OAN’s Abril Elfi
6:20 PM – Wednesday, February 28, 2024
An appeals court judge has denied former President Donald Trump’s bid to drop the over $450 million bond to $100 million in his civil fraud case. Trump also asked for the judgement to be placed on hold.
Trump had hinted that he does not have the money to stop the judgment from being enforced in a court filing earlier in the day. He requested that the financial penalty and several other penalties imposed earlier this month by Justice Arthur Engoron—who concluded that Trump had misrepresented the value of his personal wealth and real estate holdings—be placed on hold by an appeals court.
A full panel of the New York appeals court, known as the First Department of the Appellate Division, is anticipated to consider whether to halt the judgment while Trump pursues his appeal after Associate Justice Anil Singh’s interim ruling on Wednesday.
Additionally, Singh delayed one of Engoron’s penalties, a three-year prohibition on Trump getting a loan from a New York bank, even though he denied Trump’s main request.
This means that Trump has the option to request an appeal bond covering the entire fine, which would stop any attempts to collect money while the appeals process is ongoing.
Trump’s attorneys had stated in their request to the appeals court that the loan restriction put in place by Engoron and the bond’s associated costs and fees would prevent the former president from being able to obtain the entire amount needed for an appeal bond.
They estimated that the entire expense “could exceed $550 million.”
“The exorbitant and punitive amount of the Judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond,” Trump’s lawyers wrote.
Rather, Trump’s attorneys had proposed that he post a $100 million bond, which is significantly less than what would normally be required to halt the judgment’s enforcement.
Meanwhile, Attorney General Letitia James of New York, who filed the civil fraud lawsuit against the former president, said that she could seize Trump’s properties or bank accounts if he is unable to secure a full bond or provide the money himself.
Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts