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Trump unable to pay $454 million bail in New York fraud case

  • March 18, 2024
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Ex-president USA Donald Trump couldn’t get one pledge allowing him to appeal the $454 million verdict against him, in the event civil fraud in New York, without having

Ex-president USA Donald Trump couldn’t get one pledge allowing him to appeal the $454 million verdict against him, in the event civil fraud in New York, without having to pay the full amount himself, his lawyers said Monday.

Trump must receive cash or post bail to prevent state authorities from confiscating his property while he appeals the judge’s decision. Arthur Engoron ordering him and his co-defendants to pay $464 million in fines and interest for misrepresenting the value of property to defraud lenders and insurers.

In a lawsuit filed Monday, lawyers for the Republican presidential candidate urged a mid-level state appeals court to stay the sentence, arguing the amount was excessive.

“Imposing a no-bail requirement as a condition of appeal would cause irreparable harm to the defendants,” Trump’s lawyers wrote.

They also asked that he be allowed to post $100 million bail while he appeals his conviction. The bail bond company will take care of any payments if Trump loses his appeal and is unable to repay the money.

Trump’s lawyers included a statement Gary Giulietti head of insurance broker Lockton Companies, whom the billionaire hired to help get bail.

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Giulietti wrote that issuing the $464 million bond is “impossible under the current circumstances,” noting that many guarantors will not issue bonds over $100 million and are only willing to accept cash or securities as security, not real estate.

Trump has denied wrongdoing in the case brought by the New York attorney general. Letitia James in front of him Manhattan State Court.

Earlier this month, Trump posted $91.6 million bail to cover his $83.3 million verdict. slander from E. Jean Carroll during an appeal in a case that stemmed from him calling the writer a liar after she accused him of raping her decades ago.

(Reuters)

Source: Aristegui Noticias

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