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Former US President Donald Trump Posts $175million Bond in New York Civil Fraud Case

The case revolves around accusations that Trump and his two sons misrepresented value of assets to get bank loans

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Staff Writer, TLR

Published on April 2, 2024, 13:20:45

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Donald Trump, faud case, New York

Former US president Donald Trump has posted a $175 million bond in his New York civil fraud case, as revealed in a court document on Monday, thereby avoiding potential asset seizures while awaiting the appeals process.

Previously, a New York appeals court had reduced the bond requirement from the original $454 million to $175 million, granting Trump a 10-day period to meet this revised sum. Originally facing the risk of asset seizure if unable to fulfill the half-billion-dollar bond, Trump secured a significant reduction and swiftly found a company, Knight Specialty Insurance Company from California, to provide the required bond, as confirmed in a court document released on Monday.

In response to the appellate division's decision, Trump stated, "I greatly respect the decision... I will post $175 million in cash and bonds or security or whatever is necessary very quickly, within the 10 days."

This development marks a temporary reprieve for the 77-year-old real estate tycoon, who, despite securing the Republican nomination once again, faces legal challenges stemming from allegations of fraud.

The case revolves around accusations that Trump and his two adult sons misrepresented the value of assets, including Trump Tower and a building at 40 Wall Street, to obtain favourable bank loans and insurance terms.

Trump, along with his family company, was found guilty in a non-jury trial by Judge Arthur Engoron, resulting in a $454 million judgment against him. While Trump is appealing this order, he remains under scrutiny for various alleged crimes, including attempting to overturn the 2020 election and falsifying business records.

In a separate case, Trump is accused of making pre-election hush money payments to a porn star, Stormy Daniels. The presiding judge has expanded a gag order to include family members of those involved, following Trump's attacks on the judge and his family members on social media platform Truth Social.

Facing a criminal trial scheduled to begin on April 15, Trump has expressed willingness to testify. This trial marks a historic event as the first-ever criminal trial of a former US president. Trump's legal battles continue to mount, with four criminal indictments and 88 felony counts against him, reflecting the extensive legal challenges he currently faces.

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