Donald Trump posted a $175 million bond in his New York civil fraud case on Monday, averting asset seizures by state authorities that could have hobbled the former U.S. president’s business empire. The Republican Trump, set to face Democratic President Joe Biden in the November U.S. election, was found liable on Feb.
16 for fraudulently inflating his net worth by billions of dollars to secure better loan and insurance terms.
Former President Donald Trump and co-defendants in his New York civil fraud case have posted a bond of $175 million, according to a court filing Monday by an insurance company.
The posting brings to an end a six-week ordeal in which Trump scrambled to fend off possible seizure of property or assets stemming from a $464 million judgment by a judge who found he gained hundreds of millions through a yearslong fraud scheme targeting banks and insurers. Trump was required to post bond to avoid enforcement of the judgment pending his appeal.
Alina Habba, an attorney for Trump, said Trump’s payment was made “as promised. He looks forward to vindicating his rights on appeal and overturning this unjust verdict,” Habba said.
The bond was lowered by an appellate court from the $464 million figure to $175 million on March 25, hours after Trump missed a grace period deadline extended by New York Attorney General Letitia James, whose office brought the case.
Source: SABC
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