Donald Trump pays $175 million bail in fraud case

Donald Trump pays $175 million bail in fraud case
Donald Trump pays $175 million bail in fraud case
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Former US President Donald Trump posted a $175 million bond on Monday evening to prevent New York state authorities from seizing his assets. Various American media report this.

Trump was personally convicted of fraud at the end of 2023, because for years he had artificially presented the financial situation of the Trump Organization, his real estate company, as being better than it really was to banks – so that he could borrow cheaper – and at the same time making it worse than it actually was. towards the tax authorities – so that he had to pay less taxes.

Trump was there for that – along with his sons Eric and Don Jr. – sentenced to a $454 million fine for financial fraud at the Trump Organization, the family’s real estate company. The former president wanted to appeal against this, but the law in New York state provides that an appeal procedure is only possible if the convicted person has already paid any fines.

However, his lawyers recently had to admit in court that Trump could not raise the required amount. It was already known that Trump – who for years notoriously boasted about his immense wealth – ‘only’ had approximately 300 to 400 million dollars in cash, depending on the source.

Seizure

Therefore, Trump had to turn to banks and other specialized credit institutions to borrow the required amount. However, at least 30 companies refused to take out such a loan, leaving Trump – according to his lawyers – “in the practical impossibility” of paying the fine. That is why the court threatened to confiscate the ex-president’s property.

Last week, however, Trump was given a lifeline by an appeals court, which ruled that bail was lowered to $175 million. He had until Thursday to transfer the money, but he did so on Monday. By paying that deposit, the state of New York cannot seize his assets until the appeal in the fraud case is heard.

The article is in Dutch

Tags: Donald Trump pays million bail fraud case

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