In a shock decision, a New York judge has found former President Donald Trump guilty of fraud, casting shadows over the future of his business ventures. Unless the ruling is overturned on appeal, the Trump Organization would lose its business licenses in New York, barring Trump, now 77, from any commercial endeavors in the state until the decision’s effects are reversed.
Diving into the heart of the matter, the Manhattan court found that Trump lied about his financial stature to gain better bank deals, which ultimately lead him to become famous and even more wealthy.
Here’s what legal experts are saying about the ruling:
“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. These are indisputable facts — the case is based entirely on the documents his lenders and his insurance companies produced.” – Andrew P. Napolitano, a former New Jersey Superior Court judge.
“It’s a devastating ruling. If the decision is upheld, they have to liquidate the LLCs which actually hold the enormous bulk of the assets.” – Bill Black, scholar at the University of Minnesota Law School.
Looking ahead to 2024, this development could be a stumbling block for the GOP front-runner’s presidential aspirations. Not only is there a potential $250 million penalty championed by NY Attorney General Letitia James looming over his head, but Trump’s liquidity – or lack thereof – is also under scrutiny.
Insiders hint that the mogul might have to liquidate some assets to settle the hefty legal bill. Interestingly, they speculate it’s Trump’s pride, rather than his pocketbook, that might take the brunt of the hit.