Days before President Trump posted bond, he said on social media that he had nearly $500 million in cash but intended to use much of it on his presidential camp
Former President Donald Trump has posted a $175 million bond in his New York civil fraud case, meeting the 10-day deadline given on March 25 and staying execution of judgment in the case.
The payment prevents any seizure of President Trump’s assets as his appeal of the case is heard.
“As promised, President Trump has posted bond. He looks forward to vindicating his rights on appeal and overturning this unjust verdict,” the president’s attorney Alina Habba said in a statement.
Knight Specialty Insurance Company, based in Los Angeles, put up the bond.
New York Attorney General Letitia James sued the 45th president in 2022, accusing him of inflating his net worth and defrauding insurers and banks, and therefore the public, in Trump Organization annual statements of financial condition.
Eric Trump, Donald Trump Jr., former Trump Organization CFO Allen Weisselberg and comptroller Jeffrey McConney, and several Trump Organization holding companies were named codefendants in the case presided over by New York Supreme Court Justice Arthur Engoron in a three-month bench trial.
The judge ultimately ordered $363 million disgorgement with 9 percent backdated interest, totaling $464 million, with the lion’s share to be paid by President Trump; as well as prohibiting the defendants from holding director positions in any business or legal entity in New York for a period of time, and a minimum three-year monitorship of Trump Organization after which there may be additional penalties.
The posting of the judgment amount was not required in order for President Trump to appeal the case, but had been a requirement to stay enforcement of the judgment in the meantime.
“I’ll fight this all the way up to the U.S. Supreme Court if necessary,” President Trump told Fox News days before the deadline. “They can’t take away your property before you’ve had a chance to appeal the decision of a Trump-hating, incompetent judge who has been overturned more than any judge in the state.”
