Speculation has been circulating about whether Donald Trump would need to file for bankruptcy following his conviction in a fraud trial. However, wealthy businessman Don Hankey stepped in to assist. The entrepreneur deemed it a good deal to support Trump.
Hankey, who initially took over his father’s car dealership business as a young man, later expanded by providing loans to individuals who couldn’t afford cars but desired them. The exorbitant interest rates charged raised concerns with the official consumer protection office. This led to the establishment of the Hankey Group, a corporate structure with an estimated $23.4 billion in assets, involved in credit, real estate, insurance, and banking.
Despite his immense wealth, the 80-year-old Hankey has largely remained out of the political spotlight. While he previously supported Trump and made donations to various politicians, he does not publicly endorse Trump. Nonetheless, Hankey came to Trump’s aid by lending him a significant amount to post bail after a fraud conviction.
Following court approval of the bond, Hankey stated that the money was deposited in cash and backed by other guarantees. He expressed frustration at Trump’s conviction, suggesting that inflating assets was a common practice in the real estate industry. Hankey defended Trump’s actions and emphasized that business operations remain intact despite legal challenges.
Trump faced accusations of commercial fraud for manipulating the value of his properties to secure loans and other benefits. The court ordered him to pay $464 million in ill-gotten gains to the state of New York. Hankey’s involvement in providing financial support to Trump during previous controversies indicates a pattern of standing by the former president in times of need.
Hankey also provided financial assistance to Trump during his term as President of the United States through loans from Axos Bank totaling $225 million in 2021.
In conclusion, Don Hankey has been a loyal supporter of Donald Trump throughout various controversies and even after his conviction for fraud charges related to inflating asset values for financial gain.
