President Trump's real estate empire is the only major company at risk of dissolution under New York City's anti-fraud law, with no apparent victims or losses, according to an Associated Press analysis.
The Associated Press investigated nearly 150 civil cases spanning 70 years. found Dissolution has only been imposed a dozen times, but never under President Trump's circumstances. But Judge Arthur Engoron ruled in a September ruling (on appeal) that Trump defrauded banks and insurance companies by inflating his net worth and overstating his assets. It said his company should be revoked and handed over to an “independent receiver.”manage them dissolution.
When New York Attorney General Letitia James, a Democrat, filed a lawsuit against Trump in 2022, she argued that Trump perpetuated years of funding. scam To earn profits while building your business.
Engoron will clarify the meaning of “dissolution,” and a ruling this week is expected to determine the fine Trump will pay, according to the Associated Press.
“This is basically a death penalty for corporations,” Columbia University law professor Eric Talley told The Associated Press. “Is he only getting dessert because of fraud or because people don't like him?”
Bank officials testified during the trial that this was not the case. unusual” and asked the bank to adjust its customer's financial statements, and emails and documents presented by Mr. Trump's legal team showed that the bank was keen to acquire Mr. Trump as a customer. .Trump's lawyer I have written In closing arguments, New York Attorney General Letitia James argued that the financial statements showed no “real-world impact.” (Related: 'She wants a nuclear option': Jonathan Turley responds to 'breathtaking' request from New York governor in Trump case)
NEW YORK, NY – NOVEMBER 13: Judge Arthur Engoron presides over the civil fraud trial of former President Donald Trump and his children in New York State Supreme Court in New York City on November 13, 2023. (Photo by Erin Schaff Pool/Getty Images)
Businesses that have been shut down include breast cancer nonprofits that funneled all their donations to their directors rather than research and support for survivors, and mental health facilities that spent millions of public dollars but ignored their patients. The Associated Press reported that there were also victims in these cases. found.
Among the small businesses that were dissolved without any casualties in 1972, one that produced periodic reports for university students was claimed to have been victimized by the “integrity of the educational process,” the Associated Press reported. Ta.
In closing arguments, James asked Trump to pay him $370 million, $120 million more than his original request, but did not argue for a real estate sale, according to the Associated Press.
“Who suffered here? I've never seen a long list of victims,” said William Thomas, a law professor at the University of Michigan, according to the Associated Press.
President Trump did not immediately respond to a request for comment.
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