New York Attorney General Requests Halt to $175 Million Guarantee in Trump Financial Fraud Case

The Attorney General of the State of New York, Letitia James, requested on Friday April 19 that the courts stop the guarantee of 175 million dollars invested by Donald Trump in a financial fraud case where he was fined $454 million, according to a court document. This warrant was filed on April 1 by the former President of the United States, and allowed him to push back the humble attitude towards the legal seizure of one’s propertywhile pleading their conviction.

But in a document submitted on Friday, three days before the hearing on the validity of this commitment, the services of the attorney general ensure that it must be suspended. “Instead choose as a trust a large national insurance company licensed in New York, experienced in underwriting bond guarantees and having liquidity well in excess of $175 million.”Donald Trump “He preferred to choose Knight Specialty Insurance Company (KSIC), a small insurer not licensed to operate in New York (…) that did not issue a bond in New York or in the previous two years in any other jurisdiction, and has total liquidity of $138 million. “they explain.

Sentenced to $454 million in fines

Donald Trump was sentenced in mid-February to $454 million in fines with his sons Eric and Donald Jr., for financial fraud within their Trump Organization real estate empire. They were accused of increasing the assets of their properties, such as Trump Tower or the 40 Wall Street building in New York, to several billion dollars during the 2010s in order to obtain more favorable loans from the banks. After the conviction, the Attorney General of the State of New York, Letitia James, threatened to launch legal seizures to recover the value of the fine, naming the building at 40 Wall Street.

The hearing on this promise is scheduled for Monday, the day when Donald Trump’s first trial, based on hidden payments to a former porn star to buy his silence in the middle of the 2016 presidential campaign, comes to the heart of the case with opening statements from the prosecution and defense.