Jan 29, 2024
By Jeremy Logan
In a matter of days, Donald Trump could possibly have his real estate business empire ordered “dissolved” for repeated misrepresentations on financial statements to lenders.
This move would add the former U.S. president to a small list of scam marketers, con artists and other fraudsters who have been slapped with the ultimate punishment for violating New York’s anti-fraud law.
An analysis of nearly 70 years of civil cases under the law, conducted by the Associated Press, revealed that such a penalty has only ever been imposed a dozen times previously.
Trump’s case stands apart in a significant way, in that it is the only big business found that was threatened with a shutdown without a showing of obvious victims and major losses.
In an order out last September that is currently under appeal, State Supreme Court Judge Arthur Engoron stated that Trump had indeed committed fraud and should have the state certificates needed to run many of his New York companies revoked.
Engoron has noted that within the next couple of weeks he’ll issue a ruling expected to decide on the cash penalty and business ban and clarify his “dissolution” order.