Former US President Donald Trump has paid $175 million in bail in a fraud case in New York. In this way, he avoided confiscation of his assets. In the future, Trump is going to file an appeal to challenge the verdict.
This was reported by The Washington Post. The publication notes that Trump posted bail to keep his assets from being seized while he appeals his civil fraud conviction. The posting of this bail was simply necessary to prevent New York State Attorney General Letitia James from initiating legal action to alienate the former president’s property.
“Trump posted bail on the decision of the appellate court, which last week reduced it to $175 million. However, if the former president does not win the appeal, he will still have to pay a fine of more than $450 million by a civil court decision,” the publication says.
CNN adds that Trump secured the bail through Knight Specialty Insurance Company. It is owned by the private Hankey Group, whose chairman of the board told ABC News that he considers himself a supporter of Donald Trump.
Trump’s fraud case
Earlier, a US court found that Trump had engaged in fraud by overstating the value of real estate, including his Mar-a-Lago estate in Florida, a penthouse in Manhattan’s Trump Tower skyscraper, as well as various office buildings and golf courses, to defraud investors and creditors. Trump’s sons are also accused in this case.
In February 2024, a New York court ordered the former US ex-president to pay a 454 million fine, including interest, in the so-called fraud case. The court ruling stated that the business empire of the former head of state, the Trump Organization, overstated the value of its real estate, thus obtaining more favorable bank loans.
On March 25, Donald Trump wins a motion in the Court of Appeals to reduce the amount of bail to appeal the decision in the New York fraud case from $464 million to $175 million. Prior to that, Trump’s lawyers argued that it was impossible to pay the full $464 million bail on the verdict against him.
