Connect with us

World

Could Trump lose his business empire in New York fraud case?

Published

on

Could Trump lose his business empire in New York fraud case?

Former US President Donald Trump could be banned from the real estate business in New York, a potentially devastating blow to his real estate empire that catapulted him to fame long before winning the White House.

Trump is accused of securing loans with false financial statements for several years. After a heated trial that lasted more than three months, a Manhattan court is set to announce its ruling this week.

The New York fraud case is only one of several trials heating up against Trump even as he inched closer to securing the Republican presidential nomination following his decisive victory in the Iowa caucus and New Hampshire primary earlier this month.

Here’s what we know about this civil case and how it might affect Trump’s presidential campaign:

What’s the case about?

New York Attorney General Letitia James brought the civil lawsuit against the former president, The Trump Organization, and top officials at the business on September 21, 2023 – although an inquiry into the former president’s business dealings had been ongoing for about three years prior.

Advertisement

In the filing, James accused Trump and officials at The Trump Organization – including his children, Ivanka, Eric and Donald Jr – of “knowingly and intentionally” creating over 200 overly-inflated financial evaluations between 2011 and 2021 that helped the company secure favourable loans from banks and insurance companies to the tune of $250m.

Those actions violated the antifraud New York Executive Law, James wrote in her suit, seeking a $250m penalty against Trump.

Senior Trump Organization executives Allen Weisselberg and Jeffrey Mcconney were also named as defendants, alongside companies and entities belonging to Trump such as 40 Wall Street, a skyscraper in Manhattan’s financial district. Trump’s sons Donald Trump Jr and Eric Trump are co-defendants in the case.

What did the judge say about Trump?

In a summary judgment on September 27, 2023, that essentially resolved the key claims in the suit, presiding Judge Arthur Engoron of the Manhattan Supreme Court ruled that Trump had committed years of fraud by massively inflating his real estate worth to lenders. His Mar-a-Lago estate, for example, was found to be inflated to about 2,300 percent of its actual price in one statement.

Judge Engoron dissolved some companies belonging to the former president and also ordered to revoke the business licence of The Trump Organization, and appointed an independent monitor to oversee the company.

Advertisement

Trump has denied wrongdoing and appealed the initial ruling. An appeal court in October temporarily halted the business dissolution part of the ruling. Trump’s lawyers argued some 1,000 employees could be affected. James’s team said it was willing to pause enforcement pending a final decision.

In the charged follow-up trial to decide other claims in the attorney general’s lawsuit, Trump’s lawyers asked for the suit to be thrown out, arguing that it was politically motivated; that his accountants carried the blame for false financial statements; and that no particular individuals or entities had been hurt by said statements.

Could this affect Trump’s political campaign?

Trump’s presidential campaign has played on the civil suit – and the myriad of legal challenges that the Republican frontrunner faces, ahead of the presidential elections in November.

The former president has appeared at court cases he is not legally required to attend, making impassioned speeches to rally his supporters behind opponents trying to block his re-election, targeting not just him but his supporters too.

He has also used those court appearances to lash out at state officials. Trump accused James, the New York attorney general, of targeting him for political reasons, calling her a “political hack” who won her post because she promised to go after him.

Advertisement

Despite the judge’s refusal, Trump spoke in court at the closing of the fraud trials on January 11, saying that the case was a “fraud on me”.

“We have a situation where I’m an innocent man, I’ve been persecuted by someone running for office,” Trump said, referring to James, a Democrat who attempted to run for New York governor in the 2022 elections but later dropped out. “They want to make sure that I don’t win again,” he added.

Throughout the three-month trial, Trump spoke insultingly of the judge to his supporters, saying Engoron was a biased “Trump hater.” He also attacked Allison Greenfield, Engoron’s law clerk, on his social media platform Truth Social, saying she was “politically biased and out of control”.

Judge Engoron slapped a gag order on the former president and later fined him $15,000 for breaching it.

Could Trump face criminal penalties?

Civil cases like this usually result in monetary penalties and bans called injunctions, as opposed to criminal cases that often end up in jail time.

Advertisement

James, in her suit against Trump, had recommended punishment: for the former president and his children to be stripped of their leadership roles at The Trump Organization, and for Trump and the business to be barred from any real estate buys in New York for the next five years.

Additionally, the attorney general recommended that Trump and The Trump Organization be forbidden from accessing any loans for five years and that independent monitors and trustees be appointed for The Trump Organization.

As Judge Engoron’s final ruling looms, it will likely complement his previous decisions that some of Trump’s companies have their licences revoked, some be dissolved and others be monitored independently.

World

Distress call captures tanker under fire, Iran shuts Hormuz trapping thousands of sailors

Published

on

Distress call captures tanker under fire, Iran shuts Hormuz trapping thousands of sailors

NEWYou can now listen to Fox News articles!

Hundreds of commercial tankers are stranded on both sides of the Strait of Hormuz after Iran shut the critical chokepoint on April 18, halting traffic and leaving crews trapped amid reports of gunfire and “traumatic experiences” on board.

Advertisement

The Strait of Hormuz is considered an international waterway under international law, through which ships have the right of transit passage, according to the United Nations Convention on the Law of the Sea (UNCLOS).

Roughly one-fifth of the world’s oil supply passes through the Strait of Hormuz, making it a critical chokepoint for global energy markets, according to the U.S. Energy Information Administration.

The U.K. Maritime Trade Operations (UKMTO) said Iranian gunboats opened fire on a tanker the same day, while a projectile struck a container vessel, damaging cargo.

STARMER AND MACRON ACCUSED OF ‘PLAYING AT BEING RELEVANT’ WITH STRAIT OF HORMUZ PLAN

U.S. Central Command said Tuesday that “U.S. Navy guided-missile destroyers are among the assets executing a blockade mission impacting Iranian ports.” (CENTCOM)

Advertisement

Audio released by maritime monitoring group TankerTrackers appears to capture the moment a vessel and its crew came under fire while approaching the strait, including a distress call from a crew member.

“Sepah Navy! Motor tanker Sanmar Herald! You gave me clearance to go… you are firing now. Let me turn back!” the crew member can be heard saying in the recording, according to TankerTrackers.

Iranian state media confirmed that shots were fired near vessels to force them to turn back, while the Ministry of External Affairs of the Government of India said the foreign secretary was deeply concerned.

Hapag-Lloyd, the world’s fifth-largest container shipping line, told Fox News Digital that it had activated a crisis team as its crews remain stuck on board vessels in the region.

“We have been working from Friday afternoon until today with the entire crisis team to bring the vessels out — in vain, unfortunately,” said Nils Haupt, senior director of group communications at Hapag-Lloyd AG.

Advertisement

“These events can easily lead to traumatic experiences. There is also a significant risk from sea mines, which has made insuring vessels for passage through the Strait nearly impossible.”

LISA DAFTARI: HORMUZ WHIPLASH PROVES TEHRAN CAN’T HONOR ANY DEAL IT SIGNS

“The crews are well, but they are becoming increasingly impatient and frustrated. It is very unfortunate that we could not leave today,” he added. “Many ships are still stuck in the Persian Gulf.”

“Our six ships are anchored near the port of Dubai, and all crews hope for an improvement in the situation,” Haupt said.

The Islamic Revolutionary Guard Corps (IRGC) said on April 18 that the strait would remain closed until the U.S. lifts its blockade on Iranian ports, warning ships not to move from anchorage or risk being treated as “enemy” collaborators.

Advertisement

Iran has previously argued that restrictions on its oil exports and shipping amount to “economic warfare,” framing actions in the Strait of Hormuz as a response to foreign pressure on its economy, according to statements from Iranian officials and state media in past incidents.

“Approaching the Strait of Hormuz will be considered cooperation with the enemy, and any violating vessel will be targeted,” the IRGC said in a statement carried by the semi-official Tasnim News Agency.

TRUMP ORDERS A BLOCKADE IN THE STRAIT OF HORMUZ AS TENSIONS WITH IRAN SOAR

Fishing boats dot the sea as cargo ships, in the background, sail through the Arabian Gulf toward the Strait of Hormuz off the United Arab Emirates, Friday, March 27, 2026. (AP Photo)

The United States imposed the blockade on Iranian ports to pressure Tehran to reopen the strait, with U.S. Central Command saying the measures are being enforced “impartially against all vessels.”

Advertisement

Hapag-Lloyd said its vessels have been stuck for weeks following the initial closure after the outbreak of war with Iran on Feb. 28.

“For us, it is critical that our vessels can pass through the strait soon,” Haupt said.

“We offer all crew members unlimited data so they can video call loved ones and access entertainment. Crews are strong, but after weeks on board there is growing monotony and frustration.”

“One crew experienced a fire on board from bomb fragments. Others have seen missiles or drones near their vessels,” he added.

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

Advertisement

“They are resilient, but each additional day makes the situation more difficult, more monotonous, and more stressful.”

President Donald Trump said Iran had agreed not to close the strait again but after the closure, Trump called the situation “blackmail” and said the U.S. would not back down.

Advertisement
Continue Reading

World

Schools, shops shut in northern Israel to protest the Lebanon ceasefire

Published

on

Schools, shops shut in northern Israel to protest the Lebanon ceasefire

Shops and schools shut in northern Israel as residents protested a 10-day ceasefire with Lebanon that took effect on April 16, saying “nothing was achieved”. Israeli officials say operations may continue, with forces still deployed inside southern Lebanon.

Advertisement
Continue Reading

World

Pope Leo says remarks about world being ‘ravaged by a ​handful of tyrants’ were not aimed at Trump: report

Published

on

Pope Leo says remarks about world being ‘ravaged by a ​handful of tyrants’ were not aimed at Trump: report

NEWYou can now listen to Fox News articles!

Pope Leo XIV said Saturday that remarks he made this week in which he said the “world is being ravaged by a handful of tyrants” were not directed at President Donald Trump, a report said. 

The pope, speaking onboard a flight to Angola during his 10-day tour of Africa, said reporting about his comments “has not been ‌accurate in all its aspects” and his speech “was ⁠prepared two weeks ago, well before the president ever commented on myself and on the message of peace that I am promoting,” according to Reuters.

The news outlet cited the pope as saying his comments were not aimed at Trump.

“As it happens, it was looked at as if I was trying to debate the president, which is not in ​my interest at all,” the pope reportedly said.

Advertisement

’60 MINUTES’ ACCUSED OF USING LEFT-LEANING CARDINALS TO BAIT TRUMP INTO FEUD WITH VATICAN

Pope Leo XIV answers journalists’ questions during his flight from Yaoundé, Cameroon, to Luanda, Angola, Saturday, April 18, 2026. (Luca Zennaro/Pool Photo via AP)

Vice President JD Vance later took to X to thank the pope for clearing the record.

“While the media narrative constantly gins up conflict — and yes, real disagreements have happened and will happen — the reality is often much more complicated,” Vance wrote. “Pope Leo preaches the gospel, as he should, and that will inevitably mean he offers his opinions on the moral issues of the day.

“The President — and the entire administration — work to apply those moral principles in a messy world,” he continued. “He will be in our prayers, and I hope that we’ll be in his.”

Advertisement

The vice president’s comments came days after he told Fox News’ Bret Baier on “Special Report” that it would be best for the Vatican to “stick to matters of morality.”

“Let the President of the United States stick to dictating American public policy,” Vance said Tuesday.

Trump last Sunday accused Pope Leo XIV of being “terrible” on foreign policy after the pontiff criticized the U.S.-Israeli war on Iran.

“He talks about ‘fear’ of the Trump Administration, but doesn’t mention the FEAR that the Catholic Church, and all other Christian Organizations, had during COVID when they were arresting priests, ministers, and everybody else, for holding Church Services, even when going outside, and being ten and even twenty feet apart,” Trump wrote in a Truth Social post. 

“I don’t want a Pope who thinks it’s OK for Iran to have a Nuclear Weapon.”

Advertisement

POPE LEO SLAMS THOSE WHO ‘MANIPULATE RELIGION’ FOR MILITARY OR POLITICAL GAIN, TRUMP RESPONDS

Pope Leo XIV and President Donald Trump (Simone Risoluti/Vatican Media via Vatican Pool/Getty Images; Salwan Georges/Bloomberg via Getty Images)

During a speech in Cameroon on Thursday, the pope said, “We must make a decisive change of course — a true conversion — that will lead us in the opposite direction, onto a sustainable path rich in human fraternity.

“The world is being ravaged by a handful of tyrants, yet it is held together by a multitude of supportive brothers and sisters.

Pope Leo XIV speaks as he meets with the community of Bamenda at Saint Joseph’s Cathedral in Bamenda on the fourth day of an 11-day apostolic journey to Africa April 16, 2026. (Alberto Pizzoli/AFP via Getty Images)

Advertisement

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

“Woe to those who manipulate religion and the very name of God for their own military, economic or political gain, dragging that which is sacred into darkness and filth.”

Fox News Digital has reached out to the White House for comment. 

Fox News Digital’s Landon Mion contributed to this report. 

Advertisement
Continue Reading
Advertisement

Trending