Letitia James filed a ānotice of exception to the sufficiency of the suretyā seeking more information about Knight Specialty Insurance Company
Donald TrumpāsĀ $175m bondĀ in hisĀ New YorkĀ civil fraud case has been thrown into doubt by New York Attorney GeneralĀ Letitia JamesĀ after she filed a notice asking for evidence that the out-of-state firm that underwrote it really has the money to pay up.
Ms Jamesās office submitted a ānotice of exception to the sufficiency of the suretyā on Thursday asking for further proof that California-basedĀ Knight Specialty Insurance CompanyĀ (KSIC) has the capital to proceed on theĀ former presidentās behalf.
KSIC is not regulated by New York state, which means that it is not authorised to issue surety bonds in the Empire State and therefore cannot obtain a certificate from the New York Department of Financial Services, which is customarily part of any bond package.
Go lie about your assets on a mortgage or other loan application and falsify some paperwork. See what happens to you. Why should Trump get to do that?
All this lawsuit is doing is making him pay back all the money he gained by lying. The profits he made from his lies and falsifications were calculated by an independent auditor and used to calculate the amount he has to pay back. New York state law says you cannot benefit financially from fraud, the profits must get pulled back.