Donald Trump's $175 million bond to cover a possible civil penalty for fraud is inadequate because the company underwriting it is too small and opaque, New York's attorney general said in a filing Friday.
Donald Trump's $175 million bond to cover a possible civil penalty for fraud is inadequate because the company underwriting it is too small and opaque, New York's attorney general said in a filing Friday.
Trump was ordered to pay $355 million, rising to $454 million with interest, after being found liable in February for inflating his assets to benefit from favorable loans and insurance terms. New York Attorney General Letitia James, who brought the case against Trump, wrote that Trump's team"fail to meet their burden of establishing that there is sufficiently secure and ascertainable collateral backing the bond."
The underwriter, Knight Specialty Insurance, is a"small insurer that is not authorized to write business in New York," James said.
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