Trump posts $175m bond in New York fraud case
Former US President Donald Trump has secured a $175 million (£140 million) bond in his New York civil fraud case, preventing the state from seizing his assets.
Originally, Mr. Trump was ordered to pay the entire $464 million judgment against him, but an appeals court granted him the option to pay the reduced sum within 10 days.
In February, he was found to have fraudulently inflated property values, a charge he vehemently denies, attributing the case to a political vendetta by the Democratic prosecutor.
Last month, Justice Arthur Engoron not only imposed a substantial financial penalty on Mr. Trump but also barred him from operating a New York business for three years and obtaining loans from New York financial institutions for the same duration.
This ruling has put significant financial pressure on Mr. Trump, despite his claims of having $400-500 million in liquid assets. Forbes Magazine currently values his net worth at $6.4 billion, a figure that soared after the parent company of his social media platform, Truth Social, went public recently.
Coinciding with the fraud ruling, Mr. Trump had to post a $91 million bond after losing an unrelated defamation case filed by writer E. Jean Carroll.
Initially, Mr. Trump attempted to secure a bond from 30 companies to delay enforcement of the penalty while he appealed the fraud case, but was unsuccessful, according to his lawyers’ court filings. The appeals court subsequently reduced the required bond amount last week.
Mr. Trump has appealed against Justice Engoron’s ruling, and the higher court has suspended the ban on Mr Trump’s ability to run a business and get loans while they consider the matter.
It could take months, or longer, for the appeals court to decide the case.
In the meantime, Mr Trump’s first criminal trial – over his alleged attempt to fraudulently conceal hush-money payments to an adult film star ahead of the 2016 election – is scheduled to begin on 15 April in Manhattan.
