Today, we’re diving into a major development in the ongoing saga surrounding former President Donald Trump and his business dealings. This is a story that’s shaking the foundations of the real estate and legal worlds.
Also, if you didn’t think these cases against Trump aren’t personal, you’d better think again.
In a bold move, New York Attorney General Letitia James’ office is pushing for a lifetime ban on Donald Trump from the real estate industry. This request was made in a recent court filing, and it’s causing quite the stir. Colleen Faherty, a key lawyer in James’ team, has taken this fight to the courtroom, urging the judge to prevent Trump from ever participating in real estate again.
Remember this is the legal team that has been roasted by the real estate world for under valuing Mar-a-Largo but the tyrannical judge allowed it in his court because this is a witch hunt after all.
The judge in question, Arthur Engoron, previously ruled that Trump committed fraud by inflating the value of his assets (before the trial started). But now, he’s facing the tough decision of what the punishment should be. Faherty, in her letter, draws a parallel to the case of Martin Shkreli, also known as ‘Pharma Bro.’ Remember him? He’s the guy who was banned for life from the pharmaceuticals industry and fined a whopping $60 million.
Faherty cites New York State Executive Law 63(12), the same law used against both Trump and Shkreli, arguing that it allows the court to issue a permanent ban in specific industries. The implications of this for Trump are massive.
The 2nd U.S. Circuit Court of Appeals upheld a similar decision to ban Shkreli because of his notorious actions in hiking up the price of a life-saving drug by over 4,000 percent back in 2015. This ruling came from an antitrust lawsuit filed by James and others against Shkreli.
In her letter, Faherty emphasized the unanimous decision by the Second Circuit to enforce Shkreli’s ban and the hefty fine.
However, after this trial is over, there is going to be a hefty load of appeals that will eventually make their way to higher courts. This means that whatever the decision is, it will more than likely be overturned.
Now, here’s where it gets really dirty. Trump, along with his two eldest sons, Donald Jr. and Eric, and the Trump Organization, are all co-defendants in a $370 million civil fraud trial. James accuses them of grossly inflating their net worth to secure better loans and tax benefits.
Back in September, Engoron found that Trump and his associates committed fraud in their property valuations. The court is still deliberating on other serious accusations, including falsifying business records and insurance fraud.
The trial wrapped up on January 11 and everyone is waiting for Engoron’s ruling, expected by January 31.
Folks, they are not just going after Trump. They are going after his family and trying to stop them from being able to earn a living.