Billionaire Don Hankey’s company Knight Specialty Insurance was a knight in shining armor for former President Donald Trump when he needed the $175 million bond in his New York civil fraud case.
Now, Hankey said he should have charged Trump more in the deal, Reuters reported.
Although Hankey supported Trump back in 2016 and continues to support him now, he says providing Trump with the money was all business.
He would not say how much he charged Trump, but said it was low “because Knight did not think there was much risk involved,” per Reuters.
“We thought it would be an easy procedure that wouldn’t involve other legal problems and it’s not turning out that way. We probably didn’t charge enough,” Hankey told the outlet.
The billionaire said he has faced intense scrutiny from New York Attorney General Letitia James’ office and other officials.
“We have been getting a lot of emails, a lot of phone calls. Maybe that’s part of the reason he had trouble with other insurance companies,” he said. “I’m surprised they’re coming down harder on our bond or looking for reasons to cause issues with our instrument.”
Trump’s bond was initially set at $454 million, but he struggled to find firms willing to take on the risk, per Fox News.
Hankey, who is worth over $7 billion dollars, approached the Trump campaign about helping out before the bond was reduced to $175 million, the outlet reported.
Hankey said Trump provided collateral for the bond in cash held by a brokerage firm.
“I don’t know if it came from Donald Trump or from Donald Trump and supporters,” Hankey said.
Trump posted the bond on April 1. He is appealing a $454 million fraud judgement against him for overstating his net worth and the value of his real estate in order to deceive banks and insurers in a case brought by James, per Reuters.
James’ office questioned the $175 million bond and asked that Knight provide proof that it has enough assets to pay if Trump’s appeal fails, Reuters reported.
A New York judge will hold a hearing on the matter on April 22.
Jury selection for Trump’s separate criminal trial is expected to begin on April 15.
