York fraud case

Copyright: Reuters

Prosecutors have asked the judge to fine Trump $370m (£294m) and to put restrictions on his ability to conduct business in the state.

Legal experts say a penalty that large, coupled with a potential final ruling that may greatly impact his real estate empire, could deliver a serious blow to Trump’s finances.

“He’s not going to suddenly become working class,” said former federal prosecutor Diana Florence. “But it’s just going to be a lot of cash. His fortune will be significantly reduced.”

One calculation from Forbes Magazine put Trump’s total net worth at $2.6bn. The New York Attorney General’s Office estimated his annual net worth at $2bn in 2021. Based on those estimates, a penalty of $370m would cost Trump roughly 15-18% of his wealth.

“Trump, for all of his misrepresentations and lies about his wealth, really is a wealthy person,” said William Thomas, a business professor. “But most people don’t have $400m lying around.”

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