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Trump unable to secure US$455M bail | Donald Trump facing justice

Natasha Kumar By Natasha Kumar Mar18,2024

Trump unable to secure $455M bail ;US | Donald Trump faces justice

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Donald Trump during his civil trial for financial fraud in New York, February 15, 2024

  • Sophie-Hélène Lebeuf
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    One week before the deadline set by the courts, the lawyers representing Donald Trump in the civil suit for financial fraud within the Trump Organization assert, in a document filed in court on Monday, that he is “virtually impossible” to provide the required guarantee.

    They are seeking a stay from the Appellate Division of the New York State Supreme Court to prevent the state from seizing their assets, a legal consequence they face. exposes Donald Trump if he does not comply with the judgment.

    Defendants' diligent and continued efforts have proven that a bond reaching the total amount of the judgment is practically impossible to collect, they wrote about Donald Trump and his two eldest sons, Donald Trump Jr. and Erik Trump, who were also convicted of financial fraud.

    They said the defendants contacted around 30 bail bond companies through four separate brokers.

    At the end of February, Donald Trump failed in his attempt to convince the court to accept his offer of guarantee of 100 million US dollars, a sum equivalent to less than a third of his penalty before interest.

    Donald Trump facing justice

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    Donald Trump faces justice

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    A month ago, the former US president, who wants to win back the White House, was ordered to pay 354.9 million US dollars, plus interest of around 100 million, for having fraudulently overestimated the net worth of his assets in order to deceive his creditors. His sons, for their part, were ordered to pay a total sum of approximately 4 million each.

    Failing to pay this sum , they have the opportunity to obtain a type of loan called an appeal bond, a guarantee of payment while awaiting the appeal process, the route they have chosen, but which they say they are unable to obtain.

    The formalization of the legal procedure established the deadline for payment or deposit of the guarantee as March 25.

    According to Reuters, interest will increase by about US$114,000 per day, with most of it being Donald Trump's share, up to $114,000 a day. acquittal of penalties.

    In the civil suit filed by Attorney General Laetitia James, Donald Trump and his sons were found guilty of exaggerating the net worth of their assets in order to obtain better bank loan rates and terms. ;more advantageous insurance.

    They appealed their conviction.

    Last week, a federal judge approved Donald Trump's offer of guarantee in a separate case, which pitted him against author and columnist E. Jean Carroll. The bond will protect the former Republican president, throughout the appeal procedure, from any attempt to recover the amount he was ordered to pay him.

    Earlier this year, a New York civil court ordered him to pay US$83.3 million to Ms. Carroll for defaming her , against a backdrop of rape accusations in the 1990s.

    Donald Trump also faces four criminal trials which have not not yet started.

    With information from New York Times, Washington Post and Agence France-Presse

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  • Sophie-Hélène LebeufFollow
Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my 1-800-268-7116

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