Could Donald Trump lose his fortune? The former American president has been unable to provide New York courts with guarantees that he will pay $454 million in fines for financial fraud in his real estate empire, following his civil indictment in February, his lawyers admitted this Monday. In a 5,000-page legal document posted online this Monday by the Appellate Division of the New York State Supreme Court for Manhattan (trial court, editor’s note), the former president of the United States’ defense argued that such a bail amount is “virtually impossible.”
“Amount of judgment, with interest, $464 million” or $355 million plus $100 million in interest for Donald Trump and $8 million plus interest for his sons Donald Jr. and Eric, “and very few companies are considering guarantee vouchers. (legal bond) Closer to this magnitude,” protest lawyers, who say they have contacted about thirty insurance companies.
Which means that in case there is no 100% guarantee on the fine, the appeal filed by Donald Trump in February to another court, but without another hearing, will not be suspensive: Man Business and Political Tribune will have to pay this way. The entire amount under penalty of having some of his real estate confiscated by the court by March 25.
Trump condemned the “witch hunt”.
The Republican presidential candidate condemned the “witch hunt” in a press release this Monday evening, calling the fines “unconstitutional, un-American, unprecedented and practically impossible for any company, including a successful one like mine.”
The Appellate Division of the New York Supreme Court rejected the $100 million guarantee offer on February 28. The former president and his two adult sons also appealed bans from operating businesses in New York state for three and two years, respectively. His lawyers ruled in February that “excessive and vexatious” fines and a “general ban” on operating an “unlawful and unconstitutional” business in New York would be “impossible to complete and post the guarantee”.
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In a sweeping ruling on February 16, New York judge Arthur Angoro ordered the former president to pay $354.86 million in fines for financial fraud and four million dollars to each of his two sons. New York State Attorney General Letitia James filed a complaint against Donald Trump in October 2022, forcing him, his sons and his Trump Organization group to face a civil trial for fraud last October through January.
The tycoon, who made his fortune in real estate before disrupting the democracy of the world’s leading power, criticized the “completely bogus” ruling by publicly disparaging magistrates James and Angoron.
