Donald Trump's $175 million appeal bond, provided by California financier Don Hankey when other insurers refused, is just another day in business for Hankey.
As the chairman of the Hankey Group of Companies in Los Angeles, Hankey oversees an array of businesses, including an insurer, a subprime auto lender, and a commercial real estate investment firm. Despite his success, Hankey and his companies have come under scrutiny from various regulatory bodies in recent years.
The U.S. Justice Department, the Consumer Financial Protection Bureau, and the California Department of Insurance have all taken action against Hankey's companies. Since 2015, regulatory actions have been initiated against Hankey's companies four times.
For instance, in 2017, the Department of Justice filed a complaint against Westlake Financial, Hankey's subprime auto lender, alleging illegal repossession of vehicles owned by military service members protected under the Servicemembers Civil Relief Act.
The company settled the allegations by paying $761,000
Five years later, the Justice Department filed another complaint against Westlake, this time for failing to provide service members with interest rate benefits owed under the law. Westlake settled this matter by paying $225,000.
Hankey, a self-made billionaire with a net worth of $7.4 billion according to Forbes, oversees companies with assets totaling $18 billion and employing more than 3,000 people, according to the company's website.
Despite his success, some of Hankey's customers have raised complaints.
The Consumer Financial Protection Bureau has received numerous complaints against Westlake, including improper repossessions, unauthorized charges, and inaccurate reporting to credit agencies. Hankey's companies have also faced regulatory actions for illegal debt collection practices, including pressuring borrowers and changing loan terms without disclosure.
In response to these challenges, Hankey's companies have pledged to address regulatory concerns and continue their operations.
Hankey himself has not commented on these issues.