Poli Alert Political & Civics
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Jimmy Williams
A panel of state appeals judges on Monday granted former President Donald Trump a reprieve by reducing the bond he must post to halt enforcement of a $454 million civil judgment for corporate fraud.
The panel ruled that Trump can now post a bond of $175 million while he appeals the verdict, giving him 10 days to do so.
Trump, who previously claimed he couldn’t obtain a bond to cover the full judgment, expressed his intention to comply with the court’s decision. His legal team argued that securing a bond for the full amount was impossible, having been rejected by 30 insurance companies. They had proposed a $100 million bond instead.
The civil judgment stems from Justice Arthur Engoron’s finding that Trump and his company inflated the value of his real estate properties. While the total judgment amounts to $464 million, the majority, about $454 million, is against Trump and his companies. Other defendants, including Trump’s sons and former business associates, also face significant judgments.
A bond serves as a promise by a third-party company to pay the judgment if the defendant loses on appeal. Monday’s ruling also halted several other aspects of the civil fraud verdict, such as restrictions on Trump and his sons serving as officers or directors of New York businesses. However, it retained a court-ordered monitor to oversee Trump’s businesses during the appeal process.
Despite the reduced bond, the attorney general emphasized that the verdict and judgment against Trump remain unaffected, holding him accountable for alleged fraud to falsely inflate his net worth.
This decision follows Trump’s recent securing of a $91.6 million bond to prevent enforcement of another judgment against him for defamation. In that case, Trump was found liable for defaming author E. Jean Carroll, who accused him of sexual assault.
As Trump navigates these legal challenges, the specifics of the properties, investments, or cash he pledged for the bond remain unclear. The insurance company that issued the bond faced criticism but clarified that it was not endorsing or supporting Trump.
