Former President Trump successfully posted a $175 million bond in his New York civil fraud case on Monday, ending weeks of uncertainty. The bond was made possible with Don Hankey, a California billionaire whose Knight Specialty Insurance Co. underwrote Trump’s bond.
This move allowed Trump to proceed with his appeal and prevented New York Attorney General Letitia James from seizing his properties. Hankey, often called the “subprime auto king” in Los Angeles, amassed his fortune by financing high-interest auto loans for customers with poor credit.
He has diversified his investments into finance, technology, real estate, and insurance, overseeing an empire known as The Hankey Group, which Forbes values at approximately $7.4 billion.
Former US President Trump (Credits: ABC News)
Hankey explained that he approached Trump after learning about his struggles to post the original $464 million bond. Following a conversation with Trump, Hankey decided to provide liquidity through Knight Insurance.
Despite having previously voted for and donated to Trump, Hankey emphasized that his decision to underwrite the bond was not politically motivated. He stated that his involvement was solely based on business considerations and liquidity availability.
Donald Trump (Credits: The Hill)
Although Hankey previously had financial ties to Trump through his stake in Axos Bank, which provided loans to Trump’s businesses following the January 6 insurrection, he claimed he was unaware of these loans.
Hankey asserted that his arrangement of Monday’s bond was a straightforward business transaction and would have been offered to anyone needing such assistance.
