On Monday, Judge Arthur Engoron found former President Donald Trump and his eldest sons, Donald Jr. and Eric, liable for fraud.
The ruling came after a lawsuit from New York Attorney General Letitia James, who is seeking $250 million in damages. A ban on the Trumps was placed, preventing them from engaging in business transactions in NY for five years.
A trial is set to start next week,determining the amount of damages owed. How Judge Engoron’s ruling will play out is unknown.
The Trump Organization, which is a representation of Trump’s brand as a public figure and presidential candidate, has suffered from this major setback as the judge revoked Trump’s business certifications.
Two of Trump’s NY properties, including The Commercial Tower and The Trump Family Compound at Seven Springs, are included in the lawsuit.
A receiver will be put in place to “manage the dissolution” of Trump’s major corporate entities. It is uncertain if the receiver will dissolve entities outside the state of NY which would go into Trump’s Florida properties.
