Helena Lyng Blak
8 weeks ago

Trump posts bond in New York fraud case

Donald Trump was able to post a bond, thus averting asset seizures.
The judicial Hammer on the background of Trump.
Potashev Aleksandr / Shutterstock.com

Former President Donald Trump, initially unable to secure a $464 million bond in his civil fraud case in New York, has now successfully posted a $175 million bond after the amount was reduced, and the deadline extended by 10 days.

According to CNN, the bond is underwritten by Knight Specialty Insurance, a Californian insurance company.

The 220-page lawsuit, initiated by New York Attorney General Letitia James in September 2022, following a three-year investigation, accuses Trump of "staggering" fraud and misrepresentation.

It alleges that Trump and the Trump Organization used "acts of fraud and misrepresentation" to significantly inflate Trump's net worth in annual financial statements by billions, misleading banks, insurers, and other financial entities.

The trial, which began in October 2023, didn't need to establish the occurrence of fraud, as the presiding judge had already determined Trump's fraudulent actions. Instead, the trial's focus was on whether Trump violated other New York laws and the determination of his penalties.

In February 2024, the trial concluded with Judge Arthur F. Engeron penalizing the former president almost $355 million plus interest, amounting to $464 million (including disgorgement for his adult sons; Trump alone was ordered to pay $454 million).

Furthermore, Trump was prohibited from leading any New York State company for three years. Trump announced his intention to appeal the decision.

Originally, Trump had until March 25 to pay the full amount or secure a bond to appeal the decision without immediate collection of the funds. The challenge of securing a bond for the original amount was significant, with Trump's legal team indicating the difficulty in finding a bonding company willing to cover the magnitude of the judgement.

However, with the bond amount reduced to $175 million, Trump managed to post the required bond. This development allows him to proceed with the appeal process while preventing the immediate collection of the $454 million judgement against him.


The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

1 hour ago FX Daily: May 28, 2024 - Currency Movements Signal Mixed Trends Daily update from the foreign exchange market.
3 hours ago US Market Open: May 28, 2024 - Mixed Signals Amid Sector Divergence Daily update from the US market open.
3 hours ago The Western World’s Financial Leaders Met - Here are 7 Central Highlights Discover how the G7's latest meeting addressed global economic challenges, AI integration, and sustainable development.
8 hours ago Chocolate Trade Tiff: EU Fines Oreo and Toblerone Parent for Anticompetitive Practices EU slaps €337.5 million fine on Oreo and Toblerone maker for stifling trade.
8 hours ago Europe Market Open: May 28, 2024 - Mixed Performance Across European Markets Daily update from the European market open.
23 hours ago Dogecoin Dog Has Passed Away Farewell to Kabosu: The Shiba Inu behind the iconic ‘Doge’-meme and Dogecoin
1 day ago Israeli Airstrike Hits Rafah Tent Camp Israeli airstrike on Rafah camp kills dozens, raising international alarm.
1 day ago Meta and Call of Duty Maker Sued by Families of School Shooting Victims Families of the 2022 Uvalde school shooting victims file lawsuits against major corporations and officials, claiming they contributed to the tragedy.
1 day ago Walmart and Capital One Call It Quits on Partnership Walmart and Capital One announce the end of their six-year card partnership amidst legal disputes.