CRIME, POLICE + COURTS

Trump bond lowered to $175 million as he appeals civil fraud judgment in New York

Mar 25, 2024, 10:27 AM | Updated: 12:37 pm

Trump bond lowered...

Former President Donald Trump attends a hearing to determine the date of his trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City on March 25. (Justin Lane/Pool /AFP via Getty Images via CNN Newsource)

(Justin Lane/Pool /AFP via Getty Images via CNN Newsource)

(CNN) — A New York appeals court has given former President Donald Trump 10 more days to post his bond to satisfy the civil fraud judgment — and lowered the amount necessary to $175 million.

It’s a major lifeline for the former president, who, along with his adult sons and his company, were fined more than $464 million, including interest, after Judge Arthur Engoron found Trump and his co-defendants fraudulently inflated the value of his assets.

The ruling staves off the prospect, for now, of New York Attorney General Letitia James seeking to seize the former president’s property to enforce the judgment against him. Trump had been struggling to come up with the means to post a bond of more than $500 million, the total that he would have needed before Monday’s appellate decision.

Trump will still have to find a way to post $175 million bond by next week. His attorneys said last week he was struggling to come up with bond to cover the full amount, noting that banks would not approve bond of more than $100 million.

The ruling stated that the $175 million bond will be in place until at least September, meaning James won’t be able to seek to enforce the judgment against Trump until then.

The order stayed the enforcement of several penalties Engoron had handed down in addition to the fine, including that Trump and his sons can still run a business in New York and obtain loans from New York financial institutions for now.

The order blocked those penalties in the judgment but also stated that the court-ordered monitor and the appointment of a compliance director will remain in place.

Related: A $6.5 million request and cancelation concerns: the presidential debate is coming to Utah

 

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Trump bond lowered to $175 million as he appeals civil fraud judgment in New York