Washington DC, United States

Former United States president Donald Trump secured a $175 million bond in his New York civil fraud case on Monday (April 1) and averted the seizure of assets by the state authorities which may have placed his business empire in shambles.

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Republican candidate Trump will be facing Democratic President Joe Biden in the general elections to be held in the United States in November. 

On February 16, he was found liable for fraudulently inflating his net worth to secure better insurance and loan terms.  

The $175 million bond was backed by the Knight Specialty Insurance Company, wrote an attorney for the Los Angeles-based firm in a court filing on Monday (April 1).

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“As promised, President Trump has posted bond,” said Alina Habba, the former commander of chief’s lawyer, Alina Habba, in a statement. “He looks forward to vindicating his rights on appeal and overturning this unjust verdict," he added.

Also Read: US presidential hopeful Trump pushes legal challenges in hush money, poll subversion cases: Report

Court drastically reduced Trump's bond of $454 million

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Trump was able to successfully lobby an appeals court to decrease the bond, after which the court drastically reduced the huge figures and gave the former president 10 days from the day of the court's decision (March 25) to post the lessened bond.

Earlier, Trump was required to post a bond for $454 million. However, the appeals court stayed the enforcement of the judgment delivered by Trump on the condition that the smaller sum would be paid by him in 10 days.

Trump's appeal will be heard by a three-judge panel in the appeals court on the merits. The reduction of the bond does not indicate how the panel will deliver the final ruling.

Watch: Trump & Biden's new challenger: 'Literally anybody else'

The bond has stopped New York Attorney General Letitia James from seizing Trump's properties, which include Trump Tower, his Mar-a-Lago estate in Florida and his 370-acre resort and golf course in Westchester.

Trump denied any wrongdoing and claimed that the case was a political witch hunt against him by James, who is a Democrat and had sued him in 2022.

Justice Engoron, in a 92-page order, described how Trump asked the deputies to alter the values of his properties and reach a desired net worth a decade before he entered politics.

The case has been part of various legal troubles being faced by Trump,  which includes a criminal trial in New York which is set to happen on April 15. 

Judge expands gag order in hush money case

The judge, who was overseeing the criminal hush money trial of Donald Trump, imposed a gag order to include family members of the Manhattan district attorney and family members of the court, as per the latest ruling.

The ruling came after Trump made comments against the daughter of Judge Juan Merchan. The judge warned that the rhetoric of Trump threatens to instil fear in those who are part of the proceedings but might pull out for their loved ones.

“The average observer, must now, after hearing defendant’s recent attacks, draw the conclusion that if they become involved in these proceedings, even tangentially, they should worry not only for themselves, but for their loved ones as well,” wrote Merchan. 

“Such concerns will undoubtedly interfere with the fair administration of justice and constitute a direct attack on the Rule of Law itself," he added.

“It is no longer just a mere possibility or a reasonable likelihood that there exists a threat to the integrity of the judicial proceedings. The threat is very real. Admonitions are not enough, nor is reliance on self-restraint,” he said.

Trump has been facing accusations of illegally covering up hush money payments made to a porn star before the 2016 election. In two cases, he has also been charged with making efforts to overturn his 2020 election loss to Biden and handling of classified documents after leaving office.  

(With inputs from agencies)