Trump posts $175m bond in New York fraud case

3 weeks ago 29

Donald Trump attends his New York business fraud trial.Image source, Getty Images

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Donald Trump attends his New York business fraud trial.

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 judgement against him, but an appeals court said he could pay the smaller sum within 10 days.

He was found to have fraudulently inflated his property values.

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

Last month, in addition to ordering Mr Trump to pay a significant financial penalty, Justice Arthur Engoron barred him from running a New York business for three years.

He was also barred from getting loans from New York financial institutions for three years.

The ruling placed Mr Trump, who has said in depositions and on social media that he has $400m or $500m in cash on hand, under a serious financial crunch.

Forbes Magazine currently estimates his net worth at $6.4bn - it more than doubled after the parent company of his social media platform Truth Social went public last week.

Around the same time a judge found him liable for fraud, Mr Trump had to secure a $91m bond after losing an unrelated defamation case brought by the writer E Jean Carroll.

To delay enforcement of the penalty while he appealed the civil fraud case, Mr Trump initially sought a bond from 30 companies but was unable to secure one, his lawyers wrote in court filings.

The appeals court reduced the amount he would need to post last week.

Mr Trump has appealed Justice Engoron's ruling, and the higher court has stayed the ban on Mr Trump's ability to run a business and get loans while they consider the matter.

It could take months, or longer, for the appeals court to decide the case.

In the meantime, Mr Trump's first criminal trial - over his alleged attempt to fraudulently conceal hush-money payments to an adult film star ahead of the 2016 election - is scheduled to will begin on 15 April in Manhattan.

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