Trump Posts $175m Bond in New York Civil Fraud Case
NEW YORK — In a bold move, former US President Donald Trump has swiftly acted to post a $175m (£140m) bond in his New York civil fraud case, preventing the state from seizing his assets.
Initially facing a daunting $464m judgment, Trump managed to secure a reduction after an appeals court granted him the opportunity to pay the smaller sum within 10 days.
Accused of fraudulently inflating property values, the defiant Republican vehemently denies any wrongdoing, dismissing the case as a mere political vendetta orchestrated by the Democratic prosecutor.
If Trump fails to win his appeal, he will be forced to come up with the full $464m. His legal team had fervently argued that obtaining a bond for such a staggering amount would be an insurmountable challenge.
For now, Trump’s timely bond payment has temporarily shielded him from the ignominy of having his prized real estate assets, including Trump Tower in Manhattan and his Mar-a-Lago estate in Florida, seized.
Expressing confidence in their client’s innocence, Trump’s lawyer Alina Habba declared, “As promised, President Trump has posted bond. He looks forward to vindicating his rights on appeal and overturning this unjust verdict.”
The high-stakes fraud case, spearheaded by New York Attorney General Letitia James, a Democrat, has sent shockwaves through the political landscape since its inception in 2022.
Justice Arthur Engoron, a Democrat, sided with James’ argument, emphasizing that Trump must face significant repercussions for deceitfully misrepresenting his assets to secure favorable loans and interest rates over an extended period.
Despite Trump’s claim that no victims existed because banks were eventually repaid with interest, Justice Engoron imposed stringent penalties, including a three-year ban on running a New York business and obtaining loans from local financial institutions.
The ruling has placed Trump, who boasts of having hundreds of millions in cash reserves, in a precarious financial situation. Although Forbes Magazine currently estimates his net worth at $5.7bn, recent legal battles have undoubtedly taken a toll.
With his appeal pending, Trump faces a looming criminal trial related to hush-money payments to an adult film star before the 2016 election. Additionally, he is embroiled in legal battles over his 2020 election loss and mishandling of classified documents post-presidency.
Despite the mounting legal challenges, Trump maintains his innocence and has pleaded not guilty in all cases. — BBC
