The former president stopped the collection of nearly a half-billion dollar judgment in the case against him while he appeals the verdict
Donald Trump posted a $175 million bond in the New York civil fraud case against him on Monday, preventing state authorities from collecting a $454 million penalty and seizing his assets, including properties such as Trump Tower, while he appeals the verdict.
If his appeal fails, the former president, who is seeking to return to the White House in the November election, will still owe the nearly half-billion dollar judgement, plus millions in interest. If Trump wins the appeal, he’ll get back the money he posted and won’t owe the state anything.
Trump initially struggled to gather the full penalty leveled against him in the New York civil court ruling after he was found liable for years of financial fraud against investors and the state. After his lawyers said he wasn’t going to be able to come up with the money after 30 underwriters rejected him, an appeals court later bailed him out — blocking collection of the judgment and giving the former president 10 days to post a drastically reduced $175 million bond.
The order was a major win for Trump, whose assets were going to be subject to seizure if he couldn’t post bond by Monday. The $175 million bond Trump and the other defendants posted Monday was provided by Los Angeles-based Knight Insurance Group, according to the Associated Press.
“As promised, President Trump has posted bond. He looks forward to vindicating his rights on appeal and overturning this unjust verdict,” said Trump’s attorney, Alina Habba, per AP.
Trump, his flagship company, as well as several employees and family members, were declared liable for fraud in September after the state alleged they had ripped off investors and taxpayers by manipulating the values of Trump’s properties. Judge Arthur Engoron barred the former president “from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years.”
