Trump posts $175m bond in civil fraud case and averts asset seizures

 

Trump posts $175m bond in civil fraud case and averts asset seizures

 

Former president was found liable in February for fraudulently inflating his net worth to secure better loan and insurance terms

 

Reuters

Mon 1 Apr 2024 20.47 EDT

https://www.theguardian.com/us-news/2024/apr/01/trump-bond-civil-fraud-case-averts-asset-seizures

 

Donald Trump posted a $175m bond in his New York civil fraud case on Monday, averting asset seizures by state authorities that could have hobbled the former US president’s business empire.

 

Trump, to face Joe Biden in the November US election, was found liable on 16 February for fraudulently inflating his net worth by billions of dollars to secure better loan and insurance terms.

 

Trump originally needed to post a bond for $454m, but an appeals court on 25 March stayed enforcement of Justice Arthur Engoron’s judgment on condition that Trump pay the smaller sum within 10 days.

 

A three-judge panel of the appeals court will hear Trump’s appeal on the merits. The appeals court ruling reducing the bond is no indication of how the panel will ultimately rule.

 

The bond prevents New York attorney general Letitia James from going after Trump’s properties, including Trump Tower, his 370-acre resort and golf course in Westchester and his Mar-a-Lago estate in Florida.

 

Trump has denied wrongdoing and said the case is a political witch hunt by James, a Democrat who sued him in 2022.

 

In a 92-page order, Engoron described how Trump directed deputies to change the values of his properties to arrive at his desired net worth for a decade before his entry into politics.

 

The case is part of a maelstrom of legal troubles Trump faces, including a criminal trial in New York set to begin on 15 April. Trump, who has pleaded not guilty, is accused in that case of illegally covering up hush money payments to a porn star ahead of the 2016 election.

 

He has also been charged in two cases with trying to overturn his 2020 election loss to Biden and in another over his handling of classified documents upon leaving office.

 

Those have been mired in delays and may not go to trial before the November election.

 

Trump has pleaded not guilty in all of them.