George Conway, a conservative attorney, said that a New York court’s ruling on Tuesday could spell the end for Donald Trump’s business family in New York. “It is essentially the corporate death sentence for the Trump Organization,” said George Conway on CNN Tuesday night. Judge Arthur Engoron found that Trump had overvalued his assets and financial standing to get loans for many years. He ordered the dissolution some of the former president’s businesses.
Trump said that the ruling violated his civil rights and that he “had done business perfectly.” Conway responded that the judge found Trump in violation of the Martin Act. The Martin Act is “a very powerful tool that the government can use to fight fraudsters.” It is enough that the numbers be false.
In Trump’s case, “there was no disputing that the numbers were falsified, and they were substantially false.”
Conway stated the act allows “extraordinary remedies,” including stripping the company of its right to conduct business in the State and ordering dissolution of the firm, as the judge ruled on Tuesday. “No matter what the judge finds in the damages portion of this trial, Trump’s organization is out-of-business,” he said. “And that’s not good for Donald Trump.”
Conway spoke with CNN’s Wolf Blitzer and Laura Coates:
Other legal experts also shared their opinions of what the ruling means for the former president and his family business:
Indeed, one possibility is that assets will need be sold to satisfy outstanding debts, including any disgorgement of profits ordered by the judge. Remember that the AG asked Trump and his co defendants to hand over “at lease $250 million” of their fraudulent scheme. Lisa Rubin (@lawofruby),
Blockbuster ruling from NY AG civil case that Trump broke the law by understating the value properties by more $800 million. To obtain insurance and loans. Judge cancels Trump Org’s corporate certificate to do business in NY. https://t.co/xhVaFDeuE4
— Barb McQuade (@BarbMcQuade)
Part of basis for cancelling Trump Organization et al’s certificates:
Donald Trump has ceased to be in business in New York State.