A New York judge delivered some bad news to former President Donald Trump on Tuesday.
New York Supreme Court Judge Arthur Engoron found former President Trump liable for fraud in Attorney General Letitia James' (D) case against Trump's businesses.
The New York Judge granted James's request to find Trump liable for the first of seven causes of action she has accused him of in the lawsuit.
The Hill has more:
Engoron simultaneously denied Trump's demand to toss the entire suit without trying the case. The non-jury trial on the remaining matters is set to begin Monday, barring Trump's separate, last-minute effort for a delay.
Engoron also granted James's request to sanction five of Trump's lawyers for bringing up already-dismissed arguments in court, ordering them to pay a $7,500 fine each.
James's office is suing Trump, the Trump Organization and two of his adult children — Eric Trump and Donald Trump Jr.— claiming more than a decade of fraud. The lawsuit alleges Trump's company sought lower taxes and better insurance coverage by falsely inflating and deflating the value of its assets.
James's office is seeking some $250 million in financial penalties. It also seeks to bar Trump and his children from serving as officers or directors of New York-registered or licensed corporations.
Former Trump attorney Michael Cohen said the ruling essentially puts the former President “out of business” in the Empire State.
“The damages, in my estimation, with interest and penalty, will exceed $600 million,” Cohen said in a CNN interview Tuesday. “Will that put him into bankruptcy? He does not have the liquid cash in order to pay that off.”
Cohen said that damages trial is likely to be the end of Trump's businesses, as losing business licenses means that the operations have to shut down.
“As a result of the receivership, those companies will end up being liquidated, especially now that this case is no longer solely about… liability. The judge has already determined that the fraud existed,” Cohen said.
He also said the suit going after Trump's business empire is the most effective way to legally attack the former president.
“If you want to get to Donald, the way to do it is through his bank book,” he said. “It's not by saying he's a narcissistic sociopath or that he's definitely not 6'3” and he's not 215 pounds, you go after the wallet.” “Once you start hitting that bank book, that's what really gets to him.”
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This lawsuit is a bunch of B.S. James campaigned on “getting Trump” and this far-left judge is playing along. Why are these bureaucrats so afraid of Donald J. Trump? I never in my life have witnessed so many lawsuits/indictments against one person in my 80+ years. Wake up liberals and RINOS. This is not any way close to normal.
Have to wonder why this woman has anything to do with how Trump valued his property – last I heard that was up to the IRS to decide not some jealous bystander. This is such a phony lawsuit it should be thrown out – she has no reason to file this as it did not impact her in any way.
Besides banks had no complaints, Trump paid in time. So what business is it of hers? Everytime they ffind somethng new on hunter or joe, they slam Trump with another so called crime. Coincidental, no?
Sell NY assets & vacate to FL or TX
Turn Trump Tower once stripped out for housing homeless
LEAVE NY, sell assets
Move to FL & TX
This is a bogus lawsuit, that is why Pres Trump is the leading candidate. We the American people know they are criminally targeting Pres Trump. These fake judges do not like Pres. Trump. We, the people have to stick together because if they take Pres. Trump’s rights away, they can do the same to us. The American people who uphold America’s constitution, will continue to support Pres. Trump in these terrible times. We are within our rights, and these bogus charges are very wrong.
This usurper needs to step down foever., Lake won.