NOS News•today, 6:13 PM
Former US President Trump does not have to pay bail of almost half a billion dollars to appeal against a fine imposed on him for fraud. The amount has been reduced to 175 million dollars, the money must be transferred within ten days. The court of appeals in New York determined this.
Trump was convicted last month for having presented his financial situation more favorably to business partners for years. This way he was able to get loans and insurance on favorable terms, which saved him about $168 million in interest payments.
Previously, the bail amount for the appeal was set at the same amount as the fine: $454 million. The deadline for paying the deposit was originally today.
If Trump pays the $175 million on time, the US Attorney’s Office will not seize the former president’s assets.
Money in real estate
Last week it became clear that Trump could not raise the $454 million. His lawyers admitted to the judge that it was not possible to find someone who wanted to guarantee that amount. Trump’s wealth is mainly in real estate, such as his apartment buildings and golf courses.
Trump therefore called the court order “a virtually impossible task for any company, even if you are as successful as I am.” Moreover, Trump stated, “the bond offices have never seen a bond of this size. Even if they wanted to, they wouldn’t have the resources.”
