UPDATE: Donald Trump has secured a $175 million bond as his appeals a New York civil fraud judgment against himself, family members and his business empire.
According to a filing tonight. the bond came from the Knight Specialty Insurance Company in Los Angeles.
Trump’s move will prevent New York Attorney General Letitia James from seizing his assets. He originally was required to pay the $464 judgement against him in the civil fraud case, but an appeals court last week gave him 10 more days to post a reduced amount.
Last month, Judge Arthur Engoron ruled that Trump and his companies owed $464 million after earlier concluding that he had engaged in fraud by overstating the value of assets to secure more favorable terms from lenders. His ruling also restricted his ability to do business in the state.
PREVIOUSLY, March 25: Former President Donald Trump has gotten a reprieve in the amount needed for him to appeal a $464 million judgment in a New York civil fraud case.
An appeals court has granted him 10 more days to post a bond, and has reduced the amount needed to $175 million.
Trump’s attorneys said last week that he was unable to secure a bond of $464 million as he appealed the ruling, leading to the prospect that New York Attorney General Letitia James could start the process of seizing his assets.
Trump’s attorneys said that they had approached about 30 surety companies through four separate brokers. They wrote that obtaining the appeal bond in the full amount was “not possible under the circumstances presented.”
Last month, Judge Arthur Engoron ruled that Trump and his companies owed $464 million after earlier concluding that he had engaged in fraud by overstating the value of assets to secure more favorable terms from lenders. His ruling also restricted his ability to do business in the state.
Trump was in court today in a hearing on his upcoming New York criminal trial on charges related to hush money payments made to porn star Stormy Daniels before the 2016 election.
Trump said in a statement, “We will abide by the decision of the Appellate division, and post either a bond, equivalent securities, or cash. This also shows how ridiculous Engoron’s original decision was at $450 million.”