Trump’s Bond in Fraud Case Slashed to $175 Million

( – Donald Trump has been given just ten days to pay a reduced bond of $175 million while he appeals his New York civil fraud case. Previously, he had been ordered to pay the full $454 million fine handed down by Judge Arthur Engoron, an amount that Trump’s legal team argued would be impossible to put together without selling high-value properties belonging to the former president.

Trump and his lawyers had already had a request for the bond to be cut to $100 million denied, but on Monday, March 25th, they found some success with a state appeals court which agreed to significantly reduce the originally requested bond, giving Trump some reprieve before New York Attorney General Letitia James could begin collecting the funds.

Since the $454 million fine was announced in February, Trump and his team have reportedly tried to secure the necessary funds from 30 different surety companies but found that none were willing and able to stump up such an unusually high figure. The insurance companies would not accept any collateral other than cash or equivalent assets, meaning that Trump’s extensive property portfolio, which is reported to make up most of his net worth, would not be acceptable as collateral unless he could sell it quickly.

Monday’s decision includes a stay on Engoron’s ruling that Trump would be prohibited from acting as a serving officer for his business in New York state, although Trump’s request to place a stay on installing an independent compliance director was denied.

Speaking to the press after the appeal ruling, Trump seemed pleased with the results and promised to pay the $175 million within the allotted time. The office of Attorney General Letitia James released a statement reminding the press that the verdict against Trump “still stands” and said that he was now “facing accountability” for his fraud after Judge Engoron agreed that he had inflated the value of his properties in order to secure better financial deals. Trump continues to appeal the verdict, with his legal team arguing that no victim has been identified and that all loans were repaid in full.

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