FILE - New York Attorney General Letitia James speaks Feb. 16, 2024, in New York. Donald Trump could be at risk of losing some of his prized properties if he can't pay his staggering New York civil fraud penalty. James told ABC News on Tuesday that she will seek to seize some of the former president's assets if he's unable to cover the bill from Judge Arthur Engoron's Feb. 16 ruling.
Seizing assets is a common legal tactic when a defendant can’t access enough cash to pay a civil penalty. In a famous example,and sold at auction in 1999 to cover part of a $33.5 million wrongful death judgment against him. State officials can't just show up with chains and padlock Trump Tower, but they can issue subpoenas requiring Trump to provide information about his finances and assets. They can then use that information to pursue taking his property and potentially selling it at auction.
“I DID NOTHING WRONG,” Trump said on his social media platform Tuesday. “The Corrupt Political Hacks in New York, Judge and AG, are asking me to put up massive amounts of money before I am allowed to appeal the ridiculous decision. Never done before. No jury, no victim, full disclaimer clause, happy banks. ELECTION INTERFERENCE! WITCH HUNT!”Trump says he is worth several billion dollars, but much of his wealth is tied up in his skyscrapers, golf courses and other properties.
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