Former President Donald Trump speaks during a rally, Wednesday, Sept. 20, 2023, in Dubuque, Iowa.
Like a game of Monopoly, Donald Trump may face the consequences of his real estate empire as a New York judge has found him guilty of fraud. Now, the trial to determine damages begins, and the future of Trump's properties hangs in the balance. New York Attorney General Letitia James seeks $250 million in damages, putting Trump's iconic Trump Organization at risk of closure or dissolution.
Uncertainty Surrounding the Ruling
Justice Arthur Engoron's ruling has left room for uncertainty. However, it is clear that Trump inflated property values and treated square footage as subjective, leading to allegations of financial fraud. The judge ridiculed Trump's explanations, quoting Chico Marx from the movie "Duck Soup": "Well, who ya gonna believe, me or your own eyes?"
The Judge's Findings
Engoron's ruling highlighted several instances of inflated property values, including Trump's Mar-a-Lago resort, which was valued at 20 times the tax assessment. Trump's own Trump Tower penthouse was falsely claimed to be almost triple its actual size, increasing its value. Engoron deemed these discrepancies "fraud" and a breach of trust.
Protesters gather outside Trump Tower on Friday, March 31, 2023, in New York.
Sanctions for Trump's Lawyers
Engoron didn't shy away from reprimanding Trump's legal team. He sanctioned five of Trump's lawyers for filing redundant and flawed arguments to dismiss the case. The judge ordered them to pay penalties to the Lawyer's Fund for Client Protection of the State of New York. Engoron emphasized that the repeated frivolous arguments were indefensible and egregious.
Trump's Reaction and the Future
Trump, on his social media platform Truth Social, called the ruling "ridiculous and untrue." He criticized Engoron as "deranged" and accused the attorney general of bias and corruption. Trump's son, Eric Trump, expressed his loss of faith in the justice system. Meanwhile, New York Attorney General Letitia James looks forward to presenting the rest of the case at trial.
New York Attorney General Letitia James speaks during a news conference, Sept. 21, 2022, in New York.
The Implications for Trump
The implications of Engoron's ruling remain uncertain. The judge canceled Trump's business certificates and will appoint a manager, known as a receiver, to oversee the potential dissolution of Trump's companies. Whether Trump will be required to sell off properties or simply have them managed is yet to be determined. The trial period will shed more light on the future of the Trump Organization.
This trial is just one of many legal battles Trump faces as he campaigns for a return to the White House. The outcomes of these cases will likely shape his political future.
Donald Trump with his children in 2014. From left, Eric, Donald Jr., and Ivanka.
As the trial proceeds, the world will closely watch the outcome and its impact on Donald Trump's real estate empire. The stakes are high, and the repercussions could extend far beyond the courtroom. Only time will tell what lies ahead for the former president and his iconic properties.
