(VitalNews.org) – George Conway, conservative lawyer and activist, predicts former President Donald Trump faces potential financial ruin from the civil fraud case in New York and claims Trump will have to “liquidate” all of his assets after the ruling.
Conway appeared on MSNBC on Monday and said Trump is “making mistakes” and “babbling incoherently,” which he called “striking.” Conway noted how Trump was the notable “mogul” on the TV show “The Apprentice,” an image he’s embodied “in New York for 50 years” that’s not “coming crashing down.”
The civil fraud case accuses Trump and two of his sons, Eric Trump and Donald Trump Jr., of intentionally misreporting the value of assets in order to negotiate more favorable terms on insurance policies and bank loans. The judge has already ruled in September that fraud did in fact take place.
The continuing trial is to determine what the damages will be. Trump and his sons face penalties of up to $250 million. They also face potential bans from doing business in the State of New York, which is what Conway says will have the most serious consequences for the former president.
Losing their licenses to do business will ultimately put Trump “out of business,” which Conway says means he will “have to liquidate everything,” including his Florida estate Mar-a-Lago, which is under the ownership of an LLC based in New York. Conway said the point of the ongoing case is to determine “how much of the proceeds” of Trump’s asset sales will “go to the state of New York.”
Conway called the case “a death blow” to the former president’s businesses.
So far, the case has proven to be a rocky affair. Judge Engoron already fined Trump twice for violating a gag order imposed on him. Trump Jr., who is the executive vice president of the Trump Organization, took the witness stand on Wednesday.
Copyright 2023, VitalNews.org