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Donald Trump's Surprising Cash Declaration Shakes Up New York Fraud Case: 'I Currently Have Almost $500M In Cash'

Published 23/03/2024, 18:12
© Reuters.  Donald Trump's Surprising Cash Declaration Shakes Up New York Fraud Case: 'I Currently Have Almost $500M In Cash'

Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.

Former President Donald Trump declared on Friday that he possesses "almost $500 million" in cash.

This statement contrasts the narrative previously presented by his legal team, which argued that posting a bond exceeding $450 million would be nearly impossible for Trump in light of a substantial judgment in a New York civil fraud case.

Judgment Against Trump Totals More Than $464M: Trump's revelation came in a post on Truth Social, where he emphasized his financial capability. He suggested that New York Supreme Court Justice Arthur Engoron set the bond amount with the knowledge of Trump's liquidity.

“I currently have almost five hundred million dollars in cash, a substantial amount of which I intended to use in my campaign for president,” he wrote.

This assertion diverges significantly from his lawyers' stance earlier this week, highlighting the challenge of securing a bond due to rejections from 30 underwriters, The Washington Post reports.

The judgment, enforceable from March 25, barring any financial or court interventions, stems from a lawsuit by New York Attorney General Letitia James (D).

It could lead to the seizure of Trump's assets, including bank accounts and real estate. Trump has dismissed this route despite suggestions that bankruptcy might offer a way out.

The judgment against Trump and his associates, including penalties, totals over $464 million, accruing interest daily.

Trump's lawyer, Christopher Kise, said Trump's statement referred to his wealth accumulated through successful business ventures worldwide.

Also Read: Millions Of Americans Are Considering A Mass Exodus If Donald Trump Wins Again, Says Report

Why Trump's Statements Could Undermine His Defense: “What he’s talking about is the money (reported on his campaign disclosure forms) that he’s built up through years of owning and managing successful businesses around the world,” the Post quoted Kise as saying. “That is the very cash that Letitia James and the Democrats are targeting.”

Legal experts believe Trump's public declaration could undermine his legal defense, complicating his position in the ongoing case.

Speaking with the Post, Gregory Germain, a law professor at Syracuse University, said that Trump's post undermines his credibility and the credibility of his witnesses who testified that he doesn’t have the money.

“It definitely hurts him to say ‘I’ve got the cash, I just don’t want to put it up,’ ” Germain said. “It’s just very difficult to understand why he would do something like that.”

Moreover, Trump's financial disclosures regarding his 2024 presidential campaign show a significant cash disadvantage compared to President Joe Biden.

Despite this, the outlet reports that Trump could benefit from a cash influx through his media company going public, which might help cover his legal expenses.

Trump has maintained his innocence, framing the legal actions against him as politically motivated attacks stemming from his electoral successes.

His campaign continues to leverage these assertions for fundraising purposes.

Now Read: Trump Vs. Biden: Who Do Americans Trust More With Trade? New Poll Finds Out

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Illustration via Shutterstock.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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