New York AG seeks to revoke Trump's bail for business fraud

Former President Donald Trump returns from a lunch break at Manhattan Criminal Court as jury selection continues in New York on April 18, 2024.

Jabin Botsford | Reuters

The New York attorney general's office asked a judge Friday to vacate a $175 million bond posted by former President Donald Trump to seek much greater compensation in his civil business fraud case as He is appealing the judgment.

The AG's office said in a filing that Trump and other defendants in the case failed to demonstrate that sufficient identifiable collateral existed to secure bail for the Manhattan Supreme Court ruling.

The filing says the surety Trump used to secure the bond, Knight Specialty Insurance Company, is “a small insurer that is not licensed to underwrite business in New York and is therefore not regulated by the Department of Insurance of the State, had never issued a bond before.” in New York or in the preceding two years in any other jurisdiction, and has a total policyholder surplus of only $138 million.

The filing opposes a joint motion by Trump and KSIC to vindicate the insurer as the surety company holding the bond.

Attorneys for AG Letitia James asked Judge Arthur Engoron to require Trump and the other defendants to post bail in lieu of bail within seven days of ruling on the matter. James' lawsuit against Trump led to a massive civil judgment against him.

A hearing on the bond dispute is scheduled for Monday.

In February, Engoron found Trump, the Trump Organization and other defendants liable for fraud, saying they had falsely inflated the value of real estate assets for years in an effort to increase Trump's net worth. These actions in turn helped the company obtain better loan terms and other financial benefits.

Trump was personally ordered to pay $454 million in damages, an amount that increases every day with interest. He is appealing the verdict.

Trump was required under New York law to post bail to secure the judgment while he appealed the decision.

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