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Home » Trump posts $175m bond in New York fraud case

Trump posts $175m bond in New York fraud case

He was found in February to have fraudulently inflated property values.

by NWMNewsDesk
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Former US President Donald Trump has posted a $175m (£140m) bond in his New York civil fraud case, staving off asset seizures by the state.

Mr Trump was originally ordered to pay the full $464m judgment against him, but an appeals court said he could pay the smaller sum within 10 days.

He was found in February to have fraudulently inflated property values.

The Republican denies wrongdoing and says the case is a political witch hunt by the Democratic prosecutor.

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If he loses his appeal, Mr Trump will have to come up with the $464m. His lawyers had argued before the appellate court that securing a bond for that amount would be a “practical impossibility”.

Monday’s bond payment will – for now at least – spare Mr Trump the humiliation of seeing his real estate assets such as Trump Tower in Manhattan and his Mar-a-Lago estate in Florida taken away from him.

In a statement, his lawyer Alina Habba said: “As promised, President Trump has posted bond. He looks forward to vindicating his rights on appeal and overturning this unjust verdict.”

Mr Trump argued the case had no victims because the banks got repaid with interest and no financial institution sued him for the exaggerated estimates of his net worth.

Justice Engoron also barred Mr Trump from running a New York business for three years.

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