Mocobizscene – Donald Trump’s plea to halt the $454 million judgment against him in his New York civil fraud case was rejected on Wednesday. However, an appellate judge did grant permission for the former president to utilize loans in order to cover the entire amount.
In a recent ruling, New York State Supreme Court Justice Arthur Engoron held former President Donald Trump and his company, The Trump Organization, responsible for fraud. The ruling was based on the submission of misleading information about company assets to obtain more advantageous business loans and insurance policies. Additionally, Donald Trump Jr., Eric Trump, and a few other associates of the company were also found to be liable.
Judge Engoron has imposed a hefty penalty on Trump, demanding that he pay a staggering $355 million in fines, along with prejudgment interest. In addition to the financial burden, the former president has been prohibited from holding any position as an officer in a New York company for the next three years. Furthermore, he is prohibited from obtaining loans from any financial institutions registered with the state during this period.
Trump’s defense team requested a New York appeals court to suspend the enforcement of his entire judgment while they appeal Engoron’s decision. They argued that the ruling would hinder their ability to obtain and post a comprehensive bond. As an alternative, the former president aimed to post a temporary $100 million bond. In this scenario, a bonding company would be responsible for any potential payout if Trump were to lose the appeal and face difficulties in fulfilling the payment.
In a recent development, Judge Anil Singh made a decision regarding former President Trump’s legal request to halt the collection of his fine. Unfortunately for Trump, the judge dismissed this request. However, there is a silver lining for the former president as Singh has decided to put a temporary hold on the ban that prevents him from taking out loans in New York. Additionally, Singh also paused the ruling made by Engoron, which prohibited Trump and his sons from running their company in the state.
Wednesday’s ruling allows Trump to seek loans in order to cover his entire bond amount. Letitia James, the New York Attorney General who filed the initial lawsuit against Trump and his company, opposed Trump’s request by asserting that he lacks the necessary liquid assets to meet the judgment.
A spokesperson from James’ office commented to Newsweek, stating that Singh’s ruling aligns with the attorney general’s desired outcome. The ruling mandates that Trump and his co-defendants must post the bond in its entirety.
If Trump does not obtain a bond for his $454 million judgment within 30 days of Engoron’s decision, James’ office has the authority to collect the full amount from him. This could potentially lead to the attorney general gaining control over the former president’s bank accounts and his properties in New York.
According to Trump, Engoron’s ruling is nothing but election interference aimed at sabotaging his presidential reelection campaign. He has consistently refuted the allegations made by James in her initial lawsuit, going so far as to label the attorney general as “corrupt.”
