Feb. 28 (UPI) — Former President Donald Trump offered a $100 million bond Wednesday to pause the $464 million civil fraud penalty against him in New York.
In an appeals court filing, Trump’s attorneys called the $355 million penalty and additional interest “exorbitant and punitive.”
Manhattan Supreme Court Judge Arthur Engoron ruled earlier this month that Trump must pay $355 million for filing fraudulent financial statements that embellish the value of the Trump Organization’s real estate properties. Engoron denied a request by Trump’s attorneys last week to stay the enforcement of the penalty.
The penalty plus interest adds up to about $464 million. Trump, who is seeking the GOP nomination for re-election, is also banned from doing any business in New York for three years.
“The exorbitant and punitive amount of the Judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond,” Trump’s attorneys argued in Wednesday’s filing. “Appellants nonetheless plan to secure and post a bond in the amount of $100 million.”
By paying the bond, Trump’s team says Attorney General Letitia James should be assured that she can collect on the judgment if necessary. James has warned that she is prepared to take action in the court system to seize Trump’s properties if the penalty is not paid.
Trump’s lawyers filed an appeal of the fraud judgment on Monday. Alina Habba, the attorney that represented Trump in the case, said in a statement she expects the appeals court to overturn the judgment.
Trump supporters have raised more than $1.2 million to help pay the penalty against him. The fundraiser was started within hours of Engoron’s ruling by Elena Cardone. More than 22,800 donations have been made, including an anonymous $10,000 contribution and several of $1,000 or more.
