A recent judgment in a fraud case against former US President Donald Trump has put his New York real estate empire at risk. The judge ordered the cancellation of business certificates for Trump-related entities in New York after finding that Trump, his sons, and his businesses had engaged in persistent fraud by overvaluing various properties. This ruling could ultimately lead to the disposal of prized properties, including Trump Tower in Manhattan. The defendants may be forced to sell their businesses and are currently unable to conduct any business in New York.
The implications of the decision are still unclear, as Judge Engoron did not provide details on how it would be enforced. Trump’s lawyers have sought clarification in court, suggesting that the ruling could require the surrender of various entities or place them in receivership. However, legal experts predict that Trump’s legal team will be granted a stay to delay the implementation of the ruling. A bench trial is set to take place to decide on outstanding matters in the case.
This judgment strikes a blow to Trump’s reputation and challenges the notion that he built a valuable real estate portfolio solely through business acumen. The ruling portrays him as fundamentally dishonest and undermines his popular mythology. The consequences of this ruling may extend beyond the financial realm, as it could affect Trump’s credibility in the four criminal indictments he currently faces. If called to testify, the ruling could be used against him, further damaging his defense.