News

Trump Foundation Agrees To Dissolve Amid A "Shocking Pattern Of Illegality"

President Trump’s charity, the Donald J. Trump Foundation, has agreed to dissolve amid allegations from the New York Attorney General’s office that it engaged in a “shocking pattern of illegality.” 

However, New York Attorney General Barbara Underwood announced on Tuesday that her office will continue to pursue its lawsuit against the foundation. 

As WaPo reports, the attorney general’s suit alleges that Trump used his charity’s money as his own piggy bank — including to help his presidential campaign by paying for giveaways at Iowa rallies.

“The Foundation was little more than a checkbook for payments to not-for-profits from Mr. Trump or the Trump Organization,” Underwood wrote in the initial suit.

The Trump Foundation was never the most impressive part of Trump’s portfolio: At its peak, in 2009, it had only about $3.2 million in the bank, a small sum for a billionaire’s charity.

*  *  *
Full Statement from AG Underwood

A.G. Underwood Announces Stipulation Dissolving Trump Foundation Under Judicial Supervision, With AG Review Of Recipient Charities

AG Underwood’s Lawsuit Remains Ongoing

Today, Attorney General Barbara D. Underwood announced that – following a court decision in favor of the Attorney General – the Trump Foundation has signed a stipulation agreeing to dissolve under judicial supervision, with review and approval by the Attorney General of proposed recipient charities of the Foundation’s remaining assets. 

This stipulation follows the court decision last month allowing Attorney General Underwood’s lawsuit against the Trump Foundation to move forward. 

Attorney General Underwood’s lawsuit sought the dissolution of the Foundation under judicial supervision and with the oversight of the Attorney General’s Charities Bureau. The lawsuit – which also seeks millions in restitution and penalties and a bar on President Trump and his three eldest children from serving on the boards of other New York charities – remains ongoing.

READ  Paul O’Sullivan pens letter to McKinsey: ‘Come clean, or I turn up the heat!’

Attorney General Underwood released the following statement:

“Our petition detailed a shocking pattern of illegality involving the Trump Foundation – including unlawful coordination with the Trump presidential campaign, repeated and willful self-dealing, and much more. This amounted to the Trump Foundation functioning as little more than a checkbook to serve Mr. Trump’s business and political interests.

Today’s stipulation accomplishes a key piece of the relief sought in our lawsuit earlier this year. Under the terms, the Trump Foundation can only dissolve under judicial supervision – and it can only distribute its remaining charitable assets to reputable organizations approved by my office.

This is an important victory for the rule of law, making clear that there is one set of rules for everyone. We’ll continue to move our suit forward to ensure that the Trump Foundation and its directors are held to account for their clear and repeated violations of state and federal law.”

The Attorney General filed the stipulation with the court today; it is awaiting the judge’s signature. 

*  *  *

We are sure the probe of The Clinton Foundation will be along shortly.

Source: zerohedge.com

Visited 2 times