Former President Donald Trump recently earned a significant win against New York Attorney General Letitia James in court this week surrounding the $175 million bond Trump posted in the civil fraud case. The attorney general had questioned if the insurance company Trump was using to cover the bond would be capable of fulfilling the obligation.
However, upon reviewing James’ claim, a judge rejected the assertion, allowing the bond to stand. At the beginning of the month, the former president posted a $175 million bond to stop James from seizing his assets following a ruling from an appeals court that determined Trump could post the bond to fulfill a civil fraud judgment of $464 million.
The appeals court allowed Trump to appeal the judgment, where arguments are set to take place in September. Judge Arthur Engoron initially fined Trump and the Trump organization $350 million for alleged fraudulent business practices to obtain favorable financial terms. Additionally, Trump has been barred from serving as an officer or director of any New York corporation for three years.
Trump and his legal team have maintained his innocence throughout the civil fraud case, noting they will fight the ruling. Trump’s lawyer, Alina Habba, criticized Letitia James earlier this year, maintaining they would seek justice against the Biden administration and Letitia James.
The America Tribune reported on comments from “Shark Tank” star Kevin O’Leary, who has been highly critical of the civil fraud case against Trump. The business legend claims the case could have far-reaching implications on the New York business environment.
“But more importantly, the message about the American brand. You think about America. The reason this is no one economy on earth is that we have laws and we have due process, and we have property rights. It attracts foreign capital from all around the world. All of that is being shaken to the core here. The concept of seizing assets in 30 days on a bond number that’s never been issued. No insurance bond companies ever issued anything near this so there was no chance it was going to happen and only giving 30 days notice in time,” O’Leary said.
O’Leary has suggested that investors will be disincentivized to deploy capital in New York over fears of facing similar legal issues as Donald Trump. The businessman further labeled the case as an “attack” on American values, which have historically represented sound laws that promote free enterprise.
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“That’s a really bad message. And I think New Yorkers should think well past Trump, whether he’s president or not, or whether this attorneys generals gone in four years or not, it’s irrelevant. This is case setting against the American brand. The most stable country on Earth, anywhere to put capital work over a long period of time, particularly in real estate is the United States of America. This isn’t as this is an assault on what we believe to be core, and I find it extraordinary I think it’s very troubling. It has absolutely nothing to do with Donald Trump at this point, in my view, and it is completely bipartisan,” he said. Watch Fox New coverage of the major update in the case below: