New York’s former assistant attorney general, Tristan Snell, has said that Donald Trump’s properties are likely to be auctioned off following a judge’s ruling of fraud.
Snell stated that the cancellation of corporate licenses is the most severe outcome, and the properties may now undergo liquidation and be sold at auction. He emphasized that Trump has already suffered a significant loss, despite his claims of innocence.
“The worst outcome that could have come from this case has already been handed down, and that is for the corporate licenses to be canceled,” Snell said during an appearance on MSNBC. “The properties are likely going to be liquidated. The properties are probably going to be sold at auction. That’s probably what is going to happen. We don’t know that for sure, but that is probably where this is headed. So [Trump] is already really, really in trouble.”
Last week, Judge Arthur Engoron handed down a summary judgment, declaring that Trump and his entities had significantly overvalued properties, including the iconic Mar-a-Lago in Palm Beach and a triplex at Trump Tower in Manhattan. The judgment resulted in the rescinding of business licenses and the appointment of independent receivers for affected companies.
Trump and his sons, responding with disbelief, are set to appeal the decision, challenging the valuation figures presented during the trial. The former president personally appeared in court on Monday, declaring his intention to “fight for my name and reputation.”
The $250 million civil lawsuit, led by New York Attorney General Letitia James, alleges that Trump inflated his net worth to secure favorable loan terms. The trial will now delve into additional charges, including the falsification of business records, issuance of false financial statements, and insurance fraud.