OAN’s Avril Elfie
6:20pm – Wednesday, February 28, 2024
An appeals court judge has rejected former President Donald Trump’s proposal to reduce bail from more than $450 million to $100 million in a civil fraud case. President Trump also asked for the verdict to be suspended.
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President Trump hinted in a court filing earlier in the day that he did not have the funds to block the ruling. He asked the appeals court to stay the monetary penalty and several other fines imposed earlier this month by Judge Arthur Engoron, who concluded that Trump misrepresented the value of his personal assets and real estate holdings.
Following Associate Justice Anil Singh’s interim ruling on Wednesday, the full panel of the New York Court of Appeals (known as the Appellate Division, First Department) is expected to consider whether to halt the ruling while President Trump continues his appeal. ing.
In addition, Singh delayed enacting one of Engoron’s penalties, which would bar Trump from receiving loans from New York banks for three years, even though he rejected Trump’s main demands. .
This means President Trump has the option of requesting an appeals bond that covers the entire fine, blocking any attempts to recover funds while the appeals process is ongoing.
Mr. Trump’s lawyers said in a petition to the appeals court that the former president would not be able to obtain the full amount needed for the appeals bond because of the lending restrictions put in place by Engoron and the costs and fees associated with the bond. .
They estimated that the overall cost “could exceed $550 million.”
“The exorbitant and punitive judgment amount and the illegal and unconstitutional blanket ban on lending transactions will make it impossible to secure and post a full bond,” Trump’s lawyers said.
Instead, Trump’s lawyers had recommended that Trump be held on $100 million bail. This is significantly less than the amount normally required to suspend enforcement of a judgment.
Meanwhile, New York Attorney General Letitia James, who filed a civil fraud lawsuit against the former president, said that if Trump is unable to secure full bail or provide the funds himself, Trump’s property He said his bank account could be seized.
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