A New York Appeal Court has slashed former United States President Donald Trump’s bond payment, ordering him to pay $175 million within the next 10 days.
DAILY POST reports that Trump had previously faced a Monday deadline to pay a $464 million bond payment that came as a result of civil fraud allegations from New York Attorney General Letitia James.
The $464 million judgment, which was due today, was given by a New York Judge Arthur Engoron.
Engoron’s ruling followed a months-long non-jury trial stemming from James’ years-long investigation.
Engoron ruled that Trump and other defendants were liable for “persistent and repeated fraud,” “falsifying business records,” “issuing false financial statements,” “conspiracy to falsify false financial statements,” “insurance fraud” and “conspiracy to commit insurance fraud.”
However, Trump and his legal team appealed and requested a stay on his $464 million civil fraud judgment.
Trump’s legal team argued that the initial requested bond was “unprecedented for a private company,” and said to post it in the judgment’s full amount was a “practical impossibility.”
Trump had vowed to fight the case “all the way up to the US Supreme Court if necessary,” dismissing the trial as a “witch hunt”.
Meanwhile, an appeal court overturned Engoron’s ruling to allow Trump and his sons to continue running the family business as they appeal the decision.
The ruling is a massive win for Trump, saving him from potential financial disaster.
The new bond will stop Attorney General Letitia James from collecting the judgment during Trump’s appeal (NYT).
Trump now has 10 days to secure the bond meaning his bank accounts and properties are safe for now.
