from $1 billion According to Trump’s legal team, he is willing to post a bond of $100 million to temporarily put on hold a $454 million penalty for fraud, out of a total fine of $1 billion.
2019-2020 tax bill
The legal team of Donald Trump informed a New York court on Wednesday that he is willing to pay a $100 million bond in order to stop the collection of his 2019-2020 tax bill.
enormous civil punishment for fraudulent actions
, stating that aspects of the ruling render it unfeasible for the ex-president to obtain a bond covering the entire value.
Trump’s lawyers floated the offer in court papers asking the state’s mid-level appeals court for an order preventing New York Attorney General Letitia James’ office from enforcing the $454 million judgment
As his appeal process continues, Trump would need to pay the entire sum in order to halt automatic collection.
During an emergency hearing on Wednesday, the appeals court listened to arguments and a decision from the judge may be made by the end of the day.
SHANNON STAPLETON / Getty Images
The lawyers representing Trump stated that the ban on Trump, his company, and co-defendants from borrowing money from New York banks for three years, as stated in Judge Arthur Engoron’s Feb. 16 ruling, prevents them from obtaining a bond to cover the entire amount owed. As a group, Trump and his co-defendants have a total debt of over $465 million.
A white powdery substance was discovered in a letter sent to Judge Engoron at his Manhattan courthouse, causing a security concern. According to authorities, the substance fell onto a court officer’s pants when the envelope was opened at approximately 9:30 a.m. Thankfully, no one was injured and Judge Engoron was not in any danger.
In January, right before closing statements were made in the case, officials were alerted to a bomb scare at the judge’s residence. Since the beginning of Trump’s trial in October, Engoron’s office has received numerous disturbing phone calls, emails, letters, and parcels.
On Monday, Trump submitted his request for reconsideration. His legal team wants the Appellate Division of the state’s lower court to determine if Engoron made any legal or factual mistakes, and if he overstepped his authority or made decisions outside of his jurisdiction.
Trump was not compelled to make a payment or provide a deposit in order to appeal, and submitting the appeal did not automatically pause the implementation of the ruling.
The leading candidate for the Republican presidential nomination has until March 25th to obtain a stay, a legal process that temporarily halts collection as he appeals.
If Trump were to provide financial resources or obtain a bond to cover his debt, he would be granted a temporary pause. He also had the choice, which he is currently utilizing, to request a lesser bond from the appeals court in order to secure a delay.
His attorneys stated that under Engoron’s decision, Trump’s extensive property holdings and required supervision, which includes having an independent monitor oversee his company, would be enough to adequately ensure the upheld judgment.
According to them, the $100 million bond would just act as additional protection.
Trump continues to claim that his net worth is in the billions of dollars. He testified in the previous year that he had approximately $400 million in liquid assets, as well as various properties and investments.
Overall, Trump has a minimum of $543.4 million in personal legal obligations as a result of Engoron’s decision and two other civil court judgments within the past year.
During the month of January, a panel of individuals whose task is to make decisions based on evidence and testimony (known as a jury)
for cheating
Trump has been instructed to pay a fine of $83.3 million for engaging in fraudulent behavior. to writer E. Jean Carroll for defaming her after she accused him in 2019 of sexually assaulting her in a Manhattan department store in the 1990s. That’s on top of the Shelby to Ford
Ford was awarded $5 million by a jury in the case involving Carroll Shelby.
in a similar case in the previous year.
Source: cbsnews.com