Donald Trump and his real estate empire were handed a lifeline on Monday after an appeals court ruled the former president could post a $175 million bond in his civil fraud case.
The Republican nominee was poised to have his bank accounts frozen and his properties seized if he failed to produce a $454 million (£357 million) bond by the end of the day on Monday.
But Mr Trump, 77, was handed an eleventh-hour victory after a five-judge panel approved his bid to pause his civil fraud judgment if he posts a $175 million bond within 10 days.
Monday’s payment deadline was set by New York prosecutors after Judge Arthur Engoron ruled last month that Mr Trump’s company fraudulently inflated his net worth to obtain favourable loans from banks and insurers.
If the court had denied his appeal and he had not produced a bond for the full amount, Letitia James, the New York attorney general, would have had the power to freeze several bank accounts and begin the process of seizing some of his properties.
Earlier on Monday, Mr Trump shared several posts on social media railing against the enormous fine.
“Why should I be forced to sell my ‘babies’ because a CORRUPT NEW YORK JUDGE & A.G. SET A FAKE AND RIDICULOUS NUMBER”, he wrote on Truth Social.
It came as judge in Mr Trump’s hush money case set a date of April 15 for the trial to begin.
Ignoring appeals from Mr Trump’s legal team Justice Juan Merchan said the trial will go ahead.
The trial, which centres on an alleged $130,000 payment to pornstar Stormy Daniels, had initially been slated to begin on Monday but was delayed following the disclosure of more than 100,000 documents.
The documents were dismissed as a delay tactic.
Trump must find a company to post bond
Under New York law, Ms James could have enforced the $454 million judgment once it became final last month but she allowed Mr Trump a 30-day grace period that expires on Monday.
Ms James could have immediately sent so-called restraining notices to his banks and brokerage firms, effectively freezing his accounts. She could have then asked a court to allow her department to access the money in those accounts.
To satisfy the court, Mr Trump must now find a company willing, for a fee, to post the $175 million bond on his behalf. That would involve the provider agreeing to cover the cost of that payment if Mr Trump loses a pending appeal and fails to pay.
The win for Mr Trump came as he sat in a Manhattan court for a hearing to determine when his Stormy Daniels hush money trial will begin.
The hearing appeared to be less beneficial for Mr Trump, whose lawyer Todd Blanche came to blows with Justice Juan Merchan several times.
A spokesperson for the New York attorney general’s office said: “Donald Trump is still facing accountability for his staggering fraud.
“The court has already found that he engaged in years of fraud to falsely inflate his net worth and unjustly enrich himself, his family, and his organisation. The $464 million judgment – plus interest – against Donald Trump and the other defendants still stands.”
Source link
