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Trump posts $175 million bail in New York tax fraud case

This measure temporarily avoids the possibility of seizing the tycoon's assets.

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Trump posts $175 million bail in New York tax fraud case

This measure temporarily avoids the possibility of seizing the tycoon's assets

MADRID, 2 Abr. (EUROPA PRESS) -

The former president of the United States Donald Trump has deposited this Monday a bond of 175 million dollars (163 million euros) in the case of tax fraud in the state of New York for inflating the value of the assets of the Trump Organization, thus avoiding the possible seizure of his assets while he appeals the ruling.

The bond is underwritten by the insurance company Knight Specialty Insurance, based in California, and automatically prohibits New York Attorney General Letitia James from collecting the $464 million plus interest of the judgment against Trump and his co-defendants, reports 'The Hill' newspaper.

Last week, an appeals court authorized the tycoon to pay 175 million dollars within ten days while the appeal for the sentence that requires him to pay 454 million is resolved, after he alleged lack of money for the payment.

Trump had 30 days to post bail while he appeals, as required by state law, but his lawyers said they had not found any insurance company that would write a bond of that size. Given that, James announced preparations to confiscate Trump's assets in the event that he did not post bail.