In the civil fraud case brought against him and his business, former President Donald Trump posted a $175 million bond on Monday to safeguard his assets while he appeals the ruling. This is one of two large-scale bonds the former president has posted recently, as insurance companies and the influential Trump supporters who supported them have been willing to attest to his capacity to repay his debts.
Civil Fraud Case ($175 million): Trump’s bail, which was insured by Knight Specialty Insurance Company, only covers a portion of the total amount he and his co-defendants have been forced to pay—more than $464 million—after an appeals court reduced the amount that must be paid immediately.
Billionaire Don Hankey, the largest individual owner of Axos Financial, which provided financial backing to Trump in 2022 by refinancing his mortgages on Trump Tower and Trump National Doral in Miami, chairs that firm. Hankey made his fortune in the auto services industry.
Hankey informed Forbes on Monday that Trump obtained the bond using a mix of cash and investment-grade bonds. He clarified that Knight was the one who started the negotiations and contacted Trump, whom Hankey said he had never seen but had backed in prior political campaigns.
E. Jean Carroll Case ($91.6 million): In March, Trump posted bond in writer Carroll’s defamation case after a jury found him liable for defaming her. The bond, which was covered by Federal Insurance Company, a Chubb affiliate, also includes interest.
In the past, Chubb has had mixed results with the Trump Organization. Court records show the company went to court to avoid defending pollution allegations against Trump’s Chicago skyscraper, and the New York attorney general’s office claimed in the civil fraud case that in 2010, Chubb appraisers were denied entry to Trump’s Manhattan penthouse, allegedly because Trump’s wife Melania Trump was a member of the trade advisory committee.
According to publicly available records, Trump used collateral from a Schwab investing account to secure the bond. According to The New York Times, this collateral included cash, stocks, and bonds that the former president “could sell in a hurry.”