Trump pays $175 million bail in New York fraud case

Trump pays $175 million bail in New York fraud case
Trump pays $175 million bail in New York fraud case
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Trump was with his adult sons Eric and Don Jr. sentenced to a fine of $454 million (approximately $423 million) for financial fraud within their Trump Organization empire. The former president had appealed against this.

The ex-president had complained that he would have to sell properties to pay the initial deposit. A week ago, a New York court reduced the bail amount that Trump had to post in order to appeal in that case from $454 million to $175 million. He had until Thursday to transfer the money.

By paying the bail, New York State cannot seize his assets until the appeal is heard.

Donald Trump and his family business are said to have misled banks and insurers for years by greatly overestimating the value of assets on paper. By estimating the assets higher, the ex-president was able to obtain loans and insurance on favorable terms. The American tax authorities also did not receive the correct data in this way.

Trump’s sons were each also sentenced to a fine of 4 million dollars (3.73 million euros). Donald Trump and his sons are banned from doing business in New York for three and two years respectively.

The article is in Dutch

Tags: Trump pays million bail York fraud case

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