Trump asks number of companies to help pay bail in fraud case
Former President of the US, Donald Trump (photo: Getty Images)
Former President of the US, Donald Trump, has reached out to one of the organizations previously found guilty of fraud, asking for help to cover his bail in a civil fraud case in the state of New York, according to Newsweek.
On Monday, March 18, former President Donald Trump's legal team filed a motion in court requesting several sureties to support his bail of $464 million. The funds are needed to appeal Judge Arthur Engoron's decision, which found Trump, his two adult sons, and others associated with the Trump Organization guilty of fraud. The lawsuit filed by New York Attorney General Letitia James accused Trump and his codefendants of inflating the value of his company's assets to obtain more favorable business loans and insurance terms.
Among the list of entities in Monday's filing included Zurich Insurance Group, which Allen Weisselberg, the former chief financial officer at the Trump Organization, was accused of deceiving by claiming that the value of the former president's real estate holdings had been assessed by an independent appraiser. James said in a previous filing that Weisselberg lied to the company while seeking to renew the Trump Organization's coverage.
Trump's lawyers stated on Monday that it is practically impossible to pay the required bail for the appeal due to the excessive and unattainable amount. The court ordered the former US president to pay $355 million in punitive damages, which with interest has risen to $454 million. Another $10 million is needed to appeal Judge Engoron's decision.
"Despite scouring the market, we have been unsuccessful in our effort to obtain a bond for the Judgment Amount for Defendants for the simple reason that obtaining an appeal bond for $464 million is a practical impossibility under the circumstances presented," the lawyers stated.
Trump maintains that he is not guilty of the charges against him and his company and that his assets and personal wealth are valued much higher than indicated in the documents underlying his civil fraud case. The former president also accused prosecutors of attempting to interfere in his 2024 election campaign.
The former president must post the full bail amount by March 25, unless the appellate court allows him to post a lesser amount. In February, Trump's lawyers requested a temporary bail amount of $100 million, but New York Judge Anil Singh denied their request.
Meanwhile, Singh's decision suspended the effect of Engoron's initial decision, which prohibited the former president from taking loans in New York state. The appellate judge also suspended Engoron's decision, which prevented Trump and his sons, Donald Trump Jr. and Eric Trump, from managing their companies in the state.
Legal cases against Trump
Donald Trump faces 91 criminal charges across several cases, including the payment of $130,000 to porn actress Stormy Daniels, attempts to overturn the results of the 2020 presidential election, improper handling of classified information after leaving office, and others.
On February 24, a New York state judge officially ordered Trump to pay $454.2 million after he was found guilty of manipulating his capital in a civil fraud case brought by the New York Attorney General.
On March 15, the court hearing in the fraud case against the former president was postponed for 30 days. The hearing, originally scheduled for March 25, will now take place no earlier than the end of April.
