Now it's getting tight
Trump cannot raise bail of 464 million dollars
According to his lawyers, former US President Donald Trump is unable to post bail in the amount of the fine of around 464 million dollars (427 million euros) imposed on him for financial fraud. This is according to a court document published in New York on Monday. The likely Republican presidential candidate therefore now faces the risk of the New York judiciary confiscating parts of his real estate holdings.
For Trump, who always praises himself as a brilliant businessman, such legal action would not only be a serious blow to his finances, but also to his image. The real estate mogul's lawyers have filed an appeal against the fine imposed on him in a civil case. Irrespective of this, however, he must post bail in the amount of the fine plus interest, for which he has been given until next Monday.
Real estate could be confiscated
If he does not raise the money by then, New York Attorney General Letitia James may already be able to start seizing Trump properties. The posting of bail is also a prerequisite for the Trump lawyers' appeal to be judicially reviewed and for the judgment to be suspended pending a decision on the appeal.
However, the Trump lawyers have now stated that posting bail in the required amount is a "practical impossibility". Trump and the other defendants had contacted 30 insurance companies, among others, as part of their unsuccessful efforts to raise the sum. However, the insurers had rules that prohibited them from accepting real estate as collateral.
Trump's offer of 100 million dollars bail rejected
In February, Trump had offered to post bail of just 100 million dollars. However, this offer was rejected by an appeals court judge.
False statements for favorable loans
The former president and his sons Donald Junior and Eric were found guilty of artificially inflating the assets of the family real estate empire by billions of dollars over a period of years in order to obtain better conditions for loans and insurance. Trump was therefore sentenced in mid-February to a fine of 355 million dollars plus interest, while his sons were each fined four million dollars plus interest. They were also banned from managing companies in the US state of New York for a period of three years.
Trump posted further bail for defamation in March
The fine for Trump, including interest, now amounts to around 464 million dollars. At the beginning of March, he had already posted bail of 91.6 million dollars in another case at a court in New York. In that case, Trump was convicted of defaming the columnist E. Jean Carroll had been convicted. Trump deposited the sum so that his appeal against the defamation verdict could be considered.
Trial for storming the Capitol still looms
Trump, who is likely to run against incumbent Joe Biden in the presidential election in November following his victory in the Republican primaries, is also facing four criminal charges. These relate, among other things, to his role in the storming of the Capitol in Washington in January 2021 and his other attempts to retroactively overturn his election defeat against Biden in November 2020.
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