Donald Trump can’t post full bond in New York fraud case, offers US$100 million
- Lawyers made the request in their bid to pause a US$454.2 million civil fraud judgment against the ex-US president, but the judge did not grant a stay
- This means Trump must soon post assets with the court to prevent authorities from seizing his property
Donald Trump on Wednesday lost a bid to pause a US$454.2 million civil fraud judgment against him for overstating his net worth and real estate values to dupe lenders while he appeals, meaning he must soon post assets with the court to prevent authorities from seizing his property.
In asking for the stay, the ex-US president’s lawyers said he was unable to post a bond for the full amount of the judgment while he appeals and wanted instead to secure a US$100 million bond. A bonding company would be on the hook for any payout if Trump loses his appeal and proves unable to pay.
The decision by Associate Justice Anil Singh of the New York Appellate Division must still be affirmed by a full panel of the mid-level state appeal court. Singh nonetheless granted Trump’s request for a stay of a portion of the decision barring him from running any New York corporation or applying from loans from the state’s banks for three years.
Trump’s lawyers did not immediately respond to a request for comment on Singh’s decision.
Trump is appealing against a February 16 decision by Justice Arthur Engoron of the state court in Manhattan that also includes a three-year ban from serving in a top role at any New York company or seeking loans from banks registered in the state.