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Don Hankey

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business1 year ago

"California Billionaire Don Hankey's $175 Million Bond for Trump's Legal Troubles"

Don Hankey, a California financier and chairman of the Hankey Group of Companies, provided Donald Trump's $175 million appeal bond, drawing attention to his subprime auto lending and regulatory violations. Hankey's companies, including Westlake Financial, have faced multiple actions from regulators, such as illegal repossessions and failure to provide service members with benefits. Consumer complaints filed against Westlake include allegations of improper repossessions, unauthorized charges, and inaccurate loan reporting. Hankey's companies have also been subject to regulatory actions by the Consumer Financial Protection Bureau and the California Department of Insurance.

via NBC News|
#appeal-bond#business#don-hankey
business1 year ago

"California Billionaire's $175 Million Bond for Trump's Fraud Case Rejected, Raises Legal Questions"

California billionaire Don Hankey, known for offering high-interest auto loans, provided a $175 million bond in Donald Trump's New York civil fraud case, helping him avoid financial disaster. Hankey's companies are known for offering risky and lucrative loans and aggressively repossessing vehicles from delinquent borrowers. Trump's appeal of the $454 million judgment against him led to the need for the bond, and Hankey's assistance could potentially influence federal regulation of his high-interest loan industry if Trump is elected again.

via The New York Times|
#business#don-hankey#donald-trump
legalfinancial1 year ago

"Trump's Financial Maneuvers: From Hush Money Trials to Billionaire Backers"

Don Hankey's financial company, Westlake Services, settled with Trump's DOJ after illegally repossessing cars belonging to military employees, violating the Servicemembers Civil Relief Act. The settlement involved paying $700,000 in damages to affected servicemembers and a $61,000 fine to the federal government. This history is important context for Hankey's recent $175 million bond backing for Trump, who is appealing a $450 million civil judgment against him.

via The Daily Beast|
#doj-settlement#don-hankey#illegal-car-repossession
business1 year ago

"Billionaire Don Hankey's Firm Backs Trump's $175 Million Bond in Fraud Trial"

Don Hankey, an 80-year-old billionaire who made his fortune through car dealerships and subprime auto loans, provided a $175 million bond for former President Donald Trump's New York civil fraud case through his insurance company, Knight Specialty Insurance. Hankey, who has never met nor spoken with Trump, is richer than the former president and has a history of providing financing to subprime borrowers. The bond, essentially a placeholder, will guarantee payment if the judgment against Trump is upheld on appeal, with Trump potentially paying up to $3.5 million annually for the bond guarantee.

via CBS News|
#bond-payment#business#don-hankey
business1 year ago

"Billionaire Don Hankey's Role in Financing Trump's $175 Million Bond"

Billionaire Don Hankey, known as the "king of subprime car loans," underwrote a $175 million appeal bond for Donald Trump through his company Knight Specialty Insurance, saving Trump from potential asset sales while he appeals a civil fraud case. Hankey, with a net worth of $7.4 billion, oversees the Hankey Group, which includes Westlake Financial Services and Hankey Investment Company LP. His empire spans automotive, finance, technology, real estate, and insurance industries. Hankey's involvement in Trump-related financial dealings has sparked attention, although he insists it's purely business and not politically motivated.

via Business Insider|
#billionaire#business#don-hankey
business1 year ago

"Billionaire Don Hankey's Role in Financing Trump's $175 Million Bond Revealed"

Don Hankey, chairman of Knight Specialty Insurance, revealed that his firm quickly put together the deal to underwrite Donald Trump’s $175 million bond in New York, with Trump posting all cash as collateral. Knight Specialty Insurance is known for providing subprime auto loans and had previously reached out to the Trump Organization when Trump was having trouble putting together a $464 million bond. Hankey, a supporter of Trump’s presidential campaigns, confirmed that he and his family have donated to Trump’s campaigns in the past and plan to support him again in 2024.

via CNN|
#bond-deal#business#don-hankey
business-politics1 year ago

Billionaire CEO Don Hankey's Role in Trump's $175 Million Bond Under Scrutiny

Don Hankey, CEO of the company that helped Donald Trump pay his civil fraud bond, is under scrutiny due to his ongoing relationship with the Trump family and his company's links to controversial entities. Hankey, who heads Knight Specialty Insurance Company and Axos Bank, has faced criticism for his business practices, including high-interest rates and alleged dubious lending practices. The company's involvement in financing real estate transactions with Jared Kushner's Kushner Companies and lawsuits against it have also drawn attention. Hankey, a Trump supporter, defended his decision to help Trump pay the bond, while Trump's attorney expressed confidence in overturning the verdict on appeal.

via Newsweek|
#axos-bank#business-politics#civil-fraud-bond