Donald Trump posted $175 million bail in his civil fraud case in New York. Thus, Trump avoided paying a penalty in the amount of 454 million dollars while his case goes through the appeal process, AFP reported.
Last week, a New York appeals court reduced the $454 million bail he was originally required to post to $175 million and gave him 10 days to pay that lower amount.
The nearly half-a-billion-euro fine originally owed raised the prospect that New York authorities would seize Trump's assets if he couldn't pay, but the reduction — and finding a company to post the bond — gave him some breathing room.
"I have a lot of respect for the decision of the Appellate Division and I will put up $175 million in cash and bonds or collateral or whatever is needed, very quickly, within 10 days," Trump said.
The lifeline came from a California organization called Knight Specialty Insurance Company, which announced the guarantee in a document released by the court on April 1.
The 77-year-old real estate mogul, who once again won the Republican nomination, received the fine after Judge Arthur Engoron found him and his two adult sons guilty in a jury trial, ruling that they and his family company lied about the value of the assets, deceiving banks and insurers./BGNES
