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Trump unable to secure payment of $454 million for fraud

Donald Trump is incapable of bringing à New York justice guarantees that he will pay $454 million in fines for financial fraud within his real estate empire, following his civil conviction in February, his lawyers admitted on Monday.

In a 5,000-page legal document posted online Monday by the appeal section of the Supreme Court of the State of New York, for Manhattan (trial court, Editor's note), the defense of the former President of the United States- Unis argues that guaranteeing such a sum is “almost impossible”.

“The amount of the judgment, with interest, exceeds 464 million dollars”, or 355 million plus 100 million interest for Donald Trump and eight million plus interest for his sons Donald Jr. and Eric, “and very few companies are considering a guarantee bond (a legal bond) close to this magnitude”, protest the lawyers, who say they have approached around thirty insurance companies.

Which means that in the absence of a 100% guarantee on the fine, the appeal filed by Donald Trump in February before another court, but without a second trial, will not be suspensive: the man business and political tribune will thus have to pay the entire amount by March 25, under penalty of seeing some of his real estate seized by the courts.

The Republican presidential candidate denounced in a press release Monday evening a “witch hunt” and denounced a fine “unconstitutional, un-American, unprecedented and practically impossible for ANY company, including a company as successful as mine “.

The appeal section of the New York Supreme Court rejected on February 28 a guarantee offer of 100 million dollars.

The former president and his two adult sons also appealed the ban on running businesses in New York State for three and two years respectively.

Their lawyers had ruled in February the amount of the fine “exorbitant and vexatious” and the “general ban” on running businesses in New York “illegal and unconstitutional” already considering it “impossible to insure and post a guarantee complete”.

Trump unable to secure payment of $454 million for fraud

Judge Arthur Engoron in New York court, January 11, 2024 © POOL – SHANNON STAPLETON

In a resounding judgment on February 16, New York judge Arthur Engoron sentenced the ex-president to pay $354.86 million in fines for financial fraud and, each of the two sons, to four million dollars.

New York State Attorney General Letitia James filed a complaint against Donald Trump in October 2022 and forced him with his sons and their group Trump Organization in a civil trial for fraud from last October to January.

The tycoon, who made his fortune in real estate before upsetting the democracy of the world's leading power, had castigated a “totally bogus” judgment by publicly denigrating magistrates James and Engoron.

All rights of reproduction and representation reserved. © (2024) Agence France-Presse

Teilor Stone

By Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116