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A New York appeals court has granted Donald Trump 10 more days to post bond for the civil fraud judgment against him, and lowered the amount from $464 million to $175 million. The former president, along with his adult sons and his company, were fined more than $464 million, including interest, after Judge Arthur Engoron found they fraudulently inflated the value of his assets.
New York Attorney General Letitia James was prepared to seize the properties of the Trump Organization beginning Monday; however, 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.
Court documents from the NY civil fraud case indicate the estimated value of many of Trump’s properties, including Trump Tower, the Trump Building and more than a dozen golf and social clubs, (including the Mar-a-Lago resort in Florida), were fraudulently reported by the Trump Organization. Those fraudulent values were found on financial statements and loan applications as the Trump Organization sought to take out loans against the properties.James alleged Trump used to inflate, or in some cases deflate, those values to obtain loans, avoid taxes or otherwise seek capital gains.
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