Former President Donald Trump's lawyers said this Monday that he cannot make the $464 million bond imposed by the New York Justice Department. This amount is part of the conviction of the New York courts for tax fraud, in a controversial sentence some are calling arbitrary.
Trump was initially ordered to pay $355 million, to which interest has been added. Donald Trump's legal team appealed the sentence and asked for a review by a higher court, believing that there were flaws in the first judge's verdict.
According to Trump's lawyers, it is impossible to make the $464 million bond under the circumstances. The tax fraud case in New York is not the only legal battle that is bleeding the former president's accounts. In New York, he was sentenced to pay writer Jean E. Carroll. There are other proceedings open in other states against the former president. The Republican candidate claims that these are part of a witch hunt and a political instrument to remove him from the presidential race.
Donald Trump's lawyers presented a 250-page brief this Monday. They argue that he is in the midst of a bankruptcy crisis. It remains to be seen whether the appeals courts will reconsider Trump's claim against the first ruling.
The bond that Trump is required to pay is essentially a deposit. The court can use it to pay the total amount owed in the event that his appeal fails. In these cases, insurance companies usually provide the necessary support to pay the deposit. However, Trump's legal team claims that it has been impossible for them to find a firm willing to give up that amount in a contract.
Trump proposed posting a $100 million bond, but the judge rejected his offer.
