Former President Trump was ordered to pay $454 million by the end of Monday following a months-long non-jury civil trial. But what he will do remains unclear as potential 2024 Republican candidates continue to appeal to the country.
Trump has until the end of Monday to post bond, according to New York State Attorney Letitia James’ office.
Trump, the 2024 Republican presidential candidate, and his lawyers have filed an appeal seeking to block a $454 million civil fraud judgment.
President Trump vows to fight New York lawsuit ‘all the way to the U.S. Supreme Court’ as $454 million deadline approaches
President Trump’s lawyers said Monday that as they approached about 30 surety companies, “through continued and diligent efforts, issuing bond for the full judgment has proven to be ‘practically impossible.’ ” he said.
Lawyers said the “enormous scale” of the bond requirement, effectively requiring cash reserves close to $1 billion, is “unprecedented for a private company.”
Democratic New York Attorney General Letitia James and former President Trump (Getty Images)
New York attorney general slams Trump over his interest on civil fraud judgment
James responded by calling Trump’s request to stay “unusual” and “inappropriate.” James said Trump should be able to secure the full amount through multiple guarantors or offer real estate he owns as collateral.
But President Trump’s lawyer, Clifford S. Roberts, sent a letter Thursday to the Appellate Division of the New York Supreme Court, arguing that James’ efforts are “unconstitutional.”
If President Trump fails to post bail by the deadline, James is expected to begin steps to enforce the sentence.
Could James begin seizing President Trump’s assets?
Trump’s real estate will not automatically be turned over to the state. Instead, if Trump does not post his bond, James will begin filing a lien on his property. James may attempt to foreclose through his lien, but each party is entitled to object and request a court stay or halt to James’ efforts. It would be more difficult for James to foreclose or place liens on Mar-a-Lago and other Trump properties outside New York.
Mr. James will also begin freezing Mr. Trump’s bank accounts starting Tuesday and could have the sheriff or sheriff’s office order Mr. Trump’s banks to freeze and turn over funds.
President Trump has vowed to fight the case “all the way to the U.S. Supreme Court if necessary.”
Former President Trump speaks at the Buckeye Values PAC rally in Vandalia, Ohio, on March 16, 2024. (Kamil Krzazinski/AFP via Getty Images)
In an exclusive interview with Fox News Digital on Friday, President Trump said he could afford to post bail but was working with his defense team to file a full appeal of the sentence.
President Trump has said he has nearly $500 million in cash. Trump Media & Technology Group, the parent company of his company, Truth Social, is scheduled to go public after the merger on Monday. The company trades on the Nasdaq market as “DJT.”
Trump owns more than 78 million shares, worth about $4 billion.
“That doesn’t mean I’m going to give money to a corrupt, incompetent judge, a puppet of a corrupt attorney general who has failed on violent and immigration crimes and whose only purpose in life is to get Trump.” ” Trump said. Fox News Digital mentions New York Judge Arthur Engoron and James.
President Trump says he has nearly $500 million in cash, hints at possibility of posting bail in New York AG case, accuses judge of ‘hacking’
Trump said Engoron was “openly and hostilely disrespectful of the Appellate Division’s decision that ruled in my favor.”
“I hope they set the record straight. This case has already been overturned four times,” Trump said. “record.
President Trump vows to fight ‘to the end’
But Trump vowed to fight the verdict through the court system.
President Trump told Fox News Digital: “If necessary, I will take this case all the way to the U.S. Supreme Court.” “They can’t take your property before you’ve had a chance to appeal the decisions of Trump-hating, incompetent judges who have been overturned more times than any other judge in the state.”
Judge Arthur Engoron presides over the Trump Organization civil fraud trial in New York State Supreme Court in New York City on November 13, 2023. (Erin Schaff/Pool/AFP via Getty Images)
President Trump continued: “New York’s business community is devastated by this decision, and companies are fleeing New York. They’re never coming back because they don’t want this to happen to them. Meanwhile, violent crime is rampant. There is,” he added.
Engoron’s sentence came after a months-long non-jury trial stemming from James’ years-long investigation. When James was campaigning for attorney general, he vowed to “get Trump.”
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“We’re definitely going to sue him. It’s going to really hurt,” James once told supporters in a video.
Engoron accused Trump and the other defendants of “persistent and repeated fraud,” “falsification of business records,” “issuance of false financial statements,” “conspiracy to falsify false financial statements,” “insurance fraud,” The court found them liable for “conspiracy to commit insurance fraud.” . ”
The judge also barred Donald Trump Jr. and Eric Trump from serving as officers or directors of any New York business or corporation for two years.
Engoron also claims that defendants Allen Weisselberg, former chief financial officer of the Trump Organization, and former executive director Jeffrey McConey are “a New York corporation or similar entity registered and/or chartered in the State of New York.” Permanently prohibited from engaging in financial management functions. York” where he will serve for three years as a director of a New York corporation or other corporation located in New York.
The appeals court overturned Mr. Engoron’s ruling, which allowed Mr. Trump and his sons to continue running the family business while appealing the decision.
New York Attorney General Letitia James sits in court in the fraud trial of former President Trump and his children on November 3. (Dave Sanders Poole/Getty Images)
Mr. James originally filed a lawsuit accusing Mr. Trump and the Trump Organization of deceptive business practices. The court proceedings were contentious, with Engoron repeatedly defeating Trump. partial gag order This is to prevent him from criticizing court officials.
Throughout the trial, President Trump dismissed the trial as a “witch hunt” and criticized both parties. Engoron and James Serving as a political operative for the Democratic Party. Trump’s lawyers He also repeatedly criticized the lack of jurors in the trial.
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“A jury trial was never an option,” a spokesperson for President Trump told Fox News Digital. “It is unfortunate that a jury will not be able to hear how absurd the merits of this case are and conclude that no wrongdoing occurred.”
President Trump and his family have denied any wrongdoing, and the former president said his assets were undervalued. Trump’s lawyers argued that there was a disclaimer in his financial statements and made it clear that banks should conduct their own evaluations.
Trump Tower on 5th Avenue in Midtown Manhattan (FOX News Photo/Joshua Commins)
Throughout the trial, Mr. Trump’s lawyers called witnesses, including former Deutsche Bank executives, who testified that the banks viewed Mr. Trump as a “customer whale” and sought additional business from him.
Trump’s defense also brought in expert witnesses, including New York University accounting professor Eli Bartov, who reviewed Trump’s financial statements at issue in the case and found no evidence of accounting fraud. Stated.
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Bartov testified last month that President Trump’s financial statements did not violate accounting principles, suggesting that everything at issue, including the estimated value of his Trump Tower penthouse, which increased significantly from year to year, was simply a mistake. did.
“My main finding is that there is no evidence of any accounting fraud,” Bartov testified. He said there were “no material misstatements” in President Trump’s financial statements.
FOX Business correspondent Lydia Hu contributed to this report.
