Trump: Bond set in civil fraud case ‘unConstitutional, un-American’

Former President Trump said Monday that the nearly $500 million bail set in a New York civil fraud case is “unconstitutional” and “un-American.”

His remarks came just hours after his lawyers informed the court that the former president was unable to secure the full $464 million bail that is due next week.

“The scale of bond set by Democratic club-controlled judges in the illegal witch hunt of corrupt racist Letitia James is unconstitutional, un-American, and unprecedented. and is virtually impossible for any company, including a successful company like mine.” Trump I wrote it in the post on his Truth Social platform.

“Bonding companies have never heard of bonds of this size and do not have the capacity to issue such bonds,” he added.

President Trump’s statement echoes sentiments expressed by his lawyers in a court filing Monday with the state Court of Appeals.

His lawyers said it would be “impossible” to secure the full amount, adding that “only a handful” of surety companies are officially authorized to underwrite such large bonds, and that many surety companies He pointed out that the company has an internal policy prohibiting the issuance of bonds exceeding $100 million.

Trump’s lawyers also said part of the problem is that the former president cannot pledge real estate as part of the bond.

“While I understand that the Trump Organization is in a strong liquidity position, it does not hold $1 billion in cash or cash equivalents,” the lawyers wrote, adding, “As a result, Trump For a company like The Organization, it is virtually impossible to obtain a $464 million bond because the company invests most of its assets in real estate.

Judge Arthur Engoron last month ordered Trump to pay about $355 million in fines in a civil fraud case that devastated his family’s New York business empire. President Trump is currently appealing the ruling, but his interest in the total amount will continue to grow until that process progresses.

New York Attorney General Letitia James (D) filed a lawsuit against Trump in 2022, accusing him of falsely altering his net worth in key financial statements to collect tax and insurance benefits. Before the trial began, Engoron found Trump, the Trump Organization and several executives, including his adult son, responsible for the fraud, and the judge alone ruled that the cash fine in the case set.

During the trial, Mr. Trump frequently criticized Mr. Engoron and Mr. James, repeating that sentiment in social media posts Monday and early Tuesday morning.

He reiterated his unsubstantiated accusations that the state civil suit was orchestrated by his chief political rival, President Biden, and vowed to fight to overturn the ruling.

“We will fight this hoax, and all others overseen by Crooked Joe, and defeat them once and for all,” he wrote. “If I hadn’t run for President of the United States and led by a wide margin, this witch hunt would never have happened!”