Donald Trump may lose iconic skyscraper forever after bombshell fraud ruling

Donald Trump says he doesn’t worry about going to jail

Former President Donald Trump is facing a potentially devastating legal setback after a landmark fraud ruling by New York Judge Arthur Engoron.

The decision, which was handed down on Tuesday, came in response to a civil lawsuit filed by New York’s Attorney General, Letitia James, accusing Donald Trump and the Trump Organization of fraudulent practices that spanned years.

In the lawsuit, which was initiated by the Democratic Attorney General a year ago, Trump and his organization were alleged to have artificially inflated the valuation of their real estate assets, including prominent properties like skyscrapers, golf courses, and the renowned Mar-a-Lago estate in Florida.

The ruling has far-reaching implications, putting at risk Trump’s control over some of his most iconic properties, including the Trump Building at 40 Wall Street in Lower Manhattan and the internationally famous Trump Tower.

Additionally, the judgment could jeopardize his family estate and the exclusive golf club located in Westchester County.

The court’s decision stipulates that while Trump would technically still own these properties, they would be placed under the jurisdiction of a court-appointed receiver.

This arrangement would prohibit him from selling any assets or leveraging them to secure loans. Should the court decide to sell these assets, Trump would not receive any proceeds until all debts and liabilities have been satisfied.

Legal experts are characterizing this outcome as a ‘corporate death penalty,’ signaling a potentially catastrophic financial blow to the former president and his business interests.

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In response to the ruling, Donald Trump took to his social media platform, Truth Social, to express his dismay, stating: “Today’s ruling about a company that has done a magnificent job for New York State fails to acknowledge the fact that murder and all other forms of violent crime have reached record levels in New York State.

Can you imagine ruling against me for having done business perfectly, and yet letting people go on a rampage on the sidewalks of New York? This is the judicial conduct that is forcing thousands of companies to flee New York for other environs, while virtually nobody comes back to the City or State.”

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Trump’s lawyer, Christopher Kise, announced his legal team’s intention to appeal the decision, asserting that it was “completely disconnected from the facts and governing law.”

The legal battle is therefore far from over. There are also six other claims from Letitia James’s lawsuit still awaiting resolution.

Judge Engoron is expected to preside over a non-jury trial set to commence on October 2, where the remaining claims will be addressed, and potential punishments will be determined. The trial is anticipated to extend into December, raising the stakes even higher for the former president as he navigates this high-stakes legal battle.

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