In a significant development, former President Trump managed to secure a $175 million bond in his New York civil fraud case on Monday evening.
This move effectively prevents the potential seizure of his assets as he appeals a state judge’s unfavorable ruling regarding his deceptive business practices.
A bond issued by the Knight Specialty Insurance Company has effectively prevented New York Attorney General Letitia James (D) from collecting the $464 million, along with interest, that was awarded in a judgment against Trump, his business, and key executives.
This restriction will remain in place until the appellate process is completed.
Last year, Judge Arthur Engoron ruled that Trump, the Trump Organization, and several top executives, including two of Trump’s adult sons, were found liable for fraud.
In February, a ruling was made claiming that there was a conspiracy to manipulate the former president’s net worth in order to gain tax and insurance benefits.
Furthermore, Trump and the executives faced a financial penalty and were prohibited from holding high-ranking positions in New York businesses for a number of years.
However, this penalty was temporarily halted by the bond.
In response to a state appeals court’s ruling, Trump and his co-defendants were required to post a reduced amount of $175 million as a bond, temporarily halting the enforcement of the full judgment.
In a recent development, the state had initiated the process of seizing Trump’s Seven Springs golf resort and private estate by filing judgments in Westchester County, New York.
This significant move came before Trump posted bond. Several judgments have already been filed in Manhattan, where the fraud trial unfolded and where some of his most renowned properties are situated.
Now that enforcement has been temporarily halted, the appeals process can proceed accordingly.
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