New York AG stands firm against Trump's request to stay $464M fraud judgment
In a recent development that has captured the nation's attention, New York Attorney General Letitia James has taken a firm stance against former President Donald Trump's request to stay a staggering $464 million civil fraud judgment.
"This request by Mr. Trump to shield himself from the consequences of his fraudulent actions is extraordinary and without merit. We will continue to hold Mr. Trump accountable for his blatant disregard for the law.” she said.
This legal battle, which has seen numerous twists and turns, now finds itself at a critical juncture as Trump's team seeks relief from the financial implications of the judgment.
At the core of this legal skirmish is a judgment handed down earlier this year, where Trump, along with his sons and their co-defendants, were found liable for a decade-long fraudulent business practice involving the inflation of Trump's net worth and the overvaluation of his real estate holdings.
The judgment, one of the largest corporate sanctions in New York's history, includes a hefty sum of $464 million in penalties and interest.
Dennis Fan, a senior assistant solicitor general for the state, countered Trump’s claims in a filing, stating:
“Defendants’ argument that obtaining a full bond is purportedly impossible is based on the false premise that they must obtain a single bond from a single surety for the entire judgment amount of $464 million. Multiple sureties can be combined to cover the total.”
Trump's legal team has labeled the requirement to secure a bond for the full judgment amount as a "practical impossibility," citing the refusal of over 30 insurance companies to accept Trump's cash and properties as collateral.
In response, AG James has argued that the request is procedurally improper and based on a flawed premise, emphasizing the availability of multiple sureties to cover the bond amount.
“The notion that Mr. Trump can easily secure a bond for such an astronomical sum is unrealistic and not grounded in the current financial realities.” Trump's legal office said.
Should Trump fail to secure the bond, the consequences could be dire.
The state could potentially seize some of his most prized assets, unraveling his personal finances and affecting his ability to campaign for the upcoming presidential election.
The AG's office has been clear in its position that if Trump cannot satisfy the judgment, they will seek enforcement mechanisms in court to seize his assets.
This legal confrontation is not just about numbers; it's a political chess game with high stakes.
Trump has consistently criticized James' investigation as a political persecution by a Democrat, while James has remained steadfast in her pursuit of justice, regardless of Trump's political status or influence.
“This investigation is nothing more than a politically motivated witch hunt. The AG’s office has been relentless in its pursuit of not just justice, but political gain.” Trump said.
As the deadline looms for Trump to secure the bond, all eyes are on the courts to see how this unprecedented situation will unfold.
Will Trump manage to navigate through this financial and legal maze, or will this judgment mark a significant turning point in his public and private life?
