Loading... Loading... Former U.S. President
Donald Trump has successfully posted a $175 million bond in a
New York civil fraud case, thereby averting potential asset seizure by the state. What Happened : Trump was initially ordered to pay the full $464 million judgment against him, but an appeals court permitted him to pay a reduced amount within a 10-day days, as
BBC reported . In February, Trump was found guilty of fraudulently inflating property values and was ordered to pay a hefty financial penalty. He was also prohibited from managing a New York business and securing loans from New York financial institutions for three years. Despite his claims of possessing between $400 million and $500 million in liquid assets, Trump has denied any wrongdoing and has appealed the ruling. To delay the penalty enforcement while appealing the civil fraud case, Trump’s lawyers initially contacted 30 companies to secure a bond but failed to do so, according to court records. The appeals court then reduced the amount of the bond Trump needed to post. The higher court has temporarily lifted the ban on Trump’s business operations and loan procurement while deliberating on the matter. Meanwhile, Trump’s first criminal trial relating to his alleged attempt to fraudulently conceal hush-money payments to a porn star ahead of the 2016
election is set to commence on April 15 in Manhattan. See Also: Marjorie Taylor Greene’s Bid To Oust Speaker Mike Johnson Labeled ‘Idiotic’ By GOP Rep: ‘It Undermines Our House
Republican Majority’ Why It Matters : This development follows a series of setbacks for Trump. In February, a New York judge ruled that Trump must pay an additional $99 million in interest, alongside a $355 million verdict, due to a civil fraud lawsuit that accused Trump, his family, and their company of inflating asset values to secure better loan terms. Trump’s efforts to secure a bond for the $454 million judgment faced a significant hurdle, leading to speculation about a possible ‘fire sale' of his properties to cover the bond. Despite these difficulties, Trump declared on March 23 that he has “almost $500 million” in cash, shaking up the ongoing fraud case. With the first criminal trial set for April 15, Trump’s legal battles continue to unfold. Image Via Shutterstock Read Next: Amid Donald Trump’s Attacks On Judges And Prosecutors,
Michael Cohen Says Ex-President Is Trying To ‘Fuel Up His Supporters … To Act No Differently And As Stupidly As They Did On January 6th’ Engineered by Benzinga Neuro , Edited by Sudhanshu Singh The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more. Loading... Loading...