Former President Donald Trump posted a $175 million bond on Monday to prevent New York from seizing assets like Trump Tower as he appeals the recent civil fraud case that ruled he cheated business partners to increase his company’s profits.
“Donald Trump posted a $175 million bond on Monday to prevent New York authorities from seizing his assets, including properties such as Trump Tower, pending appeal of a civil fraud judgment against him of nearly a half-billion dollars,” the Washington Post reported.
“The former president’s posting of the bond was necessary to keep New York Attorney General Letitia James (D) from initiating legal steps to take over his properties,” it added.
New York Attorney General Letitia James speaks Feb. 16, 2024, in New York. (AP Photo/Bebeto Matthews, File)
Trump recently appealed a ruling from New York Supreme Court Justice Arthur Engoron claiming that he, Donald Trump Jr., Eric Trump, and two former executives fraudulently inflated the value of his assets to increase profit and savings. The bond to prevent New York from seizing his assets was initially set at $450 million, but an appellate court panel reduced the bond to $175 million last week on the condition that he post it within ten days.
“I greatly respect the decision of the appellate division and I’ll post the $175 million in cash or bonds or security or whatever is necessary very quickly within the 10 days, and I thank the appellate division for acting quickly,” Trump said last week.
Should Trump lose his appeal, he will owe more than “$450 million from a civil court judgment after James won the fraud case against him, alleging he deceived lenders and insurance companies by inflating his net worth by up to $2.2 billion annually from 2011 to 2021.”
Trump told Fox News last week that he would appeal Engoron’s ruling “all the way to the U.S. Supreme Court if necessary.”
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