According to his lawyers, former US President Donald Trump is unable to pay bail for the approximately $464 million (€427 million) fine imposed on him for financial fraud. This is evident from a court document published in New York on Monday. The future Republican presidential candidate is now exposed to the risk that the New York judiciary will confiscate parts of his real estate assets.
For Trump, who always praises himself as a brilliant businessman, such legal action would be a severe blow not only to his finances but also to his image. The real estate magnate’s lawyers have appealed the fine imposed on him in a civil lawsuit. In any case, he must pay a deposit equal to the fine plus interest, which he has until next Monday.
Property can be seized
If he does not raise the amount by then, New York Attorney General Letitia James could seize Trump’s property. Posting the bail is also a condition for the court’s consideration of the Trump lawyers’ appeal request and the suspension of the sentence pending a decision on the appeal.
However, Trump’s lawyers now explained that paying the required bail was a “practical impossibility.” As part of their failed efforts, Trump and the other defendants contacted 30 insurance companies to raise the money. However, insurers have rules that prohibit them from accepting real estate as collateral.
Trump’s offer of $100 million bail was rejected
Trump offered in February to post bail of just $100 million. However, this offer was rejected by an appeal judge.
False information for cheap loans
The former president and his sons Donald Junior and Eric were found guilty of artificially inflating the family real estate empire’s assets by billions of dollars over the years to get better terms on loans and insurance. Trump was therefore sentenced in mid-February to a fine of $355 million plus interest, and his sons were each fined $4 million plus interest. They were also banned from running businesses in New York State for a period of three years.
Trump announced bail for defamation in March
For Trump, the fine including interest now amounts to approximately $464 million. At the beginning of March, he had already paid a bail of $ 91.6 million in another case in a New York court. In that case, Trump was convicted of defaming columnist E. Jean Carroll. Trump paid the amount so that his appeal against the defamation ruling could be processed.
Trial over the storming of the Capitol is still looming
Trump, who is expected to face incumbent Joe Biden in November’s presidential election after winning the Republican primaries, also faces four criminal charges. These include his role in the storming of the Capitol in Washington in January 2021 and his other efforts to subsequently overturn his election defeat to Biden in November 2020.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
