April 2, 2024 8:53 PM | 2 min read |
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In a recent development, Los Angeles-based subprime auto loan billionaire, Don Hankey, has posted a $175 million bond for former President Donald Trump through his company, Knight Insurance Group. The bond aims to prevent property seizures while Trump appeals against a near half-billion-dollar judgment.
What Happened: Hankey’s company, Knight Insurance Group, is part of his financial empire that includes Westlake Financial, the largest lender to independent car dealerships in the US. The bond was posted earlier this week, but the specifics of the arrangement remain undisclosed, reported The Financial Times.
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Westlake Financial and other Hankey companies have recently ventured into healthcare, elective medical procedures, and jewelry subprime lending, leveraging large data models and artificial intelligence. The Hankey Group, a private entity, had $23.4 billion in assets at the end of last year, a significant increase from $12 billion at the end of 2019.
Hankey, a previous supporter of Trump’s campaigns and a generous donor to the Republican National Committee, clarified that the bond was underwritten for business reasons, not political ones. He also owns a $200 million stake in Axos, an internet-only bank that is one of Trump’s largest direct lenders.
Despite past allegations of deceptive lending and debt collection practices against some of Hankey’s companies, the billionaire insists that his businesses operate in the best interest of the borrower.
Why It Matters: This move comes after Trump successfully posted a $175 million bond in a New York civil fraud case, thereby averting potential asset seizure by the state.
It was reported separately that Republican billionaires are rallying to fund Trump’s presidential campaign. A high-dollar fundraiser was set to be hosted in April to boost his presidential campaign.
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“Benzinga’s Top Stocks to Buy Today”
There’s only two mistakes you can make when investing. One is not investing at all. The next is buying the wrong stocks. Get an edge on which stocks to buy with the Benzinga Insider Report, our best weekly stock report sent right to your inbox. Act fast and secure our top stock picks at an unbelievable discount! Claim This Limited $0.99 Offer NOW!
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