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[-] thal3s@sh.itjust.works 44 points 1 year ago* (last edited 1 year ago)

In a stunning, pre-trial win in New York attorney general's all-out war on the Trump Organization, a Manhattan judge has found that Donald Trump committed fraud for years by inflating his worth to banks and insurers by as much as $3.6 billion a year.

A strongly-worded ruling by state Supreme Court Justice Arthur Engoron rejected outright Trump's request for a range of pre-trial victories, calling his arguments "rehashed" and "erroneous."

Instead, the judge gave a major victory to Attorney General Letitia James, immediately revoking Trump's license to do business in New York.

"It's the corporate death penalty," said Diana Florence, a veteran financial crimes prosecutor for the Manhattan district attorney's office, now in private practice.

"This ruling essentially dissolves his company," she said, though she predicted that years of appeals may pass before anything actually happens.

Bye bye Trump org!

[-] Xariphon@kbin.social 37 points 1 year ago

LOCK

HIS

ASS

UP

[-] Mojojojo1993@lemmy.world 36 points 1 year ago
[-] naonintendois@programming.dev 46 points 1 year ago

Says the judge revoked ALL of his business certificates in New York. Trial will continue to assess damages he must pay.

[-] Mojojojo1993@lemmy.world 2 points 1 year ago

But if he declares bankruptcy ? Plus he can just hide his business in shell companies or his kids

[-] MrMamiya@feddit.de 19 points 1 year ago

Bankruptcy isn’t a get out of debt free card. It’s a “you’re gonna sell this stuff to pay off your creditors” card.

His sons were involved in the lawsuit and cannot legally do business in New York.

[-] Natanael@slrpnk.net 2 points 1 year ago

It's effectively no longer his to be declared bankrupt, the NY state will be appointing people to control it. This is the one he can't escape from

[-] ME5SENGER_24@lemm.ee 1 points 1 year ago

Is he able/or has he already given these to his children yet? You know, like Mar-A-Lago

[-] naonintendois@programming.dev 2 points 1 year ago

This article explains some of the consequences https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9

I'm not sure what restrictions will be when he obviously tries to appeal. Can't go to his sons though since they're also affected by the order.

[-] homesweethomeMrL@lemmy.world 28 points 1 year ago

A convicted fraud, you say.

[-] jballs@sh.itjust.works 12 points 1 year ago

It won't matter to his supporters. Trump pardoned Steve Bannon for fraud charges where he was stealing people's donations to "build the wall". They still don't care.

[-] Arsenal4ever@lemmy.world 7 points 1 year ago

Everyone does it, tho!?!

  • Fox News.
[-] Volfkha@sopuli.xyz 4 points 1 year ago

And yet he's still somehow bookmakers' favourite to win the 2024 us presidential election

this post was submitted on 27 Sep 2023
457 points (99.1% liked)

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