Trump loses another court case

Yahoo News reports:

Former President Donald Trump, his top executives, and heirs were declared completely liable of “persistent and repeated fraud”—and the real estate empire was unceremoniously stripped of its business licenses in New York—after a judge’s powerful ruling Tuesday ahead of a massive trial that seeks to hit them with more than $250 million in penalties for bank fraud.

And in a stunning development, the judge has already ordered the complete dissolution of the fabled Trump Organization–the tycoon’s pride and joy, the empire that made him famous and elevated him into the White House. The Trump Organization and its sister companies will be sent into receivership to be under the control of a court-appointed officer.

In his 35-page opinion, Justice Arthur F. Engoron tore apart what he called the Trump family’s “bogus arguments” and obstreperous conduct. And he summed up the entire defense as “a fantasy world, not the real world.”

“In defendants’ world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land, restricts can evaporate into thin air… all illegal acts are untimely if they stem from one untimely act; and square footage [is] subjective,” he wrote.

This decision will be harder to ignore than the others. A potential $250 million penalty is a lot, especially when Trump’s actual net worth is so uncertain.

The judge seemed particularly annoyed at what he described as the Trumps’ inability to run their business ethically. He had previously assigned a former federal judge to oversee aspects of the Trump Organization to ensure that it did not slyly shift assets ahead of the trial—only to discover that executives wouldn’t let the court-appointed monitor do her job.

“Even with a preliminary injunction in place, and with an independent monitor overseeing their compliance, defendants have continued to disseminate false and misleading information while conducting business,” he wrote.

That seems a very unwise thing to have done.

Comments (103)

Login to comment or vote

Add a Comment