Donald Trump’s lawyers ask judge to clarify fraud ruling’s impact on ex-president’s business

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Donald Trump’s legal team has sought clarification from the judge regarding the implications of his recent fraud ruling on the former president’s business empire. This ruling, handed down by Judge Arthur Engoron, has resulted in the appointment of a court receiver to oversee some of Trump’s companies, along with the revocation of their New York-issued business licenses. Trump has vehemently criticized this decision, labeling it the “KILL TRUMP” verdict.

During a hearing, Judge Engoron refrained from speculating about the real-world consequences of his fraud finding, though he acknowledged that the case had undergone significant changes. In a scathing 35-page opinion, the judge concluded that Trump and the Trump Organization had engaged in systematic deception by inflating the value of assets and exaggerating net worth on various documents used in financial dealings.

Trump’s legal team has indicated their intent to appeal the ruling. Trump himself took to his Truth Social platform to accuse the judge of bias and railroading the case through the New York State Court. The central question raised by Trump’s lawyers was whether the ruling would necessitate the closure of certain corporate entities or the relinquishment of prized assets, including properties like Trump Tower and a Manhattan office building at 40 Wall Street.

Judge Engoron, without issuing a definitive ruling, indicated that these matters would be addressed in due course. He extended the deadline for proposing potential receivers, indicating a willingness to work towards a compromise. Trump’s legal team also raised concerns about the ruling’s scope, particularly regarding limited liability corporations associated with private homes. Engoron appeared open to discussing this issue further.

Despite the ruling resolving a key claim in New York Attorney General Letitia James’ civil lawsuit against Trump, several other claims remain, with a trial scheduled to begin on October 2. Trump’s lawyers have requested a delay through an appeals court. Kevin Wallace from James’ office emphasized the importance of the trial for pursuing conspiracy allegations and seeking a $250 million penalty, representing the alleged benefits derived from the fraud.

Engoron’s ruling revealed several instances of Trump’s alleged misrepresentations, including the exaggerated size and value of his Trump Tower penthouse and inflated valuations of Mar-a-Lago estate. Trump, in a Truth Social post, continued to defend his valuation of Mar-a-Lago, even suggesting it could be worth as much as $1.8 billion, a figure significantly higher than his previous financial statements.

In conclusion, the legal battle surrounding Donald Trump’s business dealings continues, with key questions about the fate of his assets and the scope of the ruling yet to be definitively answered. The upcoming trial will likely shed further light on these matters.

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• CNN: Donald Trump’s lawyers ask judge to clarify fraud ruling’s impact on ex-president’s business
• AP News: Judge’s fraud finding’s impact on Donald Trump’s business