Trump may be Banned from any American Real-Estate Transactions, if they include Business in New York, a Senior Corporate Attorney has said.
Trump, His Two eldest Sons, Donald Trump Jr. and Eric Trump, Two other Company Executives, as well as the Trump Organization, are Co-Defendants in the $370 million Civil Fraud Trial brought by New York Attorney General Letitia James (D).
She accuses Trump and Co-Dedfendants, of Inflating His Net Worth by billions of dollars, to obtain Benefits such as better Bank Loans and Reduced Tax Bills.
James has asked a Judge to Ban Trump from the Real-Estate Industry for Life, as Punishment for Fraudulently Inflating the Value of His Assets. Judge Arthur Engoron is due to make a Decision on that Request on January 31st, and decide on an overall Punishment for Trump and Co-Defendants.
Paul Golden, a Partner at New York Law Firm Coffey Modica said: "Even if Hon. Engoron cannot bar the Trump defendants from engaging in the real-estate business outside New York, it is possible he could issue a judgment which indicates that, to the degree the Trump defendants' future non-New York business could affect New Yorkers, such activity would be barred," Golden said.
That would likely stop Trump from any Real-Estate Transaction that required Activity within New York, such as Banking or seeking Investors. "So far, Hon. Engoron apparently has not indicated that any potential judgment would go that far. However, the eventual outcome of the trial and appeal, and the specific language which will appear in the final judgement, are anyone's guess," Golden added.
James is seeking a Lifetime Ban for Trump from the Real-Estate Industry and a Five-year Ban for Co-Defendants.
"It is unclear at this point whether the Office is claiming that Hon. Engoran should ban the defendants from doing so only within the state of New York, or whether the Office is seeking something more expansive," said Golden.
"One might presume that Hon. Engoron, at most, could only rule on the defendants' rights or lack of rights within the state of New York. As a very general rule, a state judge only has jurisdiction to resolve matters that occur within that state. Notably, the letter submitted by the Assistant Attorney General does not specify that the requested ban should be nationwide," Golden said.
He added that the Trump Defendants' response "primarily focused on the claim that there was insufficient evidence of fraud in the trial, and not about how a potential judgment would affect the Trump defendants' rights to engage in activity outside of New York."
Colleen Faherty, a Lawyer in James' Office, submitted a Letter to Engoron in Trump's New York Fraud Case on January 23rd, requesting that He Stop Trump from Ever working in the Real-Estate Industry again.
Engoron has already ruled that Trump committed Fraud, by exaggerating the Value of His Real-Estate Assets, and must now decide the Punishment.
In Her Letter, Faherty informed Engoron about the Appeal Court Decision in the Case of Martin Shkreli, nicknamed 'Pharma Bro' by the Media, who has been Banned for Life from the Pharmaceutical Industry. Faherty noted that Shkreli was also Fined more than $60 million.
Faherty said that New York State Executive Law 63(12), which was used in the New York Attorney General's Lawsuits against both Trump and Shkreli, gives the Court the Ability to "issue a permanent and plenary ban in a particular industry" and should be applied to Trump.
In September, 2023, Engoron Ruled that Trump, and Co-Defendants, committed Fraud in their Property Valuations. The Court will decide on Six other Accusations, including Falsifying Business Records, Insurance Fraud. and Conspiracy Claims. The Trial ended on January 11th, 2024.
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