Trump avoids asset seizures by posting a $175 million bond in a civil fraud prosecution. In his New York civil fraud case, Donald Trump secured a $175 million bond on Monday, preventing state officials from seizing assets that may have crippled the former US president’s commercial empire.
The Republican Trump was found guilty on February 16 of falsely exaggerating his net worth by billions of dollars in order to obtain better loan and insurance terms. Trump is scheduled to run against Democratic President Joe Biden in the November U.S. election.
Originally, Trump was required to deposit a $454 million bail; but, on March 25, an appeals court suspended the enforcement of Justice Arthur Engoron’s ruling, requiring Trump to make the lower payment within ten days.
Trump’s appeal will be heard on its merits by an appeals court panel consisting of three judges. The decision by the appeals court to lower the bond does not necessarily portend the panel’s final decision.
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The bond stops Letitia James, the attorney general of New York, from pursuing any of Trump’s holdings, which include Trump Tower, his 370-acre Westchester resort and golf course, and his Florida estate Mar-a-Lago.
James, a Democrat who sued Trump in 2022, has accused Trump of political witchcraft and has denied any involvement.
Justice Engoron detailed in a 92-page judgment how, for ten years prior to entering politics, Trump gave deputies orders to alter the prices of his properties in order to reach his targeted net worth.
This case is just one of many legal issues that Trump is dealing with; on April 15 in New York, a criminal trial is scheduled to start. In that instance, Trump—who has entered a not guilty plea—is charged with unlawfully concealing payments of hush money to a porn star prior to the 2016 election.
In addition, he faces charges in two instances for attempting to reverse his defeat to Biden in the 2020 race and in a third case for his handling of confidential documents after leaving government.
Those who are bogged down in red tape may not face justice before November’s election.
In each case, Trump has entered a not guilty plea.
Editing by Howard Goller and Noeleen Walder; reporting by Jack Queen in New York
