Trump Plans To Post $100M Bond In Appeal Of New York Civil Fraud Judgment

By The Hill
Posted on 02/29/24 | News Source: The Hill

Former President Trump asked a New York appeals court to put on hold the enforcement of the multimillion dollar penalties he faces in his civil fraud case, suggesting he’d post a $100 million bond while the process plays out.

Judge Arthur Engoron ordered Trump to pay nearly $355 million, plus interest, in penalties after finding he conspired to alter his net worth to receive tax and insurance benefits. The total judgment against Trump, which climbs nearly $112,000 in interest each day he doesn’t pay it, now amounts to more than $454 million.

On top of that, Engoron ruled that Trump, his business and top executives could not obtain loans from New York banks for three years.

Trump’s lawyers wrote in court filings Wednesday that the staggering judgement makes it “impossible” to secure a bond covering the full amount, which would have automatically put enforcement of the penalties on pause.

“The exorbitant and punitive amount of the Judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond,” Trump’s lawyers wrote in a nearly 1800-page court filing.

The lawyers also argued that an independent monitor put in place by the judge would ensure that Trump and his business pay up if they lose their appeal. Trump’s “vast ownership interests” in New York real estate — the many properties he owns there — “would alone be sufficient to adequately secure any judgment affirmed,” they said.

New York Attorney General Letitia James (D) has said she would seize some of Trump’s assets if he’s not able to cover the cost of the judgement.

Trump’s net worth is famously obscure, but estimators including Forbes and Bloomberg place his wealth between $2.6 billion and $3.1 billion. The former president previously told lawyers with the New York attorney general’s office that he has “substantially in excess of $400 million in cash.”  

Trump filed his appeal on Monday with New York’s First Judicial Department Appellate Division. One of his lawyers, Alina Habba, said in a statement earlier this week that Trump’s team expects the court to “overturn this egregious fine and take the necessary steps to restore the public faith in New York’s legal system.”