Former President Trump is unable to post bond covering the full amount of a 4 million civil fraud judgement, according to his lawyers.

Reuters

Lauren Taylor Anchor

Politics

Report: Trump unable to secure $464 million bond in civil fraud case

Mar 18, 2024

Lauren Taylor Anchor

By Lauren Taylor (Anchor), Evan Hummel (Producer), Jake Maslo (Video Editor)

This report was created with support from enhanced software.

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Former President Donald Trump is struggling to secure insurance for a $464 million appeal bond in his ongoing civil fraud case in New York. Despite reaching out to nearly 30 underwriters, Trump has reportedly been unsuccessful in obtaining the required bond, according to NBC News.

According to Trump’s legal team, obtaining such a bond is “practically impossible” given the circumstances. The team argues that it would necessitate cash reserves of approximately $1 billion, a sum they claim is unprecedented for a private company.

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Trump’s attorneys have informed the appeals court that some underwriters are demanding cash, rather than property, to back the bond. They have requested a delay from the court, contending that Trump’s property values exceed the judgment against him.

This setback comes on the heels of a recent ruling by a New York appeals court judge, who denied Trump’s request to postpone payment of the $464 million owed as a result of a civil fraud case brought by New York Attorney General Letitia James.

Judge Arthur Engoron ruled in favor of James, holding Trump and his associates liable for various charges, including fraud, falsifying records and conspiracy.

With a series of legal challenges mounting and significant financial obligations looming, Trump’s legal battles persist as the 2024 presidential race gains momentum.

In the midst of these legal proceedings, Trump and his sons, Donald Trump Jr. and Eric Trump, have been granted temporary permission to continue operating their business ventures.

Tags: Civil court, Donald Trump, Fraud, Letitia James, NBC, New York, New York City, Trump investigations

[LAUREN TAYLOR]

FORMER PRESIDENT DONALD TRUMP IS FACING ANOTHER SETBACK AS HE HAS BEEN UNABLE TO SECURE INSURANCE FOR A $464 MILLION DOLLAR APPEAL BOND IN HIS NEW YORK CIVIL FRAUD CASE

DESPITE APPROACHING 30 UNDERWRITERS – APPARENTLY NONE HAVE ACCEPTED.

ACCORDING TO TRUMP’S ATTORNEYS, OBTAINING SUCH A BOND IS “PRACTICALLY IMPOSSIBLE” GIVEN THE CIRCUMSTANCES – IT WOULD REQUIRE CASH RESERVES OF AROUND $1 BILLION DOLLARS, AN AMOUNT THEY CLAIM IS UNPRECEDENTED FOR A PRIVATE COMPANY.

TRUMP’S LAWYERS SAY SOME UNDERWRITERS DEMAND CASH, NOT PROPERTY, TO BACK THE BOND. THEY’VE ASKED THE APPEALS COURT FOR A DELAY, ARGUING TRUMP’S PROPERTY VALUES EXCEED THE JUDGMENT.

THIS FOLLOWS A RECENT RULING BY A NEW YORK APPEALS COURT JUDGE DENYING TRUMP’S REQUEST TO DELAY PAYMENT OF THE $464 MILLION OWED AS A RESULT OF A CIVIL FRAUD CASE BROUGHT BY NEW YORK ATTORNEY GENERAL LETITIA JAMES.

JUDGE ARTHUR ENGORON SIDED WITH JAMES – AND FOUND TRUMP AND HIS ASSOCIATES LIABLE FOR VARIOUS CHARGES INCLUDING FRAUD, FALSIFYING RECORDS, AND CONSPIRACY.

WITH MOUNTING LEGAL CHALLENGES AND SIGNIFICANT FINANCIAL OBLIGATIONS, TRUMP’S LEGAL BATTLES CONTINUE TO UNFOLD AS THE 2024 PRESIDENTIAL RACE GETS INTO FULL SWING.

TRUMP AND HIS SONS, DONALD TRUMP JR. AND ERIC TRUMP, HAVE BEEN GRANTED TEMPORARY PERMISSION TO CONTINUE RUNNING THEIR BUSINESS DURING THE APPEALS PROCESS.

Report: Trump unable to secure $464 million bond in civil fraud case

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