President Trump will post a $100 million bond and ask for a stay of the $464 million judgment in Letitia James Soviet-style NYC fraud trial.
“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 defense lawyers wrote in the filing. “Appellants nonetheless plan to secure and post a bond in the amount of $100 million.”
ABC News reported:
Lawyers for former President Donald Trump are seeking to pause the enforcement of the penalties in his civil fraud trial, telling the court that he intends to post a bond of only $100 million — well short of the $464 million judgment ordered by Manhattan Supreme Court Judge Arthur Engoron.
Engoron’s judgment, issued earlier this month, ordered Trump to pay a $355 million fine, plus interest, and blocked him from running any New York-based company, including his own, for three years.
In a court filing Wednesday, Trump’s lawyers argued that the penalties are “unprecedented and punitive.”
Radical Marxist New York Attorney General Letitia James sought $370 million in ‘damages’ when there is no victim in this fraud case and she also sought to ban Trump and his sons from operating any businesses in New York. She accused Trump of inflating his assets and defrauding lenders and insurance companies.
Earlier this month Judge Engoron ordered Trump to pay more than a $355 million fine and barred Trump “from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years.”
Engoron claimed Trump and each of the defendants “participated in aiding and abetting the conspiracy to commit insurance fraud by their individual acts in falsifying business records and valuations, causing materially fraudulent SFCs to be intentionally submitted to insurance companies.”
Donald Trump Jr. and Eric Trump were also ordered to pay millions of dollars in fines.
Eric Trump and Don Jr. were ordered to pay $4,013,024 each.
“There is also sufficient evidence that Donald Trump, Jr. and Eric Trump intentionally falsified business records. They served as attorneys-in-fact for Donald Trump and were under a heightened duty of prudence,” Engoron wrote.
Trump Org. CFO Allen Weisselberg was ordered to pay $1 million.
The $355 million judgment PLUS daily interest has swelled to $464 million.
Letitia James has been taunting Trump by posting a daily calculator of compounding interest on the judgment.
Trump’s lawyers on Monday asked the appeals court to determine whether Judge Engoron abused his power or “acted in excess” of his jurisdiction, according to AP.
+$114,553.04 = $464,805,336.70 https://t.co/gugrACDTpC
— NY AG James (@NewYorkStateAG) February 25, 2024
Credit: Source link
