Rudy Canoza
2024-04-02 21:26:59 UTC
Donald Trump posted a $175m bond on Monday in his New York civil fraud
case, temporarily stopping enforcement of the full $464m in penalties
facing the former president after he lost in a high-profile ruling earlier
this year.
The bond payment, reported by The Associated Press, came as New York
officials were preparing to potentially seize Mr Trumps assets or
properties to fulfil the judgment, which found that the former president,
his adult sons, and Trump Organization executives were liable in a decade-
long scheme to fraudulently inflate the value of his net worth and assets.
Mr Trump, whose attorneys previously claimed they faced the practical
impossibility of securing financing for a bond in time to meet state
deadlines, obtained Mondays payment through Knight Specialty Insurance
Company, ABC News reports.
As promised, President Trump has posted bond, the former presidents
attorney Alina Habba told the network in a statement. He looks forward to
vindicating his rights on appeal and overturning this unjust verdict.
Last month, an appeals court gave Mr Trump a 10-day extension to pay off
the bond, which will remain in the hands of New York officials pending Mr
Trumps appeal of the underlying fraud decision.
If the appeal is unsuccessful, the defendants in the case face a $364m
penalty and $100m in interest and could end up paying even more, with the
former president alone facing additional post-judgment interest of more
than $110,000 a day.
Mr Trump has argued the investigation, launched nearly two years ago by
New York attorney general Letitia James, is politically motivated,
referring to it last month as a Biden-run attempt at election
interference.
The former president could be facing a major financial crisis due to the
numerous ongoing criminal and civil cases against him.
Mr Trump, who has repeatedly claimed hes a multi-billionaire, said last
month he has around $500m in cash on hand.
In addition to the civil fraud judgment bond, Mr Trump also secured a
$91.6m bond in March while he appeals his loss in the defamation lawsuit
between him and writer E Jean Carroll.
Beyond these judgments, Mr Trump is also spending millions on legal fees
fighting multiple civil and criminal cases in federal and state courts.
One of Mr Trumps key political action committees reported spending
$230,000 a day on legal fees in February, with legal expenses outpacing
donations at times.
https://www.independent.co.uk/news/world/americas/us-politics/trump-bond-
fraud-trial-knight-insurance-b2521814.html
case, temporarily stopping enforcement of the full $464m in penalties
facing the former president after he lost in a high-profile ruling earlier
this year.
The bond payment, reported by The Associated Press, came as New York
officials were preparing to potentially seize Mr Trumps assets or
properties to fulfil the judgment, which found that the former president,
his adult sons, and Trump Organization executives were liable in a decade-
long scheme to fraudulently inflate the value of his net worth and assets.
Mr Trump, whose attorneys previously claimed they faced the practical
impossibility of securing financing for a bond in time to meet state
deadlines, obtained Mondays payment through Knight Specialty Insurance
Company, ABC News reports.
As promised, President Trump has posted bond, the former presidents
attorney Alina Habba told the network in a statement. He looks forward to
vindicating his rights on appeal and overturning this unjust verdict.
Last month, an appeals court gave Mr Trump a 10-day extension to pay off
the bond, which will remain in the hands of New York officials pending Mr
Trumps appeal of the underlying fraud decision.
If the appeal is unsuccessful, the defendants in the case face a $364m
penalty and $100m in interest and could end up paying even more, with the
former president alone facing additional post-judgment interest of more
than $110,000 a day.
Mr Trump has argued the investigation, launched nearly two years ago by
New York attorney general Letitia James, is politically motivated,
referring to it last month as a Biden-run attempt at election
interference.
The former president could be facing a major financial crisis due to the
numerous ongoing criminal and civil cases against him.
Mr Trump, who has repeatedly claimed hes a multi-billionaire, said last
month he has around $500m in cash on hand.
In addition to the civil fraud judgment bond, Mr Trump also secured a
$91.6m bond in March while he appeals his loss in the defamation lawsuit
between him and writer E Jean Carroll.
Beyond these judgments, Mr Trump is also spending millions on legal fees
fighting multiple civil and criminal cases in federal and state courts.
One of Mr Trumps key political action committees reported spending
$230,000 a day on legal fees in February, with legal expenses outpacing
donations at times.
https://www.independent.co.uk/news/world/americas/us-politics/trump-bond-
fraud-trial-knight-insurance-b2521814.html