Video 'Outrageous situation': Former Trump impeachment lawyer slams NY fraud ruling as massive bond deadline looms
Former Trump impeachment lawyer David Schoen breaks down Trump's looming $454 million bond deadline and the possibility Trump could appeal Fulton County, Ga. District Attorney Fani Willis' disqualification decision.
An appeals court slashed former President Donald Trump's bond payment on Monday, saying Trump must pay $175 million within the next 10 days.
Trump had previously faced a Monday deadline to pay a $464 million bond payment that came as a result of civil fraud allegations from New York Attorney General Letitia James.
Trump, the 2024 presumptive GOP presidential nominee, and his legal team had appealed and requested a stay on his $454 million civil fraud judgment. Trump's legal team said the initial requested bond was "unprecedented for a private company," and said to post it in the judgment's full amount was a "practical impossibility."
A New York Appeals Court, hours before the deadline to post the $464 million, lowered that bond considerably. The court ordered that Trump post $175 million within 10 days.
If Trump does post the $175 million by the new deadline, it would effectively block James from attempts to seize Trump's assets, as he continues to appeal the judgment by New York Judge Arthur Engoron.
Trump has vowed to fight the case "all the way up to the U.S. Supreme Court if necessary."
Former U.S. President Donald Trump speaks to the media after voting at a polling station setup in the Morton and Barbara Mandel Recreation Center on March 19, 2024, in Palm Beach, Florida. (Joe Raedle/Getty Images)
In an exclusive interview with Fox News Digital on Friday, Trump said he can afford to post bond, but is pushing with his legal team to appeal the ruling altogether.
Trump said he has nearly $500 million in cash. His company, Trump Media & Technology Group, the parent company of Truth Social, is set to become public after a merger Monday. The company will trade on the Nasdaq as "DJT."
Trump owns more than 78 million shares of the stock, valued at nearly $4 billion.
"That doesn’t mean I’m going to give money to a rogue and incompetent judge – the puppet of a corrupt attorney general who’s failing with violent crime and migrant crime and whose only purpose in life is attempting to get Trump," Trump told Fox News Digital, referring to Engoron and James.
At this point, however, his shares are frozen. The board of the company can vote to un-freeze those assets if necessary.
Engoron's ruling came after a months-long non-jury trial stemming from James' years-long investigation. James, when campaigning to become attorney general, vowed to "get Trump."
"We’re definitely gonna sue him, we’re gonna be a real pain in the a--," James once told a supporter on video.
Attorney General Letitia James arrives for a press conference following a verdict against former U.S. President Donald Trump in a civil fraud trial on February 16, 2024 in New York City. (Michael M. Santiago/Getty Images)
Engoron ruled that Trump and other defendants were liable for "persistent and repeated fraud," "falsifying business records," "issuing false financial statements," "conspiracy to falsify false financial statements," "insurance fraud" and "conspiracy to commit insurance fraud."
An appeals court overturned Engoron's ruling to allow Trump and his sons to continue running the family business as they appeal the decision.
James initially brought the lawsuit accusing Trump and the Trump Organization of fraudulent business practices. The court proceedings were contentious, with Engoron repeatedly placing Trump under a partial gag order to prevent him from criticizing court staff.
Trump dismissed the trial as a "witch hunt" throughout the process, accusing both Engoron and James of serving as political operatives for Democrats. Trump's legal team also repeatedly blasted the lack of a jury in the trial.
Former US President and Republican presidential candidate Donald Trump (L) and former First Lady Melania Trump leave after voting in Florida's primary election at a polling station at the Morton and Barbara Mandel Recreation Center in Palm Beach, Florida, on March 19, 2024. ((Photo by GIORGIO VIERA / AFP) (Photo by GIORGIO VIERA/AFP via Getty Images))
TRUMP BARRED FROM OPERATING BUSINESS, ORDERED TO PAY OVER $350 MILLION IN NY CIVIL FRAUD CASE
"There was never an option to choose a jury trial," a Trump spokesperson told Fox News Digital. "It is unfortunate that a jury won’t be able to hear how absurd the merits of this case are and conclude no wrongdoing ever happened."
Trump and his family denied any wrongdoing, with the former president saying his assets had been undervalued. Trump's legal team insisted that his financial statements had disclaimers, and made it clear to banks that they should conduct their own assessments.
Throughout the trial, Trump attorneys brought witnesses, including former Deutsche Bank top executives, who testified the banks sought additional business from Trump, whom they viewed as a "whale of a client."
Trump's defense also brought in expert witnesses, including New York University accounting professor Eli Bartov, who reviewed the Trump financial statements at issue in the case and said he found no evidence of accounting fraud.
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Bartov testified last month that Trump’s financial statements did not violate accounting principles, and he suggested that anything problematic – like a huge year-to-year leap in the estimated value of his Trump Tower penthouse – was simply an error.
"My main finding is that there is no evidence whatsoever of any accounting fraud," Bartov testified. Trump’s financial statements, he said, "were not materially misstated."
Brooke Singman is a political correspondent and reporter for Fox News Digital, Fox News Channel and FOX Business.
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