New York Attorney General Letitia James may “put a padlock” on Trump Tower and other properties owned by failed former president Donald Trump, according to former federal prosecutor Glenn Kirschner, and the ex-head of state could also find his assets frozen and seized by the Empire State.
On Monday, attorneys for Trump told a judge they have been unable to secure a financial bond from any of the 30 companies they contacted about floating the $464 million needed for an appeal of the massive civil judgment handed down last month for crimes ranging from bank fraud to falsifying business records.
And that, Kirschner explained during an appearance on MSNBC, is the worst possible news for Trump.
Kirschner also noted that while Trump has bragged about being worth billions of dollars, he clearly doesn’t have the assets he claims.
If the disgraced ex-president was actually worth billions, Kirschner continued, “I would think insurance companies and sureties would be beating down his door to do business with him.”
“So it feels like this is perhaps the next-to-last step on the road to Donald Trump’s financial demise,” Kirschner said. “Because as we’ve been discussing, New York Attorney General Letitia James said she will absolutely begin seizing his properties to satisfy this money judgment that has been entered against him.”
After he stormed out of a New York courtroom Wednesday in response to a $10,000 fine imposed on him by Judge Arthur Engoron for violating a gag order, 77-year-old juvenile delinquent ex-president Donald Trump told reporters that he’d just been exonerated by a witness in his fraud trail.
As with 99.9% of the things that issue forth from Trump’s mouth, the statement was a complete and total lie and has absolutely no basis in fact. It was merely a way for the multiply-indicted former head of state to try and save face.
In response to Trump’s childish conniption fit, New York Attorney General Letitia James, who brought the massive $250 million fraud case against Trump and the Trump Organization, released a video in which she rebutted all his lies.
The video concludes with James looking into the camera and declaring, “When you have build an empire on falsehood the truth is your only enemy. And we will continue to present the truth in court.”
As the judge said today about our case against Donald Trump:
Ever since New York Attorney General Letitia James first filed suit against failed former president Donald Trump, accusing him and his company, the Trump Organization, of financial fraud, the ex-president has been constantly attacking the AG, accusing her of being a “racist” because she’s black and he’s white and even nicknaming her “Peekaboo” James.
Until today, James had not responded to Trump’s many insults and taunts, but she more than made up for her previous silence with what she said during a break in the trial that could financially destroy the Donald and his family-owned company.
On Wednesday, failed former president Donald Trump acted like a petulant toddler and suddenly decided he would no longer attend the ongoing New York fraud trial that could cost him hundreds of millions of dollars in fines and penalties.
“I’d rather be right now in Iowa,” Trump said in a parting shot to reporters at the start of the lunch break, midway through the trial’s first week.
“I’m stuck here because I have a corrupt attorney general who communicates with the Justice Department to keep me busy,” he said, leaving the third-floor courtroom, where the future of his real-estate empire is set to be decided over the next two to three months.
What prompted the disgraced one-term, twice-impeached ex-head of state to suddenly leave the proceedings after two days of scowling and threatening comments about the presiding judge?
According to the Donald’s niece, Mary Trump, it’s all about the embarrassment.
“He showed up in New York voluntarily because he knew how important this fraud trial is not only to his reputation but to the core of his own beliefs about who he is.”
“He left because he knew nothing he did—the pouting, the angry stares, the media hits—was working.”
“That plus the humiliation of falling off the Forbes 400 were too much for him to take.”
Trump had also said that he would testify at some point in the trial, though that seems highly unlikely. Even if he does, it’s likely he’ll cling to his Fifth Amendment privilege and refuse to say anything for fear it would open him up to even more charges.
Absolutely nothing is going well for Trump right now. He’s on the verge of being flat broke and possibly headed to prison. No wonder he doesn’t want to show his face in public.
Now that she has concrete evidence that Donald Trump and the Trump Organization have been engaged in systematic financial fraud, New York Attorney General Letitia James may be on the verge of imposing the legal “death penalty” on the ex-president’s corporation, according to a former U.S. Attorney.
Joyce Vance, who served as U.S. Attorney for the Northern District of Alabama from 2009 to 2017, was a guest on MSNBC, and she was asked by host Chris Jansing about news that Trump’s former accounting firm, Mazars, has dropped him as a client and declared that his financial statements cannot be trusted:
Vance replied:
“It absolutely doesn’t, Chris, and one of the intriguing issues here is how did New York’s attorney general come into possession of this letter, which was sent from Trump’s accountant to the Trump Organization? She’s not cc’d on the letter; your accounting firm doesn’t typically send business correspondence to the attorney general in your state.”
Vance added:
“So there’s a suggestion here that Mazars is engaged with the New York attorney general. This whole issue came up as [NY AG] Letitia James was trying to take the depositions of Donald Trump, Donald Trump Jr., and Ivanka Trump, and she’s been forced to justify that position by the Trump folks in the course of that litigation and this document has come out now.”
And then Vance explained how AG James can put a quick end to the Trump Organization:
“Details of other transactions that are highly questionable, and that may be sharp business practices or fraud, but James is likely to get her depositions, and she, of course, has jurisdiction under New York’s Martin Act to protect New York from sharp business practices. she has the authority to curtail businesses’ ability to operate, and even as she did with Trump’s charitable fund, to no longer permit them to operate in the state of New York. So the consequences here, just on the civil side, could be dramatic. The criminal investigation will proceed at its own pace.”
What is the Martin Act? It’s a piece of legislation passed in 1921 that is considered to be the “most severe blue sky law” in the country:
The Martin Act, as interpreted by New York courts, gives the New York State Attorney General exceptionally broad enforcement authority to bring both civil and criminal action without a showing of scienter or intent to defraud.
One of the penalties under the Martin Act is the complete shutdown of a business and forfeiture of its assets. That’s why it’s considered a legal “death penalty” if imposed.
Here’s hoping Letitia James does indeed shut down Trump Org. and then proceed to lock up every member of the company who was involved in this widespread fraud.