Trump Soars as Deadline Approaches for Bond Issuance in Fraud Case

Photo of author

By journalsofus.com


The stunning ruling against former President Trump in his New York fraud case has laid bare his precarious financial situation, an issue that has derailed the notoriously angry real estate mogul.

In Truth Social posts, Trump has launched into mini-rants attacking the judge and attorney general in the case, alleging that they want to defraud him of precisely the amount of cash he has on hand, about $500 million.

Trump is known for his online rants and raucous rallies that frequently energize his base, but the $454 million bail he must post – or face the possibility of having his assets seized – appears to have pushed the former president over the edge. .

“They don’t care about the law, the facts or anything, but about tying up my money and interfering in the elections!!” Trump wrote in a Social Truth Posting On Wednesday. “This case should END, but instead, the Attorney General wants to abuse her power to steal my money!!”

Former advisers said Trump appears to be particularly incensed by the fraud trial in New York because of the personal stakes.

The main allegations in the case threatened several areas of which Trump takes particular pride. They struck at the heart of his reputation as a skilled negotiator and wealthy businessman, which helped propel him to a successful run for the White House in 2016.

“It has to do with his business, his family and his brand,” said a former Trump White House official.

The trial and its aftermath have also affected his adult children, specifically Eric Trump and Donald Trump Jr., who serve as executive vice presidents of the Trump Organization. The brothers were ordered to pay more than $4.6 million each and were banned for two years from holding senior leadership positions at any New York company.

Trump’s daughter Ivanka was once a party in the case, but a state appeals court dismissed her before the trial began, citing a statute of limitations. She still testified at trial, giving a moderate account of her role in the business.

The trial also pitted Trump against his fixer Michael Cohen, who in recent years has established himself as an outspoken critic of the former president. Cohen testified that Trump ordered him and another top executive to “reverse engineer” his assets to reach a figure they liked. Trump’s lawyers have called Cohen a “proven liar.”

And the case took place in New York City, where Trump grew up and built his brand in the real estate business, but also a place where he had struggled to earn respect.

“New York is where he has made his mark,” said Bennett Gershman, a law professor at Pace University. “He has tried so hard to become part of the New York establishment…and feels, perhaps, that he has never made it in New York.”

“It is a confluence of factors that justify this case and make New York and Trump come together in a very dramatic way,” he added.

During a two-month trial in Trump’s hometown, about 40 witnesses in the former president’s business orbit took the stand to assess whether his company engaged in deceptive business practices for more than a decade.

Although not required, Trump attended the trial in person on numerous occasions, sometimes for several days at a time.

From its start, the trial was defined by Trump’s fury: his anger at New York Attorney General Letitia James (D) for prosecuting the case and Judge Arthur Engoron for allowing it to move forward.

The tension boiled down to stern glares and sometimes heated arguments between the parties and Engoron that often turned political, with Trump suggesting the judge should be “criminally charged” for his role in perpetuating “election interference.”

Engoron found Trump, the Trump Organization and senior executives responsible for fraud before the trial began and, at the end of the trial, determined that they conspired to alter the former president’s net worth in exchange for tax and insurance benefits.

The judge ordered them to pay a fine of $464 million, plus interest (more than 95 percent of which Trump alone owes). Trump, like his children, was also banned from holding senior leadership positions at any New York company for three years.

His anger has already spilled over into his appeal of the ruling, including his suggestion that the judgment amount was determined on purpose because of the cash on hand he claims to have.

“I currently have almost half a billion dollars in cash… The often-revoked political judge in the rigged and corrupt AG case, in which I have done nothing wrong, knew it, wanted to take it away from me, and that is where and why What He came up with the shocking figure which, together with his crazy interest demand, is approximately $454,000,000.” Trump wrote in all caps on Truth Social on Friday morning.

Earlier this month, Trump became the presumptive Republican nominee for president, setting the stage for a rematch with President Biden.

His campaign has also become an outlet for his complaints about the case. She frequently sends out fundraising emails seeking to cash in on the case, including one on Thursday that included the subject line “Keep your dirty hands off Trump Tower.”

During a recent rally in Michigan, Trump criticized the initial decision to pay hundreds of millions of dollars as a “lawless, unconstitutional atrocity that sets our laws on fire like this country has never seen before.”

And during a rally in Ohio on Saturday, Trump suggested that his own legal problems could be detrimental to the state of New York.

“A lot of people want to leave because of the legal war that’s going on,” Trump told his supporters. “Many companies are leaving because they don’t want to be caught in the shit I found myself in, where they persecute you for no reason, without a victim, without this, without that.”

His campaign funds helped mount a legal defense in the fraud case, in addition to the four criminal cases he also faces. Trump’s fundraising committees doled out approximately $50 million in legal consulting in 2023. His fraud trial attorneys, Chris Kise, Alina Habba and Clifford Robert, were among the best paid.

However, campaign donations cannot help him afford the cost of the multimillion-dollar lawsuit he now faces.

If Trump does not post his bail by Monday, James can begin seizing his assets, which include iconic New York properties like 40 Wall Street and Trump Tower.

Last week, the state took the first step to seize Trump’s Seven Springs private property and golf resort by filing judgments in the county where it is located. Sentences have already been handed down in Manhattan, where the trial was held.

Trump’s lawyers told the appeals court that the former president cannot obtain a full appeal bond due to a lack of available cash. Instead, he asked the court to accept bail of $100 million, less than a quarter of what he owes.

However, on Friday, Trump posted on Truth Social that through “hard work, talent and luck” he has nearly $500 million in cash on hand, a statement that could hinder his request for a less expensive bonus.

“He doesn’t want to pay and is seeking protection from the court,” Gershman said. “He says he doesn’t have the money. He says no one will give him bail.

“That could be true; people wouldn’t want to give him a bonus because they don’t trust him,” she continued. “Why should they trust him?”

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Leave a comment