Judge rejects Trump’s request for $100M bond, orders $450M penalty in fraud case
An Appeals Court Judge Denies Trump’s Request to Reduce Bond in Civil Fraud Case
OAN’s Abril Elfi
6:20 PM – Wednesday, February 28, 2024
In a blow to former President Donald Trump, an appeals court judge has rejected his attempt to lower the bond amount in his civil fraud case from over $450 million to $100 million. Trump had also requested a hold on the judgment.
Earlier in the day, Trump had hinted that he lacked the funds to prevent the judgment from being enforced. He asked the appeals court to place a hold on the financial penalty and other penalties imposed by Justice Arthur Engoron, who found that Trump had misrepresented his personal wealth and real estate holdings.
The New York appeals court, specifically the First Department of the Appellate Division, will now consider whether to halt the judgment while Trump pursues his appeal. Associate Justice Anil Singh’s interim ruling on Wednesday denied Trump’s main request but delayed one of Engoron’s penalties, a three-year prohibition on Trump obtaining a loan from a New York bank.
This means that Trump can request an appeal bond to cover the entire fine, which would prevent any collection attempts while the appeals process is ongoing.
Trump’s lawyers argued that the loan restriction and the associated costs and fees of the bond would make it impossible for him to secure and post a complete bond, estimating the total expense to exceed $550 million.
“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.
Instead, Trump’s attorneys proposed a $100 million bond, significantly lower than the usual requirement to halt the judgment’s enforcement.
Meanwhile, New York Attorney General Letitia James, who filed the civil fraud lawsuit against Trump, stated that she could seize his properties or bank accounts if he fails to secure a full bond or provide the necessary funds himself.
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How is Trump’s legal team navigating the financial aspects of the case?
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Trump’s civil fraud case stems from allegations that he inflated his net worth and the value of his real estate holdings in order to secure loans and other financial benefits. The case has been ongoing for several years, and Justice Arthur Engoron recently ruled against Trump, imposing the $450 million bond and other penalties.
In his appeal, Trump argued that the bond amount was excessive and unfair, claiming that it would be impossible for him to secure and post the full amount. His lawyers proposed a reduced bond of $100 million, arguing that this would be a more reasonable requirement. However, the appeals court judge, Anil Singh, denied Trump’s request to lower the bond amount.
While the judge denied the request to lower the bond, he did delay one of the penalties imposed by Justice Engoron - a three-year prohibition on Trump obtaining a loan from a New York bank. This gives Trump some temporary relief while the appeals process is ongoing.
Trump’s lawyers expressed concern that the high bond amount and the loan restriction would make it impossible for him to secure and post a complete bond. They argued that the expenses and fees associated with the bond would exceed $550 million, making it financially burdensome for Trump.
On the other hand, New York Attorney General Letitia James, who filed the civil fraud lawsuit against Trump, stated that she has the power to seize Trump’s properties or bank accounts if he fails to secure a full bond or provide the necessary funds himself.
Overall, this ruling by the appeals court judge is a setback for Trump in his civil fraud case. It highlights the financial challenges he may face in attempting to appeal the judgment and defend himself against the allegations of fraud. The appeals court will now consider whether to halt the judgment while Trump pursues his appeal, providing a crucial next step in the legal process.
As the case continues to unfold, it will be interesting to see how Trump’s legal team navigates the financial aspects of the case and whether they are able to secure a bond or find alternative solutions to the high monetary demand. The outcome of this civil fraud case will have significant implications for Trump’s financial standing and reputation.
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