Donald Trump, the one-term, twice-impeached ex-president who is running for the White House while facing four criminal indictments that include 91 felony counts across three jurisdictions, “may soon be personally bankrupt,” according to a journalist who has written two books on the man he calls a “self-proclaimed multibillionaire.”
Pulitzer Prize-winning investigative journalist David Cay Johnston, author of “The Making of Donald Trump,” and “The Big Cheat: How Donald Trump Fleeced America and Enriched Himself and His Family,” reported on Tuesday’s decision by Manhattan Supreme Court Justice Arthur Engoron. The judge ruled Trump had committed fraud for years, by massively inflating the value of his assets. He ordered Trump’s business certificates revoked and his assets dissolved.
“Donald Trump is no longer in business,” Johnston writes at DC Report. “Worse, the self-proclaimed multibillionaire may soon be personally bankrupt as a result, stripped of just about everything because for years he engaged in calculated bank fraud and insurance fraud by inflating the value of his properties, a judge ruled Tuesday.”
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The ex-president’s “gaudy Trump Tower apartment, his golf courses, his Boeing 757 jet and even Mar-a-Lago could all be disposed of by a court-appointed monitor, leaving Trump with not much more than his pensions as a one term president and a television performer,” Johnston wrote.
Trump will likely appeal any ruling, but Johnston, who has chronicled Trump for years, says it’s “highly unlikely” an appeals court will reverse Justice Engoron’s decision.
“Barring a highly unlikely reversal by an appeals court, Trump’s business assets eventually will be liquidated since he cannot operate them without a business license. Retired Judge Barbara Jones was appointed to monitor the assets, an arrangement not unlike the court-supervised liquidation of a bankrupt company or the assets of a drug lord,” Johnston writes. “The various properties are likely to be sold at fire sale prices and certainly not for top dollar when liquidation begins, probably after all appeals are exhausted.”
Johnston last year said “that the former president ‘knowingly’ committed dozens of tax crimes over the past several years,” according to Newsweek. Johnston’s comments in December came “shortly after Democratic-led House Ways and Means Committee held a vote to publicly release Trump’s tax return documents,” and “published a report showing that Trump was not properly audited by the Internal Revenue Service (IRS) while he was president. The IRS has a policy requiring that a sitting president is audited each year while in office.”