Former President Donald Trump has posted a $175 million bond in his New York civil fraud case, temporarily stopping the full $464 million penalties he and his associates were facing.
This move comes following a high-profile ruling earlier this year that found Trump, along with his adult sons and Trump Organization executives, liable in a decade-long scheme to inflate the value of his net worth and assets.
Court Extends Deadline by 10 Days
Reported by The Associated Press, the bond payment arrived just as New York officials were gearing up to potentially seize Trump’s assets or properties to satisfy the judgment. Trump managed to secure the bond through Knight Specialty Insurance Company, as confirmed by his attorney Alina Habba in a statement to ABC News.
The payment was extended by an appeals court, giving Trump an extra 10 days to meet the deadline. Trump’s legal team had initially seen the payment as a problem because of the alleged difficulty in getting money.
The bond, though, will continue to be held by New York authorities while Trump’s appeal is being processed.
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Trump Accuses New York AG of Political Motives
Failure to win the appeal could have even more severe financial consequences for Trump and the other defendants, including heavy fines and accruing interest that could reach over $110,000 for the former president alone per day.
All along, Trump has characterized the inquiry launched by New York Attorney General Letitia James as politically driven, calling it a “Biden-run” effort at “election interference.”
Despite his claims of having a significant amount of liquidity, Trump’s financial security is still in doubt because of the numerous pending criminal and civil cases. Trump has obtained a $91.6 million bond in an appeal of a defamation lawsuit in addition to the civil fraud action.
When combined with the outrageous legal bills he has accrued from several lawsuits, both federal and state, Trump’s financial situation remains a subject of public concern throughout his post-presidential pursuits.
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