Trump posts $175 million bond in civil fraud case; clears path for appeal and asset protection

Author:AFP | | Posted by Aditi Srivastava 2024-04-02 10:50 28

Embattled former US president Donald Trump posted a $175 million bond in his New York civil fraud case Monday, a court document showed, avoiding payment of a $454 million penalty while his case winds through the appeals process.

FILE PHOTO: Republican presidential candidate and former U.S. President Donald Trump attends the 2024 Senior Club Championship award ceremony at his Trump International Golf Club in West Palm Beach, Florida, U.S. March 24, 2024. REUTERS/Marco Bello/File Photo/File Photo(REUTERS)

Last week, a New York appeals court cut the $454 million bond payment he was originally required to pay, reducing the sum to $175 million and giving him 10 days to pay this smaller amount.

Hindustan Times - your fastest source for breaking news! Read now.

Trump's $175M bond allows appeal process

The nearly half billion penalty he originally owed had raised the possibility that New York authorities would move to seize Trump assets if he could not pay, but the reduction -- and his finding a company to put up the bond, as announced Monday -- has given him breathing room.

"I greatly respect the decision of the appellate division and I will post $175 million in cash and bonds or security or whatever is necessary very quickly, within the 10 days," Trump said at the time.

The lifeline has come from a California outfit called Knight Specialty Insurance Company, which announced the bond in a document released by the court Monday.

The 77-year-old real estate magnate, who has once again clinched the Republican nomination, received the fine after Judge Arthur Engoron found him and his two adult sons guilty in a non-jury trial, ruling that they and his family company lied about the value of assets, deceiving banks and insurers.

Trump is in prosecutors' crosshairs for a series of alleged crimes, ranging from falsifying business records in the hush money case to trying to overturn the 2020 election, when he became the first president in modern US history to refuse to concede and stoked a mob of supporters to march on Congress.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.

Title:Trump posts $175 million bond in civil fraud case; clears path for appeal and asset protection

Url:https://www.investsfocus.com

Tags