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Trump posts $175 million bond in New York civil fraud case

Donald Trump posted a $175 million bond in his New York civil fraud case, halting collection of the more than $454 million he owes in the case.

Former President Donald Trump posted a $175 million (163 million) bond in his New York civil fraud case on Monday, staving off the possible seizure of his assets while the case is on appeal.

The bond bars New York Attorney General Letitia James from collecting the $355 million — plus interest and growing daily — that a state judge ordered Trump to pay after a monthslong trial.

Trump’s financial lifeline

Last week a New York appeals court gave the former president 10 days to stump up the money after a panel of judges agreed last month to the $454 bond payment he was originally required to pay.

“As promised, President Trump has posted bond. He looks forward to vindicating his rights on appeal and overturning this unjust verdict,” said one of Trump’s lawyers, Alina Habba.

Trump’s legal team had complained it was “a practical impossibility” to get an underwriter to sign off on a bond for the $454 million, plus interest, that he owes.

Trump properties safe for now

The bond prevents New York Attorney General Letitia James from pursuing Trump’s properties, including Trump Tower, his 370-acre resort and golf course in Westchester and his Mar-a-Lago estate in Florida.

Trump is seeking to to overturn a judge’s finding in February, that he lied about his wealth, inflating his true worth on annual financial statements in order to deceive banks and financial institutions.

The former president denies wrongdoing and contends that the statements lowball the true extent of his worth.

Last month Trump posted $91.6 million bond to cover money he owes to writer E. Jean Carroll. Juries found that he sexually assaulted her in the 1990s and defamed her when she went public with the allegation in 2019. 

He denies all of the allegations.

Source: Dw

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