Trump Posts $175 Million Bond, Averts Asset Seizure in New York Fraud Case

In a strategic move to forestall potential asset seizure, former US President Donald Trump has posted a 175 million USD bond while appealing the civil fraud case brought against him by New York Attorney General Letitia James, as per a report by CNN.

The bond, facilitated by Knight Specialty Insurance, effectively halts any immediate action that Attorney General James could take against Trump's properties until at least September. This timeframe aligns with the schedule set by the state appeals court to hear Trump's appeal of the staggering 464 million USD verdict rendered against him.

While Trump initially indicated he would cover the bond with cash, the specific collateral used to secure the bond remains undisclosed in court documents. This move follows a reduction in the bond amount by the state appeals court last month, prompted by arguments from Trump's legal team that securing the full bond amount was not feasible.

The original verdict, issued by Judge Arthur Engoron in January, imposed a fine of 464 million USD on Trump and his co-defendants for fraudulently inflating asset values to secure favorable loan rates. Despite being ordered to pay 454 million USD himself, Trump appealed the decision, necessitating the posting of a bond within 30 days as mandated by state law.

Amid challenges in securing an insurance company to underwrite the initial bond amount, the New York appeals court intervened, allowing Trump an extended deadline and ultimately reducing the bond to 175 million USD.

Trump's legal team expressed confidence in their client's appeal, affirming his commitment to vindicating his rights. This move comes in the wake of Trump posting a $91.6 million bond last month in a separate defamation case while he appeals a verdict against him.

The recent ruling by the New York appellate court further solidified the acceptance of the 175 million USD bond to cover Trump's civil fraud judgment, providing a temporary reprieve as legal battles continue to unfold.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!