Former President Trump Seeks to Post $100 Million Bond Amid Civil Fraud Case Penalties
ICARO Media Group
Judge Arthur Engoron issued a judgment totaling more than $454 million, which increases by almost $112,000 daily until paid. Additionally, Trump, his business, and top executives have been barred from obtaining loans from New York banks for three years.
In a move to halt the penalties, Trump's legal team has proposed posting a $100 million bond, arguing that the excessive judgment makes it challenging to secure a bond covering the entire amount. Trump's lawyers stated in court filings that an independent monitor, as proposed by the judge, would assure enforcement if they lose their appeal, emphasizing Trump's substantial real estate ownership in New York as sufficient collateral.
New York Attorney General Letitia James has vowed to seize Trump's assets if he fails to fulfill the judgment. Despite Trump's claims of having over $400 million in cash, the state argues he lacks the liquid assets to cover the penalty. Trump's appeal, filed with New York's 1st Judicial Department Appellate Division, aims to overturn the fine and restore trust in the state's legal system.
The legal battle continues as the former president navigates the financial repercussions of the fraud case, facing mounting penalties each day until the issue is resolved.