The New York Attorney General’s Office has asked the state appellate court to re-indict former President Trump. bond for the full amount before suspending a multi-million dollar judgment in his civil fraud case.
The state’s filing follows claims by Trump’s lawyers on Monday that the former president is unable to secure the full amount of bonds owed despite “diligence efforts.” An insurance broker who testified for Trump in last year’s fraud trial called the effort “practically impossible” in an affidavit attached to his application.
“Defendants’ new factual and legal arguments do not support a bond of less than one-fourth of the judgment amount or an unusual request for a stay based on bond,” said Senior Assistant Attorney General in the Office of the Attorney General. Deputy Dennis Huang said. he said in a court filing Wednesday.
After a state sued Trump in 2022 for deceptive business practices, a New York judge found Trump guilty of fraud by conspiring to inflate his assets for tax and insurance benefits. Trump alone was ordered to pay a $454 million judgment. With an additional $112,000 in interest accumulating for every day Trump doesn’t pay, the former president owed the state about $457 million as of Wednesday.
Obtaining bail would automatically suspend execution of the sentence while Trump appeals, but to do so, Trump would have to pay 120% of his sentence (more than $557 million). ), Trump’s lawyers said in a court filing.
Instead, Trump asked the court to accept a $100 million bail.
“Few bond companies would consider a bond of this size,” Trump’s lawyers wrote.
But the attorney general’s office insisted that was not true.
Hwang argued that there is no rule that would limit Trump’s entire judgment amount to a single bond from a single surety, and that the former president paid hundreds of thousands of dollars to limit “personal surety risk.” He said the $10,000 bond could be split among multiple sureties.
He said in court that Gary Giulietti, the insurance broker cited in Trump’s motion, oversaw the fraud trial because of his “ongoing personal and professional relationship with Donald Trump.” It said it had been found to lack credibility by Judge Arthur Engoron.
The state’s attorney also disputed Trump’s claim that his many properties cannot be pledged as collateral, arguing that it would be “nearly impossible” to use real estate as collateral.
“Thus, the defendants’ argument boils down to the reluctance of the guarantors to accept Mr. Trump’s real estate holdings as collateral.” In this case,” the fan wrote. “However, the defendants have not been able to explain exactly what kind of property they offered the guarantor, on what terms the property was offered, or why the guarantor was reluctant to accept it. has not submitted documentary evidence to prove that.
“As far as the court can surmise, the guarantor may have refused to accept certain of the defendant’s holdings as collateral because the use of Mr. Trump’s real estate generally requires a ‘property appraisal’; “Because Mr. Trump’s assets are not worth as much as the defendants claim,” he said. continued.
President Trump’s bail payment deadline is Monday. His first criminal trial was scheduled to begin the same day in Manhattan, but a last-minute filing delayed the hearing.
Without the cash, New York Attorney General Letitia James (D) could begin enforcing Engoron’s judgment by initiating seizures of Trump’s assets, including Trump Tower and other buildings. It could include some of his most famous Manhattan real estate, such as Building 40. wall street.
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