By Christian Wade (The Center Square)
Former President Donald Trump has posted a $175 million bond in his New York civil fraud trial, blocking the seizure of his assets while the case is being appealed.
Last week, a state appeals court gave Trump and his co-defendants 10 days to post the bond after reducing the amount he needed to ante up from the initial $464 million judgment. The bond Trump posted Monday was backed by Knight Speciality Insurance Company, according to court filings, which is part of a consortium run by Los Angeles-based billionaire Don Hankey.
Trump attorney Alina Habba predicted that the former president and presumptive Republican presidential nominee will be vindicated when the court hears the appeal.
“As promised, President Trump has posted bond,” Habba said in a statement. “He looks forward to vindicating his rights on appeal and overturning this unjust verdict.”
Trump is appealing a ruling by Superior Court Judge Arthur Engoron in a civil fraud lawsuit brought by James in 2022, accusing the judge of “errors of law and/or fact, abused its discretion, and/or acted in excess of its jurisdiction.”
Engoron found that Trump, his company and top executives, including his sons Donald Trump Jr and Eric Trump, deceived banks and insurers by inflating the value of his family’s wealth on financial statements used to secure loans. He also ordered Trump and his co-defendants to pay penalties.
The ruling also stipulates that the former president’s sons can’t serve as officers or directors of any New York corporation for two years. The judge also fined Trump’s sons $4 million each.
Trump is required to file a surety bond to back the monetary judgment while the court considers his appeal. Attorney General Letitia James, a Democrat who brought the fraud charges, had threatened to seize some of Trump’s assets if he didn’t pay the fines. If Trump doesn’t win his appeal, he will have to pay more than $450 million — with interest — from the initial judgment in the fraud case.
The civil case is one of Trump’s many legal challenges as he campaigns for president. He is also appealing another verdict in New York after a jury awarded writer E. Jean Carroll $83 million in damages stemming from her defamation lawsuit. Last month, a federal judge approved Trump’s $91.6 million bond in that case while the appeal is considered.
Trump has denied any wrongdoing, claiming the indictments are part of a politically motivated “witch hunt” to keep him off the ballot.
On Monday, Trump took to social media to blast the bond payment, referring to it as “money I can’t use on my campaign. Just what Crooked Joe wanted. WITCH HUNT!”
“The case was a fabricated ELECTION INTERFERENCE con job, so bad for New York, where businesses are fleeing & violent crime is flourishing,” Trump posted on Truth Social. “The Crooked Judge, to suit his narrative, valued Mar-a-Lago, in Palm Beach, Florida, at $18,000,000, when it is worth 50 to 100 times that amount. He ruled I was guilty before he ever saw the case.”
Syndicated with permission from The Center Square.
