Billionaire Donald Trump Can’t Post His New York Fraud Bond
For all his bravado about his fabulous wealth, Donald Trump clearly doesn’t have the cash to handle his legal comeuppance.On Wednesday, the former president counter-offered his now $454 million penalty in his New York civil fraud trial, suggesting instead that he could post a $100 million bond until his appeal concludes. In a nearly 1,800-page court filing, Trump’s attorneys argued that it would be “impossible” to secure a bond covering the full amount of the multimillion-dollar ruling.“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 suggesting that Trump’s New York real estate could be used as collateral should he lose his appeal.It’s unclear why Trump—who reportedly holds roughly $600 million in liquid assets—is struggling to pay off his legal debts, especially with all the help from his newly launched sneaker campaign and a fan-funded GoFundMe. Whatever the reason, it doesn’t matter. New York Attorney General Letitia James has said that she would seize some of his assets if he can’t muster the moolah.“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” James told ABC last week.Justice Arthur Engoron had originally slapped a $354 million fine on Trump for committing real estate–related fraud in New York, but by last week, that sum had grown to $454.2 million thanks to added interest, which is tacking on an additional $112,000 with each passing day.The penalty also came with an addendum that Trump cannot serve as an officer or director of a New York company for three years, including his own Trump Organization. His two adult sons were also penalized by the ruling: They’ll have to stay out of New York business for two years. All in all, Trump will owe roughly $354 million for the real estate–related fraud. His two sons will owe $4 million each.They will also be prevented from obtaining loans from any New York financial institutes for three years.
For all his bravado about his fabulous wealth, Donald Trump clearly doesn’t have the cash to handle his legal comeuppance.
On Wednesday, the former president counter-offered his now $454 million penalty in his New York civil fraud trial, suggesting instead that he could post a $100 million bond until his appeal concludes.
In a nearly 1,800-page court filing, Trump’s attorneys argued that it would be “impossible” to secure a bond covering the full amount of the multimillion-dollar ruling.
“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 suggesting that Trump’s New York real estate could be used as collateral should he lose his appeal.
It’s unclear why Trump—who reportedly holds roughly $600 million in liquid assets—is struggling to pay off his legal debts, especially with all the help from his newly launched sneaker campaign and a fan-funded GoFundMe. Whatever the reason, it doesn’t matter. New York Attorney General Letitia James has said that she would seize some of his assets if he can’t muster the moolah.
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” James told ABC last week.
Justice Arthur Engoron had originally slapped a $354 million fine on Trump for committing real estate–related fraud in New York, but by last week, that sum had grown to $454.2 million thanks to added interest, which is tacking on an additional $112,000 with each passing day.
The penalty also came with an addendum that Trump cannot serve as an officer or director of a New York company for three years, including his own Trump Organization. His two adult sons were also penalized by the ruling: They’ll have to stay out of New York business for two years. All in all, Trump will owe roughly $354 million for the real estate–related fraud. His two sons will owe $4 million each.
They will also be prevented from obtaining loans from any New York financial institutes for three years.
