©Reuters. FILE PHOTO: A flag depicting former U.S. President Donald Trump is placed on Trump Tower in New York City, U.S., October 1, 2023.REUTERS/David ‘Dee’ Delgado/File Photo
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By Jack Queen and Luc Cohen
NEW YORK (Reuters) – Donald Trump won the race on Monday to suspend his $454 million civil fraud sentence if he issues a smaller $175 million bond within 10 days, a victory for the former U.S. president States that prevents the authorities of the state of New York from taking measures to seize his assets.
The decision by a mid-level state appeals court eases a severe liquidity crunch for Trump, who said he would be forced to sell assets at “fire-sale prices” to post bonds in the case.
If Trump posts bail by the new deadline, state authorities will not be able to begin seizing his assets.
The ruling delays the enforcement of a ruling in a case in which it was ruled that he had overstated his wealth to deceive investors and lenders, although it does not indicate how the appeals court might ultimately rule or address the merits of the case. It could take judges up to a year or more to make a decision on the matter.
“I very much respect the decision of the Appellate Division and I will pay the $175 million in cash or in bonds or securities or whatever is necessary, very quickly,” Trump told reporters in a New York court where he appeared in a separate criminal trial. case.
New York Attorney General Letitia James’ office, which is handling the civil suit, said Trump “is still facing accountability for his staggering fraud.”
The former Republican president is fighting criminal charges and multimillion-dollar civil sentences as he seeks to unseat Democratic President Joe Biden in the Nov. 5 U.S. election.
Trump’s legal maneuvering has delayed three of those criminal trials, although a New York judge ruled Monday that the fourth case, involving hush money paid to a porn star, will begin on April 15.
Before the break was granted, Trump faced a deadline Monday to submit the $454 million judgment, which he said he was unable to do. At that point, James could have asked a court to begin seizing his assets, including prime real estate like 40 Wall Street in Manhattan.
Trump has struggled to raise money for both his campaign and his legal fees. He has pleaded not guilty in the criminal cases and has denied any wrongdoing in all cases.
In the New York civil suit, Trump was found liable for fraudulently inflating his net worth by billions of dollars to secure better loan and insurance terms. He said the case is a political vendetta by James, a Democrat.
Judge Arthur Engoron found that Trump was involved in fraud by overvaluing properties including his Mar-a-Lago estate in Florida, his penthouse in Manhattan’s Trump Tower and various office buildings and golf courses. The trial focused primarily on the amount of fines Trump would have to pay.
In a separate civil case, Trump posted $91.6 million in bail to cover a defamation verdict against writer E. Jean Carroll, who said he defamed her by calling her a liar after she accused him of raping her decades ago. Trump is also appealing that ruling.
The criminal cases Trump faces stem from his efforts to overturn his 2020 election loss to Biden, his handling of classified documents after leaving office in 2021, and the hush paid before his 2016 election to a porn star who had claimed to have had a sexual encounter with him. years ago.