Trump gets a win in hearing over fraud trial bond

Donald Trump's attorneys reached an agreement with Attorney General Letitia James' office in court Monday — leading to Judge Arthur Engoron agreeing to accept the $175 million bond in his civil fraud case.

At issue was James' concern that the bond offered by Knight Specialty Insurance Company had a Charles Schwab account owned by Trump as collateral — while Trump still had access to the funds in it.

Lawyer Andrew Amer from James' office explained in court that the problem with the Schwab collateral is that "while the funds are cash today, under the terms of the pledge agreement and control agreement they can be swapped out for less secure collateral like mutual funds," Law360 reporter Rachel Scharf quoted from inside the proceeding.

Want more breaking political news? Click for the latest headlines at Raw Story.

Trump's lawyer, Chris Kise, explained that even if the bond falls through, there would be a backup for collecting the judgment.

ALSO READ: Revealed: What government officials privately shared about Trump not disclosing finances

“There's hundreds of millions of dollars worth of real estate that the defendants own right here in the city that could be seized with the stroke of your pen," Kise said.

Ultimately, after a back and forth, Judge Engoron agreed to the pledge by Kise to maintain the Schwab account in cash and give the Knight Insurance company complete control of it.

The previous offer had Trump's trust sharing control.

"Andrew Amer says 'the AG is fine with all these conditions stipulated on the record.'" Scharf wrote.

"Judge accepts it, and court is adjourned.

Recommended Links: