Trump fails to secure $454 million bond
Ex-President Donald Trump’s attempt to secure insurance underwriting for his $454 million bond in a New York civil fraud case has been rejected by 30 insurance companies.
Unless he secures the bond, Trump may have to pay from his own funds or risk his properties being seized by state authorities.
The bond is required following a judgment from Manhattan Supreme Court Judge Arthur Engoron.
His ruling followed a civil fraud trial in which Trump was found liable for misleading authorities and banks about the value of his real estate holdings.
Despite Trump’s claims of a “rigged” trial, Engoron sided with prosecutors.
They had alleged that Trump overvalued assets for loans and undervalued them for tax purposes.
Trump’s legal team is asking the New York Supreme Court to intervene.
His lawyers argue that enforcing such a massive bond requirement would cause irreparable harm.
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