Donald Trump has successfully obtained a $175 million bond in the civil fraud case filed against him by the New York Attorney General.
On Monday, Alina Habba, Trump’s attorney, confirmed that the 77-year-old former president posted the bond in the case to protect his assets from being seized while the case is being appealed. “He is eager to defend his rights on appeal and overturn this unfair verdict,” stated Habba, as reported by NBC News.
New York Attorney General Letitia James accused Trump of exaggerating his net worth to obtain better loan conditions and reduced insurance premiums. The lawsuit alleges that Trump’s sons and senior executives at the Trump Organization were involved in helping him with this scheme.
In a press release issued in 2022, James’ office stated that when she filed the lawsuit, they claimed that Mr. Trump and the Trump Organization had deliberately and knowingly produced over 200 false and deceptive asset valuations on his annual Statements of Financial Condition between 2011 and 2021, with the intent to deceive financial institutions.
In a press conference, James announced her intention to impose a $250 million fine on Trump and prohibit his family from engaging in any future New York business ventures. Additionally, she plans to enforce a five-year ban on the purchase of commercial real estate in New York by the former president and the Trump Organization.
In late February, a court ruled that the former president had to pay a hefty penalty of $354.9 million, along with an estimated $100 million in pre-judgment interest, for his involvement in fraud in New York. As a result of the ruling, he was also prohibited from holding any positions as an officer or director of New York corporations or legal entities for three years. Additionally, both he and the Trump Organization were restricted from seeking loans from New York-chartered financial institutions during this period.
Trump’s attorneys have filed for an appeal in the case, requesting an investigation into whether Judge Arthur Engoron made errors of law and/or fact, and if he abused his discretion and/or acted beyond his jurisdiction in the ruling, according to NBC News.
According to a report by the New York Times, Trump was able to secure $175 million through Knight Specialty Insurance Company. The report states that the insurance company provided a bond, which is a legal document rather than an actual transfer of money. This bond essentially serves as a promise to the court system in New York that the insurance company will cover a portion of the $454 million judgment against Trump if he loses his appeal and fails to make the payment.
Next week, the trial for the first case involving the former president is scheduled to commence. Jury selection for the hush money case is set to start on April 15.
The trial was supposed to start on March 25, but Trump asked for a 90-day delay. He wanted his legal team to go through the 73,000 new pages of discovery provided by the U.S. Attorney’s Office in Manhattan.
Manhattan District Attorney Alvin Bragg has agreed to the delay in order for his office to also review additional documents.
