Trump's real estate empire could be saved by his wife, former first lady Melania Trump, after the former president was barred from conducting business in the state of New York for three years.
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Judge Arthur Engoron ruled against Trump on Friday after a months-long trial involving accusations brought by New York Attorney General Letitia James that the former president and his business, The Trump Organization, deceived banks and insurers for years to obtain better financial terms. In total, Trump and his associates, including his eldest sons, Donald Jr. and Eric, were ordered to pay $364 million in fines.
The ruling also bars Trump and former associates Allen Weisselberg and Jeffrey McConney from "serving as an officer or director of any New York corporation" for three years. Donald Jr. and Eric, both of whom serve as executives in their father's organization, are also banned from conducting business for the next two years.
Trump's businesses could be saved by his other family members, however, such as wife Melania Trump or eldest daughter Ivanka, who left the family company in 2017 to serve in Trump's White House. Legal experts previously assessed that the former president would be able to hold on to his properties even if barred from conducting business by transferring his company to his family members not included in James' case.
"Engoron's order prevents Trump and his sons from serving as officers or directors in New York, but they can still be shareholders," Neama Rahmani, president of West Coast Trial Lawyers, told Newsweek on Friday. "That means they can own the companies, but they can't run them."
The judge's order in October originally dissolved Trump's business licenses, but Friday's order pulled back from that ruling, with Engoron reserving any "restructuring" and potential dissolution up to Barbara Jones, the court's independent monitor whose role was extended by three years in Engoron's ruling.
Rahmani noted that the reverse of Enogoron's previous cancellation of Trump's business licenses was the former president's "only win," adding that if Trump "needs a family member to serve as a director or officer to run the business, Melania or Ivanka can fill those roles." ."