HOUSTON, US
Former US President Donald Trump posted the $175 million bond in his civil fraud case in the state of New York on Monday, according to court filings.
The funds were secured from Knight Specialty Insurance Company and temporarily postpones the seizure of Trump’s properties by New York Attorney General Letitia James while he appeals the ruling that he conducted deceitful business practices, according to media outlets.
A state appeals court last week reduced the bond amount from $464 million which was handed down in the original settlement. Judge Arthur Engoron ruled in February that Trump, his business and top executives — including his two adult sons, Eric and Don Jr. — engaged in years of fraud to falsely inflate his net worth to enrich himself through tax and insurance benefits.
“The frauds found here leap off the page and shock the conscience,” Engoron wrote in his judgement.
Posting the $175 million bond also pauses part of the judgement that barred Trump and his executives from serving in top leadership positions of any New York businesses for several years.
Trump has denied all wrongdoing in the case. The former president’s attorney, Alina Habba, said he “looks forward to vindicating his rights on appeal and overturning this unjust verdict.”
If the appeal is denied, Trump and his co-defendants will be on the hook for the entire $464 million settlement, and if there is not enough cash to cover the full amount, the attorney general could enforce the ruling by seizing Trump’s assets.
“We are prepared to make sure that the judgement is paid to New Yorkers,” James previously said.
