Trump has Posted a $175 Million Bond in a Fraud Case in New York

Former US President Donald Trump has secured a $175m (£140m) bond in his New York civil fraud case, preventing the state from seizing his assets.

In February, it was discovered that he had dishonestly exaggerated property values, resulting in a $464m penalty being imposed on him.

By posting bond, New York’s attorney general has temporarily halted the enforcement of the penalty. This means that freezing bank accounts or seizing property will be put on hold until his appeals are heard.

The Republican strongly denies any wrongdoing and asserts that the case is purely a result of political motives.

Originally, Mr. Trump was instructed to post a bond equal to the full penalty. However, his lawyers argued that obtaining a bond of that magnitude was “impossible.” As a result, the bond amount was reduced to $175 million last week.

If the three judges on the appeal panel rule against him, he will need to find the entire $464m or face the potential dismantling of his renowned property empire.

Currently, Mr. Trump can avoid the embarrassment of losing his real estate holdings, including Trump Tower in Manhattan and his Mar-a-Lago estate in Florida.

In a statement, his attorney Alina Habba confirmed that President Trump has fulfilled his promise and posted bond. He is eager to defend his rights on appeal and overturning this unfair verdict.

In 2022, New York Attorney General Letitia James, a Democrat, filed a fraud case against Mr. Trump.

Justice Arthur Engoron, who is also a Democrat, largely supported Ms James’ argument that Mr Trump should face significant consequences for deceitfully misrepresenting his assets to obtain more favorable loans and interest rates over an extended period of time.

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Mr Trump defended his position by pointing out that the banks were fully reimbursed, along with interest, and no financial institution took legal action against him for his inflated net worth.

Justice Engoron has also prohibited Mr. Trump from engaging in any New York business activities for a period of three years.

Additionally, he was not allowed to receive loans from financial institutions in New York during that time.

The ruling has put Mr. Trump in a difficult financial situation, as he has previously claimed to have a substantial amount of cash available.

According to Forbes Magazine, his net worth is currently estimated at $5.7bn. This significant increase in wealth occurred after the parent company of his social media platform Truth Social went public last week.

Coinciding with his defeat in the fraud case, Mr. Trump found himself compelled to obtain a $91m bond following the loss of an unrelated defamation lawsuit filed by the writer E Jean Carroll.

The resolution of the business fraud case may not be reached for several months, or even longer. This timeline raises the potential for the decision to coincide with his presidential campaign.

Meanwhile, the upcoming criminal trial involving Mr. Trump is set to commence on April 15th in Manhattan. The trial pertains to his alleged involvement in concealing hush-money payments to an adult film star prior to the 2016 election.

In addition, he faces charges in two other cases related to his attempts to challenge the outcome of the 2020 election against President Joe Biden and his handling of classified documents post-presidency.

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Mr Trump has entered a plea of not guilty in all of those cases.

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