A recent ruling by a New York appeals court has determined that former President Donald Trump does not have to come up with $464 million to appeal the judgment against him in his civil fraud trial. Instead, Trump now only needs to provide a bond in the amount of $175 million. This decision came after the expiration of a 30-day grace period allowed by New York Attorney General Letitia James for Trump and his co-defendants to secure a bond as they pursue an appeal of the $464 million judgment in his New York civil fraud trial. The lower court had initially ordered Trump and his co-defendants to pay a financial penalty, known as disgorgement, totaling almost $465 million including daily interest. This penalty aims to recover the amount that Trump and his company benefited from the fraudulent scheme.
The appellate ruling has provided Trump with a 10-day window to come up with the $175 million bond to proceed with the appeal. Along with reducing the financial obligation, the appeals court stayed the three-year bars against Trump from applying for loans from New York financial institutions, the two-year prohibition against his sons Donald Trump Jr. and Eric Trump from serving as officers or directors of New York companies, and the permanent bar against former Trump Organization CFO Allen Weisselberg and controller Jeff McConney from holding financial control positions in New York businesses. Additionally, the appeals court maintained the lower court’s orders for an independent monitor to oversee the Trump Organization and the installation of a compliance director.
In response to the ruling, the office of the New York attorney general emphasized that Trump is still facing accountability for his fraudulent activities. The court had previously found that Trump engaged in a years-long scheme to inflate his net worth and enrich himself, his family, and his organization. Despite the reduced financial penalty, the $464 million judgment against Trump and the other defendants remains in place. Trump, on the other hand, accepted the appeals court’s decision and stated that he will comply by posting the required bond within the given timeframe. He also criticized Attorney General Letitia James and Judge Arthur Engoron, claiming that their credibility has been damaged and deeming the original $450 million decision as outrageous. Trump reiterated his innocence, asserting that he did nothing wrong.
Moving forward, if Trump is able to produce the $175 million bond within 10 days, as he has indicated, he will have several months to prepare for the appeals case. Arguments in the appeal are not anticipated to take place until at least after the appeals court’s fall term starts in September. Trump now needs to perfect his appeal by making all necessary preparations and securing a spot on the court’s calendar. The outcome of this ongoing legal battle will likely have significant implications for Trump and his business dealings, as well as broader implications for accountability and justice in cases of financial fraud.
