2024-04-20 16:59:21
“The amount that can be issued by insurance companies issuing guaranteed bonds is only 19 billion won.”
Prosecutors in New York have asked the court to invalidate a $175 million (approximately 241.3 billion won) bond that former U.S. President Donald Trump paid in lieu of fines imposed in a fraudulent loan judgment to inflate his assets, according to the U.S. Congressional Media. THE HILL reported on the 19th (local time).
On this day, New York prosecutors filed a lawsuit requesting invalidation of the bond submitted by top executives, including Trump, the Trump Organization, and two of Trump’s sons, saying it failed to guarantee that they could actually pay the fine.
Prosecutors also said the defendant failed to demonstrate that the collateral for the bond was “sufficiently secure and verifiable.”
“We hereby respectfully request that the court declare the bond invalid and order that a new bond be posted within seven days,” prosecutors from New York Attorney General Letitia James’ office wrote in the 26-page complaint.
Trump deposited bonds issued by Knight Specialty Insurance Company of California.
Prosecutors emphasized that Knight was a “small insurance businessman who cannot do business in New York,” and that until Trump, “he had never issued a surety bond in New York.”
According to the complaint, the total revenue from Knight’s insurance contracts was only $138 million. Under New York state law, companies like Knight’s cannot issue surety bonds that could result in losses exceeding 10% of gross revenue.
The lawsuit said, “According to Knight’s latest annual financial report, the total revenue from insurance contracts is $138,441,671, and the amount of loss on guaranteed bonds is $13.8 million,” adding, “The par value of the (Trump deposit) bonds is not the amount that can cover losses.” “It is $161.2 million more than that.”
Prosecutors allege Trump had an account with $175 million in pledged cash, and the court found that Trump and his co-defendants “failed to meet their burden of showing that the bond was ‘sufficiently backed by verifiable collateral.’” He insisted that it be checked.
Early this year, Judge Arthur Engoron ruled that Trump, the Trump Organization and senior executives conspired to gain tax and insurance benefits by manipulating the value of Trump’s assets, and imposed a fine of $454 million and a surety bond equal to the full amount. It was ruled to be deposited. However, on appeal, the deposit amount was reduced to $175 million.
Judge Engoron is scheduled to hear the prosecution’s objection on the 22nd. This day is also the day when statements are held in the trial of Trump’s sexual assault silence case.
[서울=뉴시스]
-
- great
- 0dog
-
- I’m so sad
- 0dog
-
- I’m angry
- 0dog
-
- I recommend it
- dog
Hot news now
2024-04-20 16:59:21