Trump Facing Financial Hardships As Court Upholds $454 Million Fine
By Stefan J. Bos, Chief International Correspondent Worthy News
NEW YORK, USA (Worthy News) – Former U.S. President Donald J. Trump faced potential financial hardships Wednesday as a New York judge denied his bid to pause collecting the $454 million fine for fraud.
The fine, ordered by a civil judgment that found them liable for fraud, was staggering even for Trump, a billionaire on paper who is believed to have much of his cash invested in real estate.
On Wednesday, Trump offered to pay a $100 million bond to stay the enforcement of Manhattan Supreme Court Justice Arthur Engoron’s scathing ruling against him.
He was fined liable for lying about his wealth to obtain favorable loans and other benefits as he grew the real estate empire that helped him reach stardom and the U.S. presidency.
With time running out, there was concern within the Trump team he would be unable to post a bond for the total amount of more than $450 million. Any company providing one would probably require him to pledge cash and other collateral that he does not yet have, according to sources familiar with the situation.
If Trump fails to secure the bond, the New York attorney general’s office, which brought the case accusing him of fraudulently inflating his net worth, can start collecting the $454 million from him, perhaps by seizing assets such as real estate if cash isn’t available.
MOVING SWIFTLY
The attorney general, Letitia James, was expected to provide Trump a 30-day grace period, which will expire on March 25.
From that date, she could swiftly seize Trump’s bank accounts and perhaps take control of his New York properties.
The financial hurdles are the latest in a series of court cases the former president faces.
Also on Wednesday, a state judge in Illinois ruled that former Trump had “engaged in insurrection” and was “ineligible” to appear on the state’s primary ballot.
The decision creates uncertainty for the state’s March election, in which early voting is already underway.
It also added urgency for the U.S. Supreme Court to provide a national answer to the questions about Trump’s eligibility to appear on ballots in more than 30 states.
CAPITOL ATTACK
Critics say Trump can’t run for president as he encouraged the January 6, 2021, attack on the U.S. Capitol Building in Washington, D.C., by rioters claiming to be his supporters after rival Joe Biden was declared the winner of the 2020 presidential election.
Trump has vehemently denied responsibility. And the U.S. Supreme Court tossed him a legal lifeline on Wednesday night, making a choice that substantially aided his efforts to delay his federal trial on charges of plotting to overturn the 2020 election.
It decided to take up Trump’s claim that presidents enjoy almost total immunity from prosecution for any official action while in office.
The legal calendar suggested that if the justices issue a ruling by the end of the Supreme Court’s term in June and find him not immune from prosecution, the trial could still start by late September or October.
Experts say the justices bought the former president several months before a trial on the election interference charges can start ahead of elections later this year.
Lower courts earlier rejected Trump’s claim that he enjoyed immunity and couldn’t be prosecuted for the riots in 2021.
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