Trump’s $175m fraud bond thrown into doubt as attorney general questions insurer

www.independent.co.uk

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Trump’s $175m fraud bond thrown into doubt as attorney general questions insurer

www.independent.co.uk

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politics English • 8 months ago

Letitia James filed a ‘notice of exception to the sufficiency of the surety’ seeking more information about Knight Specialty Insurance Company

Letitia James filed a ‘notice of exception to the sufficiency of the surety’ seeking more information about Knight Specialty Insurance Company

Donald Trump’s $175m bond in his New York civil fraud case has been thrown into doubt by New York Attorney General Letitia James 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 James’s office submitted a “notice of exception to the sufficiency of the surety” on Thursday asking for further proof that California-based Knight Specialty Insurance Company (KSIC) has the capital to proceed on the former president’s 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.

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Did you account for the inefficiency caused by the gaps between the pennies? It’s not insignificant, the difference is between pennies and molten metal.

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