FILE - Former President Donald Trump announces he is running for president for the third time as he smiles while speaking at Mar-a-Lago in Palm Beach, Fla., Nov. 15, 2022. (AP Photo/Andrew Harnik, File)
The former U.S. President and current Republican presidential frontrunner faces the potential for millions in fines as well as the dissolution of his New York businesses.
New York Judge Arthur Engoron has found former President Donald Trump liable for fraud and has subsequently canceled the Trump Organization’s business certification.
The ruling is part of the civil case brought by New York Attorney General Letitia James claiming Trump fraudulently overstated the value of his assets on annual financial statements is set to begin next week. A trial could begin as early as next week to determine what Trump owes as a result.
Attorney General James is seeking fines of $250 million as well as a ban on the Trumps serving as officers of a business formed in New York.
According to the court, a receiver will be appointed to “manage the dissolution” of the Trump businesses in question. One property is the corporate tower on Wall Street.
Judge Engoron wrote that Trump had submitted financial documents to banks and insurance companies that “clearly contain fraudulent valuations that defendants used in business.” The judge said no trial was necessary to determine that the documents were fraudulent.
“Exacerbating defendants’ obstreperous conduct is their continued reliance on bogus arguments, in papers and oral argument,” Engoron wrote, criticizing Trump’s defense.
Trump’s attorney Christopher Kise expressed his displeasure with the judge’s ruling, saying, “While the full impact of the decision remains unclear, what is clear is that President Trump and his family will seek all available appellate remedies to rectify this miscarriage of justice.”
Trump himself released a statement calling the case a “politically motivated Witch Hunt.”
“It is very unfair, and I call for help from the highest Courts in New York State, or the Federal System, to intercede. THIS IS NOT AMERICA,” Trump said.
Trump is currently the frontrunner in the 2024 Republican Presidential field. He skipped the first debate of the declared GOP candidates and is doing the same with the second debate on Wednesday, calling it “stupid.”
The former President is face multiple criminal indictments in New York, Florida, Georgia and in Washington D.C., mostly related to claims that he sought to interfere in the 2020 election as well as mishandled classified documents.