The New York attorney general’s office is urging a judge to reject the $175 million bond that former President Donald Trump posted in his civil business fraud case. The attorney general, Letitia James, argues that Trump and the other defendants have not proven that they can back the bond if their appeal is unsuccessful. Additionally, the insurance company, Knight Specialty Insurance Company, used by Trump to obtain the bond, is not authorized to write bonds in New York. The attorney general’s request, disclosed in a court filing on Friday, sets the stage for a court hearing on the bond dispute scheduled for Monday.
Trump’s legal team contends that Knight Specialty Insurance Company is a legitimate company qualified to write the bond. However, if Trump’s payment is not accepted, the attorney general’s office has the authority to take swift action against his bank accounts and real estate holdings if he is unable to come up with the $175 million required in the fraud case.
This civil fraud case stems from a ruling made by Judge Arthur F. Engoron in February. The judge determined that Trump, along with his sons and the Trump Organization, had obtained more favorable loan and insurance terms by inflating the value of his assets over an extended period. As a result, Judge Engoron imposed a $454 million judgment, which continues to accrue interest. Trump’s legal team argues that this amount is virtually impossible to pay.
In addition to this civil fraud case, Trump is also facing a criminal trial related to falsifying business records. The trial, taking place in Manhattan, involves 34 charges of falsifying business records to facilitate payments to women who claimed to have had sexual encounters with him. These legal battles are just a few among many that the former president is currently navigating as he contemplates a potential run for the presidency in 2024.
We will keep you updated on this fast moving story, on Fan Reviews News.
