Cayman home to Trump’s ‘questionable’ bond supplier

| 15/04/2024 | 81 Comments
Former US President Donald Trump

(CNS): Just as the Cayman Islands financial service industry took a step forward in improving its image by being removed from various grey or black lists, the islands’ reputation is taking another pasting in the American press. This time, it is over its connection to the parent company that supplied former US president Donald Trump’s bail bond in his New York civil fraud case.

In the civil case against him brought by the New York attorney general’s office, Trump was found to have fraudulently inflated property values for financial gain and was ordered to pay a $464 million penalty.

He was initially expected to pay the full penalty as bond while he appealed the ruling, but the bond was reduced to $175 million on appeal. He must still pay the full penalty if he loses the appeal against the ruling.

However, according to reports in the Daily Beast, Attorney General Letitia James has raised concerns about whether the insurer that issued Trump the bond, Knight Specialty Insurance Company, is good for the money or allowed to operate in the state. According to the Wall Street Journal, Knight is a “little-known insurer” that “isn’t on a list of federally approved sureties”.

James is demanding proof of the suretor’s qualifications, including details of how it is financially solvent and what Trump assets are backing the bond, the WSJ said. Other news reports have emerged revealing more about Knight Specialty’s parent company, Knight Insurance, which was described as being based in “the Cayman Islands, a notorious tax haven”.

Former industry regulators and investigators told The Daily Beast that Knight Specialty Insurance Company being financially backed by a firm based in the Cayman Islands should raise eyebrows because companies frequently organise in the Cayman Islands to minimise visibility into their business practices, avoid more stringent US regulations, and make liability harder should things go wrong.

“The risk here is the company will not have the liquidity to pay on the bond when demanded, and the beneficiary of this bond, the New York AG, may not have a direct claim against the reinsurer,” said former New York Department of Financial Services superintendent Maria Vullo. “That the reinsurer is in the Cayman Islands compounds this issue as it is a non-US jurisdiction, which makes collection very difficult.”

Meanwhile, Trump was back in court in New York on Monday for the start of his criminal fraud trial in relation to the alleged ‘hush money’ payments made to Stephanie Clifford, a porn star known professionally as Stormy Daniels, who has said she was paid $130,000 during the 2016 election campaign to keep quiet about having had sex with Trump in 2006 while his wife, Melanie, was pregnant. He denies the affair.

Trump is accused of falsifying his business records by saying the reimbursement money he gave to his lawyer and ‘fixer’ at the time, Michael Cohen, was for legal fees. Cohen pleaded guilty in 2018 to a number of crimes, including campaign finance violations, stemming from the hush money payments, and was sentenced to three years in prison.


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Category: Business, Financial Services, USA, World News

Comments (81)

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  1. Anonymous says:

    It’s ironic that the patriotic and Christian right who support Trump cannot see that this charlatan is a trojan horse.
    In fact, he’s the rider on ghe White Horse of Revelation 6:2, a pseudo-messiah.
    Go ahead, shout for Trump now, but when your children are bundled off to the Far East in a military draft, it will be too late.
    Trump: We’ll have a vaccine this year (2020)
    Trump: I am the Chosen One.
    Trump: Now that the seal is broken.
    Trump was awarded tbe Crown of Jerusalem in 2023.
    Whose grandfather made a fortune in White Horse, Yukon in prostitution?
    Yep. Trump.
    Whose 3 top executives died in a suspicious helicopter crash just as Trump money laundering was being investigated over Taj Mahal?
    Who got bailed out to the tune of 4 billion by hard Zionist cash? Yep. Trump.
    He is an actor, a bought and paid for rentaboy with the IQ of a peanut.
    Both the left wing and the right wing have taken this fool too seriously and you will pay the price.

  2. Anonymous says:

    Cayman is not a tax evasion paradise but it could be used as one,,,,what it really is, is a funnel to channel the Eurodollars (google that if needed_nothing to do with Europe or any particular European country) back into the US because the US dollar is the global reserve currency. That it, that’s my post.

  3. Anonymous says:

    Full disclosure: can’t stand Trump, never could, probably never will.

    He is the ultimate narcissist, the worst possible kind,

    E.g. The Show Off narcissist: Loud and attention grabbing, this narcissist is also childish, preening, and deeply sensitive. Able to hand out insults and criticism, he wilts briefly when wounded, but bounces back to punish you with belittlement, loud insults and accusations.

    All you folks who admire him be very careful what you wish for. He is dangerous.

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  4. Truth Matters says:

    Plenty of people still got Trump Derangement Syndrome here it seems. The world was a lot more peaceful when he was in charge of the US. Look past the rhetoric and you’ll see he was a much better president than sleepy Joe.

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    • Anonymous says:

      Majority giving this thumbs up until the lib-bots sniff it out… stand by for an overnight uptick in thumbs down votes.

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    • Anonymous says:

      Yeah, ignoring the Russian occupation of Eastern Ukraine worked out great huh? Continuing the occupation of Afganistan, for what? Yeah the clown didn’t start any wars directly, he just weakened the Western alliance and continues to do so. He’s a dangerous idiot. Biden also sucks but that’s irrelevant.

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    • Anonymous says:

      Facts! Trump didn’t start any wars and thats why the deep state hates him.

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  5. Go Trump ! says:

    Shame on CNS for the headline about the “questionable” bond supplier. Nothing questionable about the bond, the bond supplier, or Trump, other than Dem-generated propaganda. I’ll state the obvious: Trump is being persecuted and prosecuted by the Dems in a shameful display of partisan politics. The proof is that, despite the endless charges against him and the endless propaganda against him by fake news media, he is LEADING in the polls in the majority of the key states and is very likely to win the election — unless Dem fraud somehow prevents it. If I were a U.S. citizen, I would be proud and delighted to vote for him. Yes, I get it: As an individual, he’s deeply flawed (just like the rest of us), but in comparison to Biden and company, there is absolutely no contest. Go Trump!

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    • Caymanian says:

      @Go Trump – I seriously hope you don’t live in Cayman. You sound like a Fox News disciple, with your “Dem” and “fake news” catch phrasing. We don’t need or want people like you spewing your poison here.

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      • Anonymous says:

        9:11am (Caymanian) – You’re probably one of the Caymanians who was hiding in your house for 2 years due to Covid. Sweden never shut down and did better than UK. BTW, I’m Caymanian too.

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      • Anonymous says:

        “Caymanian” you should change your title to Idiot.

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      • Anonymous says:

        Speak for yourself!

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      • Anonymous says:

        “We don’t need or want people like you spewing your poison here.”

        That’s sums up democrats… Not allowed to have a different opinion to theirs or they’ll call you deplorable and banish you from society.

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    • Anonymous says:

      Trump is nothing more than a disgraceful charlatan who tried to overthrow a fair election and now resorts to peddle Bibles for the price of US$60 in order to raise money to keep him out of prison.

      Sadly you’ve been led astray by a deceitful man who is desperate to get power at any cost.

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  6. Anonymous says:

    It’s shocking how many idiots are posting on here that would suffer another 4 years of this catastrophic Biden administration over having Trump back in office.

    Some people really do want to watch the world burn.

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    • Trump is a Chump says:

      If you look at the actual metrics instead of listening to what Fox News repeats often enough that you think it’s true, the Biden administration has been enormously successful.
      1. He actually passed infrastructure legislation, which Trump kept promising and failing to do.
      2. The number of uninsured Americans hit an all-time low of 7.2% in the second quarter of 2023.
      3. Job growth in Biden’s first three years outperformed any previous president.
      4. Salary increases are outpacing inflation.
      5. The rapid disinflation under Biden is unmatched in modern history. Prices are coming down faster in the US than in Europe.
      6. Net worth has climbed under Biden.
      7. Inequality is narrowing.
      8. Violent crime has dropped.
      9. Sweeping bipartisan immigration reform was stopped by House Republicans at the order of Trump. Read that 20 times so it sinks in.
      10. He never had to pay off a porn star.

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      • Anonymous says:

        Disinflation… I think you mean disinformation under Biden is unmatched in modern history. CNN is a hell of a drug!

        Three wars (potentially WW3) started under Biden and the war mongering democrats. Zero wars started under Trump.

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      • Anonymous says:

        The guy showered with his daughter and sniffs kids

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      • Anonymous says:

        Biden can read well and understand the spoken word. He is getting old like the rest of us, he also has a stutter but he had a functioning brain. The orange doofus makes up words, flails his arms and repeat partial sentences that makes no sense.

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    • Anonymous says:

      Wow, I guess GOP hired trolls to go to all news services to spew the lies. People are too lazy to read about history, economics, etc. A crime is a crime and Trump is indicted for many – any other person who did anything close to what he has done would be in jail. A rapist and fraudster – all you have to do is actually read the indictments. But no, you MAGA people are obtuse and lazy. Go buy one of his bibles as he has large legal fees and am sure you want to lose your hard earned money to a con man.

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  7. Anonymous says:

    We can trade them for Jeff Webb.

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  8. Anonymous says:

    Plenty right wing colonizers here.

    No surprise.

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    • Anonymous says:

      The fundraiser gala near Pedro a few months ago and the clusterfudge for traffic confirms this.

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    • Anonymous says:

      Classic comment from a left wing lunatic.

      No surprise.

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    • Anonymous says:

      The right wing party of the US, the republicans, and president Abe Lincoln abolished slavery. The democrats voted against abolishing slavery. No, the parties did not switch.

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  9. Anonymous says:

    I expected better from CNS. Just because the company is registered in the Cayman Islands should not be the story or headline. Tens of thousands of companies use the Cayman Islands as a tax-neutral jurisdiction to structure various transactions. Without it, as an example, Trusts and some pension funds in the UK would struggle to meet their expected returns. The “tax evasion” narrative, unfortunately, has some merit as a result of greed in the “early years”. However, the vast majority of transactions and structures domiciled in CI are perfectly legal and likely would not be possible without the CI. I expected CNS to understand this and not provide oxygen to the uniformed anti-offshore narrative.

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  10. Anonymous says:

    Trump is a dirt bag!

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    • Anonymous says:

      they teach in preschool not to call names.

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    • Anonymous says:

      He really is. Who are the people that downvoted this. Weird.

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    • Anonymous says:

      Have some respect. He’s one of the best presidents in the history of that great nation!

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    • Anonymous says:

      Explain in detail what he did to warrant that comment.

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      • Anonymous says:

        Are you kidding me? He was convicted of rape for one.

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        • Anonymous says:

          Sure but the poor lady that found a diary in a house the Biden’s daughter moved out of and left behind is called a theif and is prosecuted and jailed for it XXXX

          CNS: Poor lady! Aimee Harris was jailed because she was a thief. She stole a diary that was stored at a house she moved into and sold it for $20,000, a crime she admitted to in court.

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        • Anonymous says:

          No he wasn’t. Facts do matter, except to the deranged left.

          CNS: True. He was not convicted of rape because it was a civil, not a criminal, trial. However, a jury found that he was liable for sexually abusing E. Jean Carroll. They did not find that he had raped her because, as the judge later clarified, New York’s legal definition of “rape” is very narrow.

          He wrote: “The finding that Ms Carroll failed to prove that she was ‘raped’ within the meaning of the New York Penal Law does not mean that she failed to prove that Mr. Trump ‘raped’ her as many people commonly understand the word ‘rape’. Indeed, as the evidence at trial recounted below makes clear, the jury found that Mr Trump in fact did exactly that.”

          He raped her and is a rapist. You’re right, facts do matter.

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          • Rick says:

            Now we know where you stand, CNS. If facts matter, you would verify them before publishing garbage. None of what you state herein is correct. These were claims, none of which were proven. There were no witnesses, evidence, or independent verification of any kind. The evidence clearly shows that Carol was wrong in several instances and then changed her claims. Shame on you, and yes, facts do matter.

            CNS: It is a feature of the Trump cult to deny any findings in a court of law that goes against what the cult leader wants. Buckle up. The jury listened to ALL the evidence at trial (which you did not) and found that he had raped her. But go ahead and trash the rape victim.

    • Anonymous says:

      30/68 = 44%. Looks like the polls are accurate.

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  11. Anonymous says:

    That Knight Insurance Co isn’t on the list of federal or state approved sureties, might be all that matters to disqualify it from contention. It doesn’t matter that the parent company resides in the Cayman Islands or Timbuktu. It has to be a recognised guarantor to qualify. Maybe Hankey should pick his NY loan shark business Shield Funding LLC, or Guilderland if they are on the admissible list. These are the hazards of political favour buying.

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  12. Anonymous says:

    His shares of stock in Truth Social should be able to cover it. lol.

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  13. Anonymous says:

    Dirty corrupt demoncrat lawfare. USA has become a banana republic through a stolen election helped by intelligence agencies, corrupt judiciary and controlled media. Absolutely disgusting.

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    • Anonymous says:

      Wibble.

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    • Anonymous says:

      Wow!!You should do something man. Get you story straight, provide proof and go public. This is uge!

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      • Anonymous says:

        Proof is all over but you’d never know that as you are likely an alphabet TV channel watching, basement dwelling, welfare receiving social justice warrior.

        You really need to learn to think objectively and critically unless you wish to remain alemmings. easily contolled lemming.

        BTW, do you still believe COVID shots were necessary?

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        • Anonymous says:

          Actually, in answer to the last question, YES.

          By the way they are giving away free anti-alien-mind-reader hats in the Reynolds Tin Foil boxes this month…

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    • Anonymous says:

      3:41 Hey jackass,do you have any proof for any of the BS you say in your idiotic rant? I bet it’s from Truth social. 😂😂😂

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    • Really Woke says:

      This is true. and will get worse if not a change in this year’s election winner.

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    • Anonymous says:

      Dear God, these MAGA morons walk among us.

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    • Eddie Moneypenny says:

      Methinks you know not what a banana republic actually is.

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    • Anonymous says:

      Agreed and well stated

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    • Soul Rebel says:

      ole boy and/or ole gal ya need help. Truly.

  14. Anonymous says:

    cayman is a place built and based on tax evasion and much worse…
    face facts and stop trying to tell the world a complete lie regarding our ‘financial services’

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    • Anonymous says:

      Domestc US, UK tax legislation provides for and caters too all the money laundering which actually occurs in their own backyards i.e. Nevada, Delaware and London to name but a few. Onshore legislation facilitates and caters to offshore subsidiary companies….

      We do not hold the assets….Cayman’s laws and regulations are the best on the planet….1000x better than all these countries that point the fingers at this tiny village.

      Problem is that the general public are too ignorant to understand or comprehend the smoke and mirrors and BS that the media and clown politriks spouts…..

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  15. Anonymous says:

    why is the cayman islands has to have their paw in the American lifestyle.

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  16. Anonymous says:

    Poor ole Cayman Islands, getting plastered by Trump’s sh*t-soaked paint brush

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