The former American president Donald Trump cannot deposit the 465 million dollars as bail after the ruling – a fine of 355 million plus interest – for tax fraud in New York, their lawyers announced this Monday.
“Obtaining a bail of 464 million dollars is impossible given the circumstances,” the lawyers say in a 250-page document presented to the Court, in which they point out the possibility that the magnate who made his name thanks to the New York real estate sector will suffer a financial crisis unless the Court of Appeals comes to his aid.
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The bond is a guarantee that the tycoon will pay any penalty imposed if his appeal fails. Typically, it should be underwritten by an insurer or specialist surety company.
But “despite having scoured the market, we have not been successful in our effort to obtain bail for the amount of the judgment,” the lawyers allege, concluding that this is a “practical impossibility.”
On February 16, the investigating judge in the case, Arthur Engoron, sentenced the magnate and his two eldest sons, Donald Jr. and Eric Trump, to pay $355 million for inflating the value of their properties to obtain more favorable interest rates on loans and insurance.
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The ruling also prohibits him, for three years, and his children, for two, from running companies in New York City.
The tycoon, who at 77 years old is seeking to return to the White House in the November elections, had requested to deposit a bail of 100 million, but the judge rejected it on February 28.
Trump, who became known as a real estate developer and businessman in New York before entering politics, may have to sell some of his landmark properties to cover the fine if his ongoing appeal fails.
This fine is added to the 83.3 million deposited in another case for defamation against the writer and journalist E. Jean Carrollwhile the appeal is resolved.
Trump, who faces 91 criminal charges in other cases, has used his legal problems to energize his supporters and denounce his rival, President Joe Biden, of a “witch hunt.” The former president maintains that the trials are “just a way” to “harm him in the elections.”
The deadline for submitting the bond ends on March 25. From that date the prosecutor's office could begin to seize some of his assets, such as Trump Tower, one of his most emblematic properties located on Fifth Avenue in New York.
AFP
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