2024-02-01 11:19:00
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Donald Trump and his daughter Ivanka at the third working session of the G20 summit in 2019. (Archive photo) © Bernd von Jutrczenka/dpa
The future of Trump’s business in New York is at stake because of a fraud trial. The ex-president continues to suspect a political background.
Washington – US primaries won in New Hampshire and Iowa, court case once morest E. Jean Carroll lost: The year 2024 got off to a turbulent start for former US President Donald Trump and new trouble may soon be on the horizon, with even more far-reaching consequences for the entrepreneur might have. In New York, the Republican has to answer in a civil fraud trial. The negotiations have run, the verdict is expected and at the end there might be another financial penalty. Much worse, however, there is also a lifelong real estate ban in New York. The consequences for Trump’s companies would be huge – but there is a way out of the problem.
Donald Trump in court: fraud trial in New York with far-reaching consequences
It is just one of several trials once morest Donald Trump – but for the ex-US president, the New York fraud trial is regarding the future of his corporate empire. He, his two sons Donald Trump Jr. and Eric Trump, and the Trump Organization are accused of inflating net worth by billions of dollars to achieve benefits such as better bank loans and lower tax bills.
Donald Trump sees the legal dispute as a politically motivated campaign once morest his current ambition to be elected President of the United States in the 2024 US election. Back in mid-January, he railed that Judge Arthur Engoron “has his own agenda” and that Attorney General Letitia James “hates Trump and is using Trump to get elected.”
Danger to Trump’s assets? New trial with big fine – impact on real estate
The verdict in the fraud trial once morest Donald Trump and his organization is expected in a few days. Several US media outlets are certain: Although a jury awarded E. Jean Carroll $83.3 million in damages on Friday following Trump defamed her, the former president faces an even worse fate this week. According to a report by The New Republic the ex-president might be sentenced to another fine. 370 million dollars are in the room.
In September, Judge Engoron ruled that Trump, his sons, their companies and executives committed fraud in their real estate appraisals. The order was appealed. The court will decide on a sentence and six other charges, including falsification of business documents, insurance fraud and conspiracy allegations. The verdict once morest him, which might decide Trump’s assets, is expected to be handed down on January 31, 2024.
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Before the 2024 US election: Trial once morest Trump in New York – application for a real estate ban submitted
Business law expert Eric C. Chaffee sees loud Newsweek Far-reaching consequences of the possible verdict: Ex-President Trump and his two eldest sons might be banned from the real estate industry in New York state. “If former President Trump’s sons are banned for five years, Ivanka Trump might end up managing former President Trump’s real estate holdings in New York. She has already proven herself to be a capable businesswoman and that would be no surprise,” Chaffee said.
New York lawyer Paul Gorden added Newsweek: “Since the Appellate Division of the First Department dismissed the claims once morest Ivanka Trump, it appears that, strictly speaking, she would be allowed to work in the New York real estate industry regardless of the final decision.”
Attorney General James submitted a motion to ban real estate last week. According to Chaffee, such an approach is unusual, but not a precedent. “For former President Trump, such a ban would be a severe punishment given his family’s history in the New York real estate industry.” If a corresponding ruling were to be made, other experts also believe it is possible that Trump will reassign responsibilities within his company arranges.
Donald Trump and his daughter Ivanka at the third working session of the G20 summit in 2019. (Archive photo) © Bernd von Jutrczenka/dpa
Blow to Trump’s assets: Verdict might bring heavy fines
In the year of the US election in 2024, the legal blows are a double-edged sword for Donald Trump: Although he regularly uses his courtroom appearances to promote his election campaign, the disputes have now become a challenge for his assets. Forbes estimated last year that Trump’s fortune was regarding $2.6 billion. After over 80 million that the 77-year-old has to pay to Carroll and up to 370 million because of the fraud case, the possible fines are now a hard blow.
There is currently no end in sight to the legal trouble for Donald Trump. While several lawsuits are underway once morest the ex-president, an investigation into the finances of Trump’s golf courses has also been launched as part of the fraud investigation. This was preceded by discrepancies in the balance sheets. (fbu)
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