Within hours, Trump Must Pay the $464 Million Bond Required in the Fraud Lawsuit

Donald Trump is facing a critical deadline to protect his assets in a business fraud case that poses a significant risk to his renowned property empire.

The deadline for him to submit the $464m (£365m) penalty for exaggerating his net worth is set to expire on Monday.

If he doesn’t take immediate action to secure a bond or delay the process in court, his bank accounts could be frozen and his properties targeted by the authorities in New York.

Another legal challenge emerges against the former president in the near future.

He could potentially receive a trial date during a hearing in New York regarding the case involving adult film star Stormy Daniels and the alleged hush money.

It is anticipated that Mr. Trump will be present to personally listen to his lawyers present arguments for the dismissal of the case. This is in light of the recent release of numerous documents pertaining to a crucial witness.

There is a possibility that he could still receive some support from a New York appeals court, as they are currently reviewing his request to delay the judgement in the fraud case.

Last week, his legal team stated that he was unable to meet the penalty, despite reaching out to several financial institutions for a bond.

In order to obtain a bond, individuals must prove to the guarantee provider that they possess sufficient liquidity, typically in the form of cash or stocks.

If Mr Trump secured a bond on Monday, it would provide protection for his assets during the ongoing appeal process.

However, should he not meet the requirements, his bank accounts may be frozen without delay.

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New York Attorney General Letitia James could simply send restraining notices to his banks and brokerage firms.

“That’s a simple and efficient solution,” Randy Zelin, an adjunct law professor from Cornell Law School, shared with the BBC. “Once the bank receives the necessary notice, they will promptly close those accounts.”

The next step involves a turnover notice that is signed by a judge and sent to the banks and brokerage firms. At this point, they are required to hand over the money.

According to Mr. Zelin, the time between the two notices will vary depending on the speed at which the prosecutor’s office chooses to work. It might only take a few days.

There are still potential avenues for Mr. Trump to secure the necessary funds. On Friday, he made a bold statement on social media, boasting about his possession of nearly $500 million in cash.

A New York judge has ruled that he must pay the penalty for providing false information about his assets in order to obtain more favorable loans. His sons were also required to pay financial penalties.

Ms James granted a 30-day grace period following the ruling, allowing Mr Trump ample time to secure the necessary funds. That will expire on Monday.

She has previously stated her willingness to seize Mr. Trump’s assets if he fails to make timely payments.

She recently submitted the fraud judgment to clerks in Westchester County, suggesting that she may attempt to seize property in the northern suburbs of New York City.

Mr. Trump is the owner of Seven Springs, a golf course and a 212-acre estate located in that particular area.

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Mr. Trump’s New York properties, such as the 58-floor Trump Tower, and his assets in Florida, including his Mar-a-Lago club, are also at risk.

Based on a Forbes estimate, the net worth of Mr. Trump is approximately $2.6 billion. Last year, he stated under oath that he possessed $400 million in easily accessible funds.

He has more than just the $464m judgement to worry about. In January, he was required to pay $83m as a result of losing a defamation case against E Jean Carroll, a woman he was found to have sexually abused. He has already secured a bond in that case.

He has made history as the first former president in the United States to face criminal charges, with numerous charges pending in four separate cases.

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