(IntegrityPress.org) – Donald Trump’s legal team has claimed that it is not possible for the former president to post a bond for the New York state civil fraud case against him. The prosecution, led by New York Attorney General Letitia James, won its case against Trump, in which he was found to have defrauded lenders by overvaluing the worth of his assets in order to leverage better deals for his business.
Judge Arthur Engoron, presiding over the case, issued an order to Trump on February 23 to pay $454 million in damages to the State of New York and barred him from operating his business in the state for three years. Trump, whose attorneys have argued that no victim was ever identified in the case and that all loans were fully repaid, has launched an appeal against the ruling. One appeals judge already ordered a stay on the ban against operating his business in the state, as this ban would have made applications for bond much more difficult. However, that same judge denied Trump’s request to post a much smaller bond of $100 million.
Despite currently appealing the ruling, Trump must still pay the full amount. His lawyers have told the court that they have approached 30 different companies with the aim of securing the necessary bond, but none of them are able to post such a large amount. However, if he cannot pay the full amount within 30 days of Engoron’s ruling, he risks the state seizing his properties to cover the fine, something for which Letitia James has already stated her support.
In the Appellate Division court filing submitted by Trump’s lawyers on Monday March 18, they have again requested permission to post a smaller bond of $100 million, saying that $454 million is excessive and infeasible. Gary Giulietti, an insurance brokerage executive for Lockton Companies, contracted by Trump to help secure a bond, stated in the filing that most bond companies would not entertain the possibility of posting a bond above $100 million, and would only take liquid assets as collateral, not property, which makes up much of Trump’s estimated $2.6 billion net worth.
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