A New York appeals judge on Wednesday refused to approve former President Donald Trump’s proposal to pay less than a quarter of the fine imposed on him in one of the cases against him for civil fraud in the state of New York. .
Singh agreed to some of Trump’s requests, including lifting a three-year ban that prevented him from borrowing from New York banks, which could help him get the money he needs to pay the necessary bail.
Earlier Wednesday, Donald Trump’s lawyers said the former president was willing to post $100 million bail, which represents less than a quarter of the staggering fine a judge imposed in the state’s civil fraud case against him. from New York.
The magnate’s legal team argued that the provisions of the verdict make it impossible for the former president to pay the fine in full.
The lawyers are seeking to block New York Attorney General Letitia James’ office from carrying out the sentence while their appeal plays out. Singh ruled that Trump must deposit the full amount, which would automatically stop collection.
In total, the Republican presidential candidate and his codefendants owe more than $465 million to the State. They have until March 25 to get a stay, a legal mechanism that stops collection while he appeals, or they will be forced to pay the fine or risk having some of their assets seized.
Why should Donald Trump pay that large fine?
Judge Arthur Engoron ruled that Trump committed fraud by presenting misleading financial statements for his companies for about 11 years, which allowed him to obtain loans and insurance at more favorable rates.
At least two years ago, the Trump Organization stopped sending inflated financial figures about his net worth to Deutsche Bank and other entities, but a court-appointed monitor said that only happened after he was sued and that other financial documents continued to contain errors and misrepresentations.
Although the bank offered Trump lower interest rates because he had agreed to personally guarantee the loans with his own money, it was unclear how much interest rates dropped because of the inflated figures.
Last September, Judge Engoron ruled that the state certificates needed to run many of his businesses in New York should be revoked.
Engoron said Trump should lose control of those companies, which are the official owners of his Fifth Avenue headquarters and other iconic properties, and turn them over to a receiver to manage their “dissolution.”
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