A judge found Trump committed fraud in building his real-estate empire. Here's what happens next

Judge rules Donald Trump defrauded banks and insurers while building real estate empireTrump and his company massively overvalued his assets, creating “a fantasy world” on the financial statements he gave to banks and others, Judge Arthur Engoron found in a lawsuit brought by the New York attorney general.

That discrepancy from a real estate developer describing his own longtime home “can only be considered fraud,” the judge wrote. Lisa Renne Pomerantz, a lawyer in Bohemia, New York, who has helped businesses establish LLCs in the state, said canceling certificates is a significant order because you can’t operate without them.

Barring a successful appeal, Thomas said he doesn’t see how the Trump Organization can avoid losing control of his LLCs containing entities such as 40 Wall Street, Trump Tower and an estate outside New York City called Seven Springs. One strategy, establishing new LLCs, is nearly impossible with legal claims such as a lien by a creditor or, in this case, a judge’s ruling.

Source: Real Estate Daily Report (realestatedailyreport.net)

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