The ruling by a New York judge that Donald Trump committed fraud – leaving the fate of his business empire hanging in the balance – was a “devastating” blow to the former president, legal experts said Tuesday night.
If unsuccessful on appeal, the ruling would revoke the Trump Organization’s “certificate of business,” preventing the 77-year-old from doing business in the Empire State until the revocation is reversed.
A Manhattan judge ruled that the businessman greatly exaggerated the value of his wealth in order to secure favorable terms with the bank, which eventually brought him to worldwide fame – and to the White House.
“Today’s decision is a final decision that fraud is proven, the Judge made this decision based on Trump’s own documents. The evidence is Trump’s own documentation,” Andrew P. Napolitano, a former New Jersey Superior Court judge, told The Post.
“This is an indisputable fact – this case is based entirely on documents produced by his lender and his insurance company.”
The 2024 presidential front-runner is likely to appeal the ruling, which could cost more than $250 million in penalties that James is seeking — a big increase for the embattled Republican.
Trump may have to sell his assets to pay high legal fees, which could hurt his ego more than his pocket, sources familiar with the former president said.
Donald Trump has been stripped of his authority to make strategic and financial decisions over his business in New York. REUTERSTrump may have to sell his assets to pay high legal fees, which could hurt his ego more than his pocket, sources familiar with the matter said. with the former president saying.Getty Images
“He’s really f–ked up,” said the source, who asked to remain anonymous.
“This really hurts. He cares about money. This is the beginning for him. These cases will really hurt him. He’s very vocal about this.”
The certificate revocation will remain in effect while the appeal case goes through the circuit, which can take months.
There is little to stop Trump from complying with the ruling’s directive, however – he will face a financial fine for running a temporary business, but will see no criminal consequences.
“The average person is going to be very concerned about what’s going on today and they’re probably going to start looking at new shareholders or selling or looking at maybe moving certain properties into different entities. I don’t think he would do any of that,” said Alex Fisher, a corporate lawyer.
“And given the propensity of these people to challenge civil decisions or civil decisions practically, it may not have as big an impact as one might think.”
If the decision is upheld after the appeals process runs, Trump will lose a key ability to make money.
However, there is little to stop Trump from complying with the ruling — he will face a financial fine for operating a temporary business, but will not see any criminal consequences. If the AP fails to appeal, the ruling will overturn the Trump Organization’s “business certificate, ” barring the 77-year-old from doing business in the Empire State until the annulment is overturned. Getty Images A Manhattan judge ruled that Trump grossly exaggerated the value of his wealth in order to secure favorable terms with banks.REUTERS
“It’s a devastating decision,” said Bill Black, distinguished scholar-in-residence for financial regulation at the University of Minnesota Law School.
“If the decision is upheld, they will have to dissolve the LLC that actually holds most of the assets.”
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Source: thtrangdai.edu.vn/en/
