The Trump Foundation, the charitable arm of the Trump Organization, will give all its assets to other non-profits, according to New York Attorney General Barbara Underwood. Mr. Trump and Underwood reached an agreement to dissolve the sketchy organization within the next 30 days. Underwood told reporters state prosecutors found a shocking pattern of unlawful activity.
According to Underwood, Trump used his foundation as a bank account that served his political as well as business interests. Mr. Trump agreed to give foundation assets to the reputable charities that Manhattan Supreme Court Justice Saliann Scarpulla approves. In other words, Trump can’t transfer the funds to one of his other corporations.
New York prosecutors thought the Trump Foundation wasn’t following the laws that pertain to charitable foundations. They found the smoking gun that proves Trump and his children violated state and federal laws. The lawsuit against the Trump Foundation and its directors will continue, according to Underwood. Underwood called the move an important victory for the rule of law.
Underwood and New York prosecutors want to make sure the Trump Organization directors get more than a hand slap and fines, so the lawsuit will continue. According to Alan Futerfas, the attorney for the Trump Organization, his clients are happy to dissolve their foundation. Futerfas put out a statement that claims the Trump family decided to dissolve the organization before New York prosecutors shut it down.
According to Futerfas, the Trump Foundation distributed more than $19 million to more than 700 charitable organizations during its more than 30-year lifespan. But Futerfas prepared statement was nothing more than damage control. The foundation didn’t help other charities, according to prosecutors. It only helped the Trump family hide sketchy financial behavior. According to Underwood, the Trump Organization used money raised during the 2016 campaign to pad Trump’s deep pockets.
Mr. Futerfas accused state prosecutors of grandstanding. But the Trump’s agreed to pay millions in fines and close the foundation before more damaging information hit the press. There are 17 different Trump investigations in progress. Closing Trump’s foundation is the first step in the quest to prove Trump crossed a plethora of legal boundaries in his business as well as his political life.
Trump denies any wrongdoing. Mr. Trump thinks he’s being singled out by the Democrats. But the Democrats didn’t play a part in the takedown of the Trump Foundation. Trump’s shady business practices brought the foundation down, according to New York prosecutors.