Former US President Donald Trump has admitted that he won't be able to pay over $400 million New York civil fraud penalty.
In a court documents released on Monday, Trump's attorneys said the ex-US President had spoken to 30 underwriters to support the bond, which is due at the end of March, NBC News reported.
Gary Giuletti, an insurance broker who pleaded for Trump in the civil fraud trial, wrote an affidavit claiming that obtaining a full bond "is a practical impossibility."
"Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is 'a practical impossibility,'" the filing stated. "These diligent efforts have included approaching about 30 surety companies through 4 separate brokers."
Trump's lawyers stated that potential underwriters are looking for cash to support the bond rather than assets.
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According to the filing, Trump team negotiated with one of the largest insurance firms in the world but realised that "obtaining an appeal bond in the full amount" of the judgment “is not possible under the circumstances presented”.
Despite Trump's claims of being innocent, Judge Arthur Engoron deemed him responsible for the alleged fraud and ordered him to shell out a $355 million penalty, along with interest, for a total of more than $464 million.
{{/usCountry}}Despite Trump's claims of being innocent, Judge Arthur Engoron deemed him responsible for the alleged fraud and ordered him to shell out a $355 million penalty, along with interest, for a total of more than $464 million.
{{/usCountry}}In 2022, New York Attorney General Letitia James filed a civil fraud lawsuit against Trump, accusing him and his sons -- Donald Jr. and Eric, and other Trump Organisation officials of a years-long plan to inflate his net worth and value of assets in an attempt to obtain cheaper business loans.
Trump cannot afford the bond but…
While the filing admits that Trump cannot afford the bond, it also asserts that the attorney general does not have to fret about collecting her judgment.
According to the Trump's lawyers, his real estate holdings, which include renowned properties such as Doral Miami, 40 Wall Street, and Mar-a-Lago, exceed the amount of the judgment.
"Such assets are impossible to secrete or dispose of surreptitiously, leaving the plaintiff effectively secured during the pendency of an appeal," as per the court document.
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Trump's lawyers also contended that the penalty of $464 million is "grossly disproportional".
Last month, they requested for the reduction of the amount to $100 million, but today's filing argues that Trump should not be required to post any bond at all.