Former President Donald Trump has petitioned a New York appeals court to suspend the enforcement of substantial penalties imposed on him in his civil fraud case, proposing the posting of a $100 million bond while the legal process unfolds.
Judge Arthur Engoron mandated Trump to pay nearly $355 million, along with accruing interest, in penalties following his determination that Trump engaged in a scheme to manipulate his net worth to obtain tax and insurance benefits. The total amount owed by Trump, compounded with approximately $112,000 in daily interest for non-payment, has now surged beyond $454 million.
In addition to the monetary penalties, Engoron decreed that Trump, his company, and key executives would be barred from obtaining loans from New York banks for three years.
In a court filing submitted Wednesday, Trump’s legal team contended that the substantial judgment rendered it “impossible” to procure a bond covering the entire sum, which would have automatically halted the enforcement of the penalties.
“The exorbitant and punitive amount of the Judgment coupled with an unlawful and unconstitutional blanket prohibition on lending transactions would make it impossible to secure and post a complete bond,” Trump’s lawyers asserted in the nearly 1800-page filing.
Furthermore, the attorneys argued that the appointment of an independent monitor by the judge would guarantee compliance with any potential payment obligations should Trump and his business lose their appeal. They emphasized that Trump’s substantial ownership stakes in New York real estate would suffice to adequately secure any affirmed judgment.
