New York Judge Rules Against Trump and Sons, Cancels Trump Organization’s Business Certification
In a groundbreaking development, a New York judge has found former President Donald Trump and his adult sons liable for fraud and has canceled the business certification of the Trump Organization. Judge Arthur Engoron granted the motion for summary judgment put forth by Attorney General Letitia James, stating that the Trumps were “liable as a matter of law for persistent violations” of New York state law.
The judge’s ruling was based on the revelation that the financial statements provided by the Trumps to lenders and insurers over the course of approximately ten years were false, exposing their involvement in fraudulent activities. The Attorney General’s office has sought $250 million in damages and a ban on the Trumps from serving as officers of any business entity in New York. Additionally, they are seeking a five-year prohibition on the Trump Organization from engaging in any business transactions.
As a result of the ruling, the business certifications of the Trump entities involved in the case have been canceled, and a receiver will be appointed to oversee the dissolution of these corporate entities. This decision raises questions about the impact on Trump’s properties located outside of New York state. It remains uncertain whether the Trumps could transfer their New York-based assets into a new company located out of state.
Former President Trump has strongly condemned the ruling, accusing Judge Engoron of bowing to the wishes of the attorney general. Trump has called for intervention from the highest courts in New York State or the Federal System to challenge the decision.
The attorney general’s office has emerged victorious on their first claim, and disgorgement will be determined at trial. However, the start date of the trial remains uncertain, as a larger panel of appellate judges is expected to weigh in on the issue.
This ruling marks a significant setback for the Trump family and the Trump Organization. It highlights the potential legal repercussions faced by the former president and his business empire, adding to the legal challenges he already faces. These developments will undoubtedly have a lasting impact on the political and business landscape surrounding the Trump Organization.
“Social media scholar. Reader. Zombieaholic. Hardcore music maven. Web fanatic. Coffee practitioner. Explorer.”