Deadline in Trump’s $464m fraud case hours away

No Content

  • Published
    17 minutes ago
Trump Tower in NYCImage source, Getty Images

Donald Trump has just a few hours left to prevent the seizure of his assets in a business fraud case that threatens his fabled property empire.

A deadline for him to pay the $464m (£365m) penalty for inflating his net worth is due to expire on Monday.

If Mr Trump fails to secure a bond to cover it, the authorities in New York can freeze his bank accounts and begin moving in on his properties.

A separate legal threat to the former president also takes shape later.

He may be given a date for his first criminal trial at a hearing in New York in the so-called hush money case involving adult film star Stormy Daniels.

Mr Trump is expected to attend in person to hear his lawyers argue the case should be dismissed due to the recent disclosure of thousands of documents about a key witness.

In the fraud case, he may yet receive a lifeline from a New York appeals court which is considering his application for a stay on the judgement.

Last week his lawyers said he had been unable to cover the penalty despite approaching numerous financial companies to provide a bond.

To secure a bond, an individual has to demonstrate to the company providing the guarantee that they have enough liquidity, usually in the form of cash or stocks.

If Mr Trump secured a bond on Monday it would protect his assets while he continues his appeal.

He could also yet find the money through other means. On Friday he claimed on social media that he possessed almost $500m in cash.

A New York judge ordered him to pay the penalty for falsely inflating his assets to secure better loans. His sons were also order to pay financial penalties.

Trump outside Mar-A-Lago

Image source, Getty Images

New York Attorney General Letitia James gave a 30-day grace period from the ruling to give Mr Trump time to find the money. That expires on 25 March.

Ms James has said she is prepared to take Mr Trump’s assets if he does not pay on time.

She recently filed the fraud judgement with clerks in Westchester County, an indication she might try to take property in New York City’s northern suburbs.

Mr Trump owns Seven Springs, a golf course and 212-acre estate, in that area.

Also at risk are Mr Trump’s prized New York properties, including the 58-floor Trump Tower, and even his assets in Florida, including his Mar-a-Lago club.

According to a Forbes estimate, Mr Trump is worth about $2.6bn. He testified last year that he had $400m in liquid assets.

The $464m judgement is not his only expense. He was ordered to pay $83m in January after losing a defamation case to E Jean Carroll, a woman he was found to have sexually abused. He has already posted a bond in that case.

He is the first former president in US history to be criminally charged and faces dozens of charges across four separate cases.

This post was originally published on this site

Similar Posts