United States: Former President Donald Trump has submitted a bond of $175 million in the ongoing New York civil fraud case. This action halted the seizure of his assets while the case was on appeal.
Last week, a state appeals court ordered Trump and his co-defendants to post the required amount within 10 days. The amount was reduced from the initial $464 million ruling that was initially due in March.
Prior to the recent court ruling, Trump was responsible for paying $454 million, which was the majority of the fraud verdict against him. However, due to accumulated interest, the amount he owed was increasing by over $111,000 per day. Trump’s attorney, Alina Habba, expressed confidence that he would be exonerated on appeal.
If Trump’s appeal is unsuccessful, he will be required to pay over $450 million as a result of a ruling made in New York Attorney General Letitia James’ fraud case. The justice presiding over the case found that Trump and several executives at the Trump Organisation deliberately participated in a scheme to artificially inflate his assets in financial statements. This allowed him to obtain more favourable loans and insurance rates that he was not allowed to.
Knight Specialty Insurance Company was responsible for underwriting Donald Trump’s bond. This particular insurance company is one of many that are owned and operated by Don Hankey, a billionaire based in Los Angeles.
Axos Bank, where Hankey is an investor, refinanced Trump’s loans on Trump Tower and Trump National Doral Miami in 2022. The bank lent Trump $100 million for Trump Tower and $125 million for Doral. The loans are not due until 2032.
Donald Trump is appealing two verdicts in New York. He was granted $83 million in damages in a defamation suit brought by writer E. Jean Carroll, and he faces $175 million bond in a civil fraud case. In a post on Truth Social, Trump criticised the judge in the fraud claim, along with James and New York’s crime rate.
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