Trump banned from doing business in New York for three years
The case was brought by New York Attorney General Letitia James, who accused Trump and his family businesses of inflating their net worth and assets to secure loans and tax benefits.
A New York judge has delivered a harsh verdict against former US President Donald Trump and his company, banning them from conducting any business in the state for three years. The judge, Arthur Engoron, found Trump and his associates guilty of civil fraud, and ordered them to pay more than $350 million in damages to the lenders they deceived.
The case was brought by New York Attorney General Letitia James, who accused Trump and his family businesses of inflating their net worth and assets to secure loans and tax benefits.
Kazi Mahmood
The ban on Trump
The ban, which took effect immediately, prohibits Trump from holding any position of authority or control in any New York corporation or legal entity, and from applying for any bank loans or credit for three years. The ban also requires an independent monitor, appointed by the court, to oversee and report on Trump’s businesses during the ban period. The monitor will have full access to Trump’s financial records and transactions, and will ensure compliance with the ban and the court order.
The ban is a major blow to Trump’s real estate empire, which has been a cornerstone of his business and political career. Trump owns several properties and businesses in New York, including Trump Tower, Trump International Hotel and Tower, Trump Golf Links, and Trump World Tower.
The ban would prevent him from managing, directing, or influencing any of these businesses, and would require him to entrust them to a person of his choice, subject to court approval. The ban would also limit his ability to expand or invest in new ventures, as he would be unable to secure any loans or financing from banks or other sources.
Trump has not yet publicly reacted to the ban, but he has previously denied any wrongdoing and called the case a political vendetta by James, an elected Democrat. Trump’s lawyers have also laid the groundwork for an appeal, and it is expected that he will challenge the ruling. The ban could have implications for Trump’s political future, as he is leading the polls for the 2024 U.S. presidential election. The ban could damage his reputation and credibility among his supporters and donors, and could also expose him to further legal troubles and investigations.
Business Empire
The ban on Trump’s business empire in New York is not the only legal challenge he faces. He is also facing criminal investigations by the Manhattan district attorney and the New York state attorney general, who are looking into possible tax evasion, bank fraud, insurance fraud, and other crimes.
He is also facing several lawsuits from former employees, contractors, and business partners, who claim he owes them money or breached contracts. He is also facing potential civil and criminal charges for his role in inciting the violent insurrection at the U.S. Capitol on January 6, 2021, which resulted in five deaths and dozens of injuries.
Trump has denied any responsibility for the attack and has claimed that the election was rigged and stolen from him. However, his claims have been rejected by courts, election officials, and his own administration. Trump’s legal woes could pose a serious threat to his political comeback, as he may face fines, penalties, or even imprisonment if convicted.