The $175 million bond posted by former President Donald Trump in New York is under investigation due to missing crucial details, leading to questions about its legitimacy.

New York Attorney General Letitia James has raised concerns about the bond, objecting to its issuance by a company not admitted as a carrier in New York and lacking the required certificate of qualification.

Trump’s attorney, Christopher Kise, dismissed James’ filing as “another witch hunt” and accused her office of “hiding out in silence”.

Within 10 days, Trump or the company must file a motion to “justify” the bond, meaning Knight must prove that it is financially capable of paying the bond.

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Why It Matters: The bond was initially posted to prevent potential asset seizures while Trump appeals against a near half-billion-dollar judgment. The bond was backed by Los Angeles-based subprime auto loan billionaire, Don Hankey, through his company, Knight Insurance Group.

However, the bond’s validity is now under question due to missing standard elements. The bond provider, Knight Specialty Insurance Company, is not listed on New York’s Department of Financial Services website, and the bond lacks a certificate of qualification, a financial statement from the company, and power of attorney documents, according to the CBS report.

Despite these concerns, Knight Specialty maintains it is authorized to issue the bond and does not need to meet the 10% capital risk restriction under New York insurance law.

Photo courtesy: Shutterstock

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