MBA Career Pathways: Trump Given Seven Days to Disclose Companies at Risk of Losing New York Business Licenses

Last Updated on October 7, 2023 by Robert C. Hoopes

New York Judge Orders Trump to Provide List of Companies Losing Business Licenses After Being Found Guilty of Financial Fraud

In a significant development, New York judge Arthur Engoron has issued an order requiring former President Donald Trump to present a list of companies that will lose their business licenses due to their involvement in financial fraud. This ruling not only impacts the companies in question but also limits Trump’s ability to operate his real estate company.

The list of companies facing license revocation will be submitted to retired federal judge Barbara Jones, who currently serves as a court-appointed monitor overseeing the Trump Organization. Judge Engoron has set a deadline of October 26th for Trump’s lawyers to provide a list of potential receivers who will oversee the dissolution of these companies’ business licenses.

Additionally, Judge Engoron has instructed the defendants to inform Judge Jones in advance of any attempts to apply for new business licenses or establish new entities. This requirement underscores the court’s commitment to closely monitoring any future business activities involving the Trump Organization.

In the ongoing civil fraud trial, an accountant responsible for preparing Trump’s financial statements has been testifying for the fourth consecutive day. The trial mainly focuses on allegations that Trump exaggerated his wealth by manipulating financial statements, as claimed by New York Attorney General Letitia James. The lawsuit specifically mentions overvalued assets, including Trump Tower and Mar-a-Lago.

While Trump has not attended the proceedings on Thursday, he had been present during the previous three days of the trial. Denying any wrongdoing, Trump alleges that James is targeting him to undermine his potential 2024 presidential campaign.

As the trial progresses, the defense has attempted to shift blame onto Trump’s longtime personal accountant, Donald Bender, arguing that any mistakes in financial statements were a result of his actions. Bender, in turn, has stated that he requested all necessary documents from Trump Organization executives but did not always receive them.

Apart from the financial fraud allegations, the trial also involves claims of conspiracy, insurance fraud, and falsifying business records. Attorney General James seeks $250 million in penalties, along with a ban on Trump conducting business within the state of New York.

This ruling and ongoing trial highlight the legal challenges Trump faces concerning his business practices and the potential consequences he might encounter as a result of his alleged misconduct. The outcome of this trial will undoubtedly have far-reaching implications for both Trump and his real estate empire, with significant ramifications for his future endeavors.