(New York Post) A ruling by a New York judge that Donald Trump had committed fraud — leaving the fate of his business empire dangling in uncertainty — was a “devastating” blow for the former president, legal experts said Tuesday night.
If not successfully appealed, the decision will revoke the Trump Organization’s “business certificates,” preventing the 77-year-old from conducting business in the Empire State until the revocation is rescinded.
A Manhattan judge ruled that the businessman greatly exaggerated the value of his wealth to secure favorable terms with banks, which ultimately led him to worldwide fame — and into the White House.
“The decision today is a final decision that fraud is proven, The judge made this decision on the basis of Trump’s own documents. The evidence is Trump’s own documentation,” Andrew P. Napolitano, former New Jersey Superior Court judge, told The Post.
Manhattan Judge Arthur Engoron ruled that Trump committed fraud.Gregory P. Mango
“These are indisputable facts — the case is based entirely on the documents his lenders and his insurance companies produced.”
The 2024 presidential frontrunner will likely appeal the ruling, which could cost him upward of $250 million in penalties that James is requesting — a hefty lift for the less-than-liquid Republican.
Trump could potentially have to sell off his assets in order to pay the lofty legal fees, which could hurt his ego more than his pockets, a source familiar with the former president said.
Donald Trump was stripped of his authority to execute strategic and financial decisions over his New York businesses.REUTERS
Trump could potentially have to sell off his assets in order to pay the lofty legal fees, a source familiar with the former president said.Getty Images
“He is really f–ked,” said the source, who asked to remain anonymous.