Trump posts $175M bond in civil fraud case, freeing up ex-president to start appeal of massive judgment

Donald Trump has posted a $175 million bond in his New York civil fraud case, freeing him up to start appealing the massive judgment.

The Knight Specialty Insurance Company backed the bond, an attorney for the Los Angeles-based firm wrote in a court filing Monday.

“As promised, President Trump has posted bond,” the former commander if chief’s lawyer, Alina Habba, said in a statement Monday evening. “He looks forward to vindicating his rights on appeal and overturning this unjust verdict.”

Trump, 77, successfully lobbied an appeals court to lower the bond from the full nearly half-billion judgment amount to the drastically reduced figure and gave him 10 days from the day of the decision, on March 25, to post the lessened bond.

Donald Trump has posted a $175 million bond in the civil fraud case brought by New York Attorney General Letitia James. James Keivom

The former president plans to appeal the $454 million penalty Manhattan Supreme Court Justice Arthur Engoron hit him with last month but was first required to either put up the money or post a bond for the court to hold until the appeal is decided.

The real estate tycoon is seeking to overturn Engoron’s Feb. 16 decision that slapped him with the hefty penalty and banned him, his two eldest sons Eric and Donald Trump Jr. and other top Trump Organization execs from heading any company in the Big Apple for two and three years, variously.

The decision also bars Trump and his real estate empire from taking out loans in New York for three years.

But with the bond now posted, those parts of Engoron’s decision are suspended until Trump’s appeal plays out. He must file all his appeal papers in time for the Appellate Division, First Department’s September term.

Trump had initially been required to pony up the full judgment amount by last Monday, but the First Department issued an 11th hour decision in his favor the same day.

The embattled presumptive Republican presidential nominee claimed he had more than enough money to cover the reduced bond and said he would be honored to put up the funds.

James accused Trump of inflating his net worth by billions on financial statements to get better loan and insurance terms. POOL/AFP via Getty Images

The former commander-in-chief will also be seeking to overturn Engoron’s prior decision from before trial suspending his business licenses in the Empire State.

During last year’s trial, New York Attorney General Letitia James’ Office — which prosecuted the case — argued that Trump for a decade exaggerated the worth of his assets to the tune of billions a year on annual financial statements in order to get better loan and insurance terms.

Engoron — who oversaw the non-jury trial — found Trump liable of fraud after three months of testimony, including from Trump, his kids Eric, Don Jr. and Ivanka Trump and other Trump officials.

Trump successfully lobbied an appeals court to drastically lower the bond amount he had to post. REUTERS

James had said she wouldn’t hesitate to seize Trump’s assets if he couldn’t cough up the judgment or bond — including some of his prized New York City properties like 40 Wall Street.

Trump’s side asked the First Department to either lower or waive the bond, claiming they couldn’t find a backer for it, after approaching 30 surety firms. And said he Trump didn’t want to sell any of his buildings at “fire sale” prices just to cover the funds.

On Truth Social, Trump said he shouldn’t be forced to offload his properties, referring to them as his “babies.”

In addition to the civil case, the 45th president also faces four criminal cases in four different states for a range of charges including for alleged interference in the 2020 presidential election, which he lost to President Biden.

Trump has denied all the allegations against him — both criminal and civil — claiming the cases have been mounted against him by a Democratic conspiracy helmed by Biden to keep him from winning the 2024 election.

Source link