Trump plans to post $100M bond in appeal of New York civil fraud judgement

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 Trump plans to post $100M bond in appeal of New York civil fraud judgement
by Ella Lee - 02/28/24 12:28 PM ET

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 judgement 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.

more
https://thehill.com/regulation/court-battles/4494342-trump-plans-to-post-100m-bond-in-appeal-of-new-york-civil-fraud-judgement/

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Jonathan Turley
@JonathanTurley
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The order of Judge Anil Singh stays the ban over Trump from taking out loans from New York banks and the ban on serving as an officer of a New York company. That leaves him with an astronomical bond burden but gives him more leeway in financing this critical deposit...

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Jamie Gangel
@jamiegangel
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Breaking - Trump must come up with the full bond amount to cover the $454 million civil fraud trial judgment, appeals court judge rules | CNN Politics ⁦

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Breaking911
@Breaking911
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BREAKING: A judge from the appeals court has ruled that Trump is required to provide the entire bond amount to address the $454 million civil fraud trial judgment

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Judge rejects Trump bid to pause payment of $454 million fraud penalty amid appeal

Judge Arthur Engoron, earlier this month, levied the penalty after determining that Trump could be held liable for fraud.
By Ben Whedon

Published: February 28, 2024 4:17pm

Updated: February 28, 2024 4:23pm

A New York judge on Wednesday rejected former President Donald Trump's bid to pause enforcement of a $454 million civil fraud penalty from state Attorney General Letitia James's prosecution while he appeals the decision.

Judge Arthur Engoron, earlier this month, levied the penalty after determining that Trump could be held liable for fraud. James had alleged that Trump manipulated the value of his assets to secure favorable loan terms and lower insurance premiums.

Judge Anil Singh rejected Trump's proposal to post $100 million bond instead of the full amount, but did pause an order preventing him from seeking loans from New York banks for three years, the Associated Press reported. Trump's attorneys had proposed the partial payment to secure a stay on collection earlier the same day.

Trump has appealed Engoron's judgement and has asked the court to consider whether he "committed errors of law and/or fact" or abused his discretion over the matter.

In his order, Engoron fined Trump nearly $355 million in penalties, as well as roughly $100 million in interest. James, for her part, has suggested that she may move to seize Trump's assets, including his New York properties, if he is unable to pay the sum.

"We are prepared to make sure that the judgment is paid to New Yorkers, and yes, I look at 40 Wall Street each and every day," she said earlier this month, in reference to the Trump building.

https://justthenews.com/government/courts-law/judge-rejects-trump-bid-block-payment-454-million-fraud-penalty-amid-appeal?utm_source=mux&utm_medium=social-media&utm_campaign=social-media-autopost

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 Judge rejects temporary pause in enforcement of Trump civil fraud penalties
by Ella Lee - 02/28/24 4:19 PM ET


A New York appellate division judge ruled Wednesday that multimillion-dollar penalties imposed on former President Trump in his civil fraud case will not be paused while he appeals the judgment, however, for now, Trump can apply for loans. 

Justice Anil Singh temporarily denied the former president’s request to stay the enforcement of the more than $454 million in penalties a different New York judge ordered him to pay for conspiring to alter his net worth to receive tax and insurance benefits. 

Trump had offered to post a $100 million bond while the appeals process plays out, writing in court filings that the staggering judgment made it “impossible” to secure a bond covering the full amount. Posting a bond in the full amount would automatically halt enforcement of the penalties. 

However, Singh did grant a temporary pause on two other elements of Judge Arthur Engoron’s ruling earlier this month: that Trump and his co-defendants can’t serve in top leadership positions in any New York business, and that the defendants cannot apply for loans from any New York financial institution.

Trump’s lawyers raised concerns earlier Wednesday that Engoron’s ruling could preclude them from seeking a surety bond for the full judgment amount. Otherwise, Trump would have had to come up with the cash himself – a feat that might have required selling properties or other assets. 

“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 1,800-page court filing.

Lawyers with New York Attorney General Letitia James’s (D) office argued earlier Wednesday that there was “no merit” to defense arguments that a full bond is unnecessary.  James (D) has said she would seize some of Trump’s assets if he’s not able to cover the cost of the judgment.

“Defendants all but concede that Mr. Trump has insufficient liquid assets to satisfy the judgment; defendants would need ‘to raise capital’ to do so,” state lawyer Dennis Fan wrote.

Singh’s ruling is only temporary, until Trump’s motion to put a pause on paying up goes before a full panel of New York 1st Judicial Department Appellate Division justices. 

https://thehill.com/regulation/court-battles/4495403-judge-rejects-temporary-pause-in-enforcement-of-trump-civil-fraud-penalties/