Donald Trump’s lawyers on Monday struck a deal with state prosecutors to secure a high $175 million civil fraud bond as he appeals the verdict in the case. This was despite his ongoing criminal trial.
State Attorney General Letitia James said the former commander-in-chief is fighting to overturn a massive $454 million judgment handed down last month by Manhattan Supreme Court Justice Arthur Engoron. He said the defense agreed to secure the bond by keeping it in a “locked box.”
Mr. James expressed concern that Mr. Trump controlled funds secured by the Knight Specialty Insurance Company, owned by billionaire Trump supporter Don Hankey, and the appeal of the Engoron ruling is pending. He said the former president may even have been able to earn interest on the funds while they were on hold.
In the deal, which is expected to officially close on Thursday, the bonds will remain cash and cannot be exchanged for mutual funds or “other financial instruments,” prosecutors said.
Knight Specialty will exclusively manage the funds and provide monthly statements.
Earlier on Monday, Trump himself defended bail outside a criminal trial court.
“We put in cash and the number is now 175,” he told reporters. “[James] You should not complain to the bonding company. Since I paid the money, a bonded company would be fine.
“I have a lot of money available.”
Hankey has defended this bond before.
“We thought it would be a simple process without any other legal issues involved, but it didn’t turn out that way,” he said. “Maybe the battery wasn’t charged enough.”
Speaking outside court on Monday, President Trump’s lawyer Alina Haba slammed James for questioning the legitimacy of the bail amount, saying the funds were “not green enough” for the attorney general. he quipped to reporters.
“I wasted my time,” Haba said. “The judge said he believed money market accounts were worth less than this amount. He did not understand the basic principles of finance.
“I quickly realized that neither the attorney general nor the judge had any idea what they were talking about,” she said. “We came to an agreement to keep everything the same, change the terms, and that was it. America, this is where your tax dollars are being spent. Here it is: witch hunt after witch hunt.”
The 77-year-old former president was initially required to pay the full amount of the judgment, but successfully appealed for a reduction while fighting Engoron’s sentence in the case.
As President Trump’s criminal trial begins in Manhattan Supreme Court, a debate over bail is unfolding, and former President Trump is suspected of illegally paying hush money to former porn star Stormy Daniels to cover up an alleged secret meeting. has been accused of.
President Trump has denied any extramarital affairs or illegality.
President Trump is challenging Engoron’s $454 million judgment in a civil lawsuit, and a judge granted him a lower bail while the verdict is heard in an appeals court.
The former president has repeatedly attacked Mr. James, Mr. Engron and the heavy sentence in press conferences and on the online platform Truth Social.
with post wire
