Trump appeals the verdict that requires him to pay a fine of $454 million for fraud in New York

Reuters

Former President of the United States, Donald Trump, appealed on Monday the $454 million verdict imposed by a New York judge, who concluded that he had inflated the value of his company's assets, the Trump Organization, to gain advantages with insurers and banks.

Justice Arthur Engoron of the Manhattan Supreme Court also limited the former president's ability to do business in the state for the next three years, issuing his decision on February 16 after a civil trial of just over two months, which began in October and concluded in January.

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Trump's lawyers, who insist he did nothing wrong, appeared before the Appellate Division in Manhattan today, asking them to overturn Engoron's verdict and decide if the judge "made errors of law and/or fact" and if he abused his discretion and/or jurisdiction, according to local media.

The fine imposed by Engoron is divided into various charges against Trump and his companies (totaling $355 million), his two eldest sons ($4 million each), and a former executive of the company ($1 million), all charged by the state prosecutor.

Engoron had already deemed all of them liable for fraud in a summary judgment before the civil trial began.

The state's Attorney General accused Trump, his two eldest sons, and two former employees of inflating the company's assets for years to obtain better loan terms and other economic benefits, asking for a fine of $370 million.

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The Attorney General also requested that Trump, a wealthy real estate investor, be prohibited from doing real estate business for life in New York or directing or being an officer of any corporation.

The appeal by the former president, who seeks the nomination of his Republican Party in his attempt to return to the White House in this year's elections, was expected, as he has criticized the judge, accusing him of having political motivations, and during the trial, he repeatedly appealed to the appeals court against him.

According to Trump, he is being punished for "building a perfect company, lots of money, big buildings, everything great."

The fine increases by about $112,000 per day until paid.

If this intermediate appeals court upholds Engoron's decision, Trump can appeal to the state's Court of Appeals, the highest judicial forum in New York.