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

CNN-

Former President Donald Trump has posted a $175 million bond to appeal the judgment against him in the New York civil fraud case brought by state Attorney General Letitia James.

Trumpsbond is suspending any action James might take against Trump properties in response to the ruling until at least September, when the state appeals court also set a timetable to hear his appeal of the $464 million verdict dollars against him.

The bond is underwritten by Knight Specialty Insurance, a California-based insurance company, but the court document does not list the collateral Trump used to secure the bond.

Last month, Trump said at a news conference that he would use cash to cover bail, but claimed he also wanted to use cash to fund his re-election campaign.

Yet when asked if he planned to invest personal funds in his presidential campaign, Trump responded, “First of all, that's none of your business,” before adding, I might. I have the choice.

The bail amount was reduced by several hundred million dollars by a state appeals court last month after Trump's lawyers argued that covering the entire bail for the $464 million verdict dollars against him was not feasible. (Trump himself was ordered to pay $454 million; the $464 million includes the disgorging of his adult sons Don Jr. and Eric.)

In January, Judge Arthur Engoron fined Trump and his co-defendants, including his adult sons and his company, $464 million, finding that they had fraudulently inflated the value of the former president's assets to obtain better loan rates. Trump was given 30 days to post bail for the full amount. of the judgment while he appealed, as required by state law, but his lawyers said he couldn't find an insurance company to guarantee such a large bond. This prompted James to take steps to prepare to seize Trump's assets in case Trump fails to post bail.

However, when the 30-day deadline was reached, the New York Court of Appeals intervened and lowered bail to $175 million, giving Trump 10 more days.

As promised, President Trump posted bond, Trump attorney Alina Habba said in a statement. He looks forward to asserting his rights on appeal and overturning this unjust verdict. In a Truth Social article Tuesday morning, the former president said he posted the bond just to have the right to appeal this travesty of a case and criticized Engoron.

Trump also posted $91.6 million bail last month in E's defamation case. Jean Carroll while he appealed the verdict against him.

This story has been updated with additional developments.

Sources 1/ https://Google.com/ 2/ https://www.cnn.com/2024/04/01/politics/trump-bond-civil-fraud-trial/index.html The mention sources can contact us to remove/changing this article

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