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Trump posts $175 million bond in New York fraud case




Trump posts $175 million bond in New York fraud case

Gage Skidmore via Wikimedia Commons

By Christian Wade (the center square)

Former President Donald Trump has posted a $175 million bond in his civil fraud trial in New York, blocking the seizure of his assets while the case is appealed.

Last week, a state appeals court gave Trump and his co-defendants 10 days to post bail after reducing the amount he needed from the initial $464 million judgment. The bond Trump posted Monday was backed by Knight Specialty Insurance Company, which is part of a consortium led by Los Angeles-based billionaire Don Hankey, according to court records.

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Trump lawyer Alina Habba predicted that the former president and presumptive Republican presidential nominee will be vindicated if the court hears the appeal.

“As promised, President Trump has posted bonds,” Habba said in a statement. “He looks forward to defending his rights on appeal and overturning this unjust verdict.”

Trump is appealing a ruling by Supreme Court Justice Arthur Engoron in a civil fraud case brought by James in 2022, accusing the judge of “errors of law and/or fact, abuse of his discretion and/ or has acted outside its jurisdiction.”

Engoron discovered that Trump, his company and top executives, including his sons Donald Trump Jr. and Eric Trump, deceived banks and insurers by inflating the value of his family’s assets on the financial statements used to secure loans. He also ordered Trump and his co-defendants to pay fines.

The ruling also bars the former president’s sons from serving as officers or directors of any New York company for two years. The judge also fined Trump’s sons $4 million each.

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While the court considers his appeal, Trump must file a bond in support of the monetary judgment. Attorney General Letitia James, a Democrat who filed the fraud charges, had threatened to seize some of Trump’s assets if he did not pay the fines. If Trump does not win his appeal, he will have to pay more than $450 million – with interest – from the initial verdict in the fraud case.

The civil case is one of several legal challenges for Trump in his campaign for president. He is also appealing a new judgment in New York after a jury awarded writer E. Jean Carroll $83 million in damages as a result of her defamation lawsuit. Last month, a federal judge in that case approved Trump’s $91.6 million bond while the appeal is heard.

Trump has denied any wrongdoing and claims the charges are part of a politically motivated “witch hunt” to keep him from voting.

On Monday, Trump took to social media to denounce the bail payment, calling it “money that I can’t use for my campaign. Just what Crooked Joe wanted. WITCH HUNT!”

“The case was a fabricated election interference scam, so bad for New York, where businesses flee and violent crime flourishes,” Trump wrote on Truth Social. “The crooked judge, fitting his story, valued Mar-a-Lago in Palm Beach, Florida, at $18,000,000, when it is worth 50 to 100 times that amount. He ruled me guilty before he ever saw the case.

Syndicated with permission from Center Square.

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