Trump Posts $175 Million Bond to Prevent New York From Seizing Assets
Former President Donald Trump posted a $175 million bond on Monday to prevent New York from seizing assets like Trump Tower as he appeals the recent civil fraud case that ruled he cheated business partners to increase his company’s profits.
“Donald Trump posted a $175 million bond on Monday to prevent New York authorities from seizing his assets, including properties such as Trump Tower, pending appeal of a civil fraud judgment against him of nearly a half-billion dollars,” the Washington Post reported.
“The former president’s posting of the bond was necessary to keep New York Attorney General Letitia James (D) from initiating legal steps to take over his properties,” it added.
Trump recently appealed a ruling from New York Supreme Court Justice Arthur Engoron claiming that he, Donald Trump Jr., Eric Trump, and two former executives fraudulently inflated the value of his assets to increase profit and savings. The bond to prevent New York from seizing his assets was initially set at $450 million, but an appellate court panel reduced the bond to $175 million last week on the condition that he post it within ten days.
“I greatly respect the decision of the appellate division and I’ll post the $175 million in cash or bonds or security or whatever is necessary very quickly within the 10 days, and I thank the appellate division for acting quickly,” Trump said last week. (Read more from “Trump Posts $175 Million Bond to Prevent New York From Seizing Assets” HERE)
Photo credit: Gage Skidmore via Flickr
