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Published 2 months ago

Trump could lose control of famed properties under New York fraud ruling

  • A New York judge ruled that Donald Trump and his businesses committed fraud by overvaluing properties and exaggerating his net worth to secure loans and business deals. As a result, Trump may lose control of several properties in his portfolio, including his Florida residence and club resort in Palm Beach.
  • The judge's ruling ordered that some of Trump's business licenses be rescinded and the companies that own his properties be handed over to independent receivers. This has been described as a "corporate death penalty" and has rarely been used before. Trump will still own the properties but will not be able to sell them or use them to secure loans.
  • If an appeal is unsuccessful, Trump might attempt to buy back the properties if they are sold. The court order also highlighted Trump's ownership of a luxury apartment property in New York City's financial district.
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