U.S.A. Trump and Trump Org. liable for fraud; must disband companies

[Smacktard]

Trump and company liable for fraud in New York lawsuit, judge rules

Donald Trump fraudulently manipulated real estate valuations for years to falsely inflate his net worth by billions of dollars, a New York judge ruled.

www.cnbc.com

From the news story:

A judge ruled that former President Donald Trump and his company are liable for fraud in a lawsuit by New York Attorney General Letitia James.

Judge Arthur Engoron as part of that decision canceled the New York business certificates of Trump and the other defendants in the suit in Manhattan Supreme Court.

Engoron in his ruling found that Trump had made false and misleading valuations for multiple real estate assets in statements to insurers and banks over the course of years.

Because of those misstatements, Trump had inflated his true net worth by billions of dollars, the judge found.

A Reddit commenter said:

This will apply to over 700 of Trump's companies, all of which will be dissolved, put into receivership pending 'disgorgement' of the ill-gotten assets.

Every penny Trump lied about will be paid to the State of NY as a penalty. It will certainly be hundreds of millions of dollars. Ouch.

 

[Raine]

Has been known for many years, even before he got it into his head that becoming PotUS would be good for his brand image. I can't help but think, though, that without becoming Public Enemy #1 for half to two-thirds of the country that he never would've been taken to task on anything of consequence.

How're those L's tasting, Donny? Was it worth it?

 

[Tubby23]

Trump and company liable for fraud in New York lawsuit, judge rules

Donald Trump fraudulently manipulated real estate valuations for years to falsely inflate his net worth by billions of dollars, a New York judge ruled.

www.cnbc.com

From the news story:





A Reddit commenter said:

You'd like to hope the funds would be put to good use for the state... I'm guessing that just like if this happened in Aus that's pretty unlikely

 

[TD]

Can someone ELI5 the relevance of this and what it means for him going to jail and/or not being able to run for president?

 

[Fool's Requiem]

Trump:

 

[VashTheStampede]

Can someone ELI5 the relevance of this and what it means for him going to jail and/or not being able to run for president?

Pretty sure it doesn't mean anything for either. Just means he owes money he'll never pay.

 

[Tubby23]

Pretty sure it doesn't mean anything for either. Just means he owes money he'll never pay.

It's more likely his estate pays after years of legal arguments than he does

 

[TD]

Pretty sure it doesn't mean anything for either. Just means he owes money he'll never pay.

Well this is immensely disappointing.

 

[Mark]

Can someone ELI5 the relevance of this and what it means for him going to jail and/or not being able to run for president?

If I’m not mistaken, NY was the first out of all of the states that pursued the “recent” charges against him, back when he was still president. They’re all civil suits, from what I remember, but I could be wrong. Nothing criminal, but nothing “good” either unless it’s decided that they’ll charge him for failure to pay restitution or whatever.

 

[Raine]

Well this is immensely disappointing.

Trump's life story in a nutshell, really.

He'll probably never face any direct consequences before he dies, if only through exhausting appeal processes. The best you can reasonably hope for is that his family and the people that have enabled them become somewhat less rich and get outcast from the exclusive high life for a time.

 

[Tirith]

Yep, this case was against the Trump Organization, not THE Donald J. Trump. It was basically started by NY way back when as a deep dive into why the emoluments clause was being ignored. During the investigation, they went through old tax and bank records and discovered that he was always lying about the worth of everything he had.

But then again, "it's worth that because I have some really good guys over in Saudi Arabia that'll pay any amount I ask them to"... That's a whole 'nother can of worms though. For the record, Trump pleaded the fifth 400+ times during the hearings for this one. But hey, he said only guilty people plead the fifth during an Iowa rally....

 

[Webster]

Trump lost, again?
Couldn't happen to a nicer motherf.....