A New York appeals judge on Wednesday declined to halt a $454 million civil fraud fine pending Donald Trump’s appeal, denying the former president’s request to allow him to post bond to cover a fraction of the debt he owes.
Judge Anil Singh of the state’s Intermediate Court of Appeals ruled that Trump must post a full bond to stop execution of the sentence. Singer did grant some of Trump’s demands, including a three-year moratorium on his seeking loans from New York banks that could help him secure the necessary bonds.
Earlier on Wednesday, Trump’s lawyers told an appeals court that Trump was prepared to post a $100 million bond, citing a loan ban in the Feb. 16 ruling that prevented him from receiving the full amount.
Trump’s lawyers made the smaller bond offer in court filings as they seek an appeals court order blocking New York Attorney General Letitia James’ office from enforcing the judgment while his appeal proceeds. Singer ruled that Trump was required to pay the full amount, which would automatically suspend collections.
The Republican presidential candidate and his co-defendants collectively owe the state more than $465 million. They have until March 25 to secure a stay, a legal mechanism that suspends collections while he appeals, or they will be forced to pay fines or risk having some of their assets seized.
“The verdict is excessive and punitive,” Trump’s attorneys Clifford Robert, Alina Habba and Michael Farina wrote in the request. This, coupled with the illegal and unconstitutional blanket ban on lending transactions, will result in the inability to obtain and post full security deposits.”
James’ office objected to Trump’s plan, saying his attorneys all but conceded that he “does not have sufficient liquid assets to satisfy the judgment.”
“This is exactly the situation where a full bond or deposit is required,” Senior Assistant Deputy Attorney General Dennis Fan wrote. If the verdict is upheld, he said Trump’s proposal would put James’ office and the state at risk. “Facing a huge gap.”
“The prevailing plaintiff is entitled to compensation, and the defendants have never demonstrated that Mr. Trump’s liquid assets satisfy the full amount of the judgment,” Fan wrote.
James, a Democrat, said she would seek to seize some of Trump’s assets if he cannot pay the judgment.
Judge Arthur Ngoren found that Trump, his companies and executives, including his sons Eric and Donald Jr., conspired for years to defraud banks and insurance companies of financial assets used to guarantee loans and conduct transactions. The statements exaggerated his wealth.
Among other penalties, the judge placed severe restrictions on the ability of Trump’s company, the Trump Organization, to conduct business. Documents for the formal verdict were filed on February 23. That gives Trump a 30-day window to pay or appeal and seek a stay of execution.
Trump appealed Monday. His lawyers asked the Appellate Division of the state’s trial court to rule on whether Ngolon “committed errors of law and/or fact” and whether he abused his discretion or “exceeded” jurisdiction.
Trump’s attorneys argued that Trump’s vast real estate holdings and oversight powers under the Engolen ruling, including oversight of his companies by an independent monitor, “alone would be sufficient to adequately secure any verdict.” confirm”.
They said the $100 million bond “simply serves as further security.”
Trump insists he is worth billions and testified last year that he had about $400 million in cash in addition to properties and other investments.
Overall, Trump faces personal legal liability of at least $543.4 million as a result of the Ngoren ruling and two other civil court judgments last year.
In January, a jury ordered Trump to pay $83.3 million to author E. Jean Carroll for defamation over her 2019 accusation that Trump had an affair in Manhattan in the 1990s. She was sexually assaulted in a department store. A jury last year awarded Carroll $5 million in a related trial.
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