Lawyers representing New York Attorney General Letitia James have submitted a court filing on Monday, advocating for the imposition of a bond on Donald Trump and his co-defendants. The bond would serve as a financial guarantee to cover the $464 million judgment in their civil fraud case.
The attorney general’s office made the argument that, without a full bond, there is a possibility that the former president might not be able to fulfill the judgment or could try to avoid the penalties.
Senior Assistant Solicitor Dennis Fan expressed concern in the filing that there is a substantial risk of defendants evading enforcement of the judgment or making enforcement more challenging after an appeal, especially if a full bond or deposit is not provided.
In an effort to halt the enforcement of the $464 million judgment in his civil fraud case, former President Trump’s legal team recently sought an emergency stay from New York’s appellate court. Judge Arthur Engoron had previously ruled that Trump had embellished his net worth to secure more advantageous loan conditions, resulting in a fine of $354.8 million and an additional $100 million in prejudgment interest.
Instead of posting a bond for the entire amount, Trump proposed securing a $100 million bond, explaining that he would have to sell properties to cover the remaining balance. However, Judge Anil Singh rejected the request to delay the penalties, leaving the decision on Trump’s delay to be determined by a panel of appellate judges.
Attorney General James emphasized in a recent filing that Trump should receive the same treatment as any other defendant.
The filing stated that in order to halt the implementation of a specific financial judgment while the appeal process is ongoing, defendants are mandated by the Legislature to either post a bond or deposit the full amount of the judgment. This requirement is applicable to Donald J. Trump and his co-defendants, as it would be for any other appellant.
According to the filing by the Attorney General (AG), Trump has not been able to substantiate his assertion that he would need to sell properties in order to settle the judgment in the case. The filing also states that Trump’s arguments contradict his previous claims about his wealth.
The defendants have not provided any evidence to support their unfounded assertion that it is impossible to post a bond or deposit funds without selling properties, according to the filing. The filing further states that the defendants have failed to show that Mr. Trump’s liquid assets, which may vary over time, will be sufficient to cover the entire judgment amount after the appeal.
According to the filing, the defendants engaged in a “brazen fraud,” which significantly undermines Trump’s chances of appealing Judge Engoron’s ruling successfully.
The filing stated that the defendants are highly unlikely to succeed in their appeal based on the merits. It further accused the defendants of engaging in fraudulent and illegal activities to enrich themselves by utilizing Mr. Trump’s false and misleading Statements of Financial Condition.
Denying any wrongdoing in the case, the former president has appealed Engoron’s ruling.
Later this month, Trump must meet a deadline to post a bond in the civil fraud case.
In the recent court filing, it was revealed that the ex-president has secured an appeals bond from the Federal Insurance Company based in Virginia. The bond, amounting to $91,630,000, is meant to cover the $83 million judgment in the E. Jean Carrol case, along with any accrued interest.
In the defamation case, Trump has requested for the financial penalty to be put on hold while he appeals the case.
