If Trump doesn’t pay $454M bond, these assets could be seized
- Trump must pay $454M bond or New York AG will seize assets
- Trump Tower on Fifth Avenue, Trump Building on Wall Street could be seized
- Attorneys: Trump can't pay bond
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(NewsNation) — Big problems are brewing for former President Donald Trump in New York, as the attorney general’s office has taken first steps toward seizing his assets.
Trump has until Monday to come up with part of nearly half a billion dollars for his fraud judgment bond to prevent New York Attorney General Letitia James from seizing his real estate assets.
While Trump Tower on Fifth Avenue and the Trump Building on Wall Street are already considered possible seizures, the James’ office filed judgments in Westchester County earlier this month, just north of New York City. That’s home to Trump National Golf Club Westchester and the Seven Springs estate.
The judgments could be the first step in the seizure process, should Trump fail to post a bond so he can appeal the $454 million civil fraud penalty handed down last month.
A judge initially ordered the former president to pay the $454 million penalty after determining Trump and his two sons committed fraud by providing false financial information to banks when applying for loans.
His bond amount has since ballooned because of anticipated interest, which piles on an additional $112,000 each day Trump doesn’t pay.
And even though Trump once said his personal net worth exceeds $10 billion, the former president’s lawyers said in a court filing this week that it is impossible for him to secure the money needed to pay the bond because he doesn’t have the cash to cover the large “unattainable” judgment.
His lawyers also said that at least 30 surety companies have turned the former president down to back his nearly half-billion dollar bond.
Trump has since asked an appeals court to reduce the bond to $100 million, but the court denied his request.
“He gave us a demand which he knows is impossible to do. This witch hunt, between a bad judge and a corrupt & racist attorney general, is horrible for New York,” Trump wrote on his social media site Truth Social about Judge Arthur Engoron.
Trump believes he will ultimately win the case on appeal, but for now, he has to come up with the money or, come Monday morning, he could start seeing some of his real estate assets or bank accounts seized.
