Trump Foundation to dissolve
Posted by Josh Taylor / December 19, 2018As a result of a continuing lawsuit about its finances, the Trump Foundation has agreed to dissolve under judicial supervision. The dissolution Trump Foundation resolves but one aspect of the attorney general’s civil lawsuit against Trump, and his children––Don Jr., Ivanka, and Eric. The attorney general claims that the four violated campaign-finance laws and abused its tax-exemption.
Fortune notes that the “signed Tim Tebow helmet and two large portraits of Donald Trump that the foundation that bears his name paid $42,000 for in total are now valued at $975, according to the foundation’s 2017 IRS filing. The foundation will have to sell these assets off as part of an agreement to shut down with the New York State Attorney General’s office on Dec. 18.”
The Washington Post published a victory lap article, noting that “The Post’s reporting showed that, for years, Trump appeared to use the foundation — which was, by law, an independent entity — to make payments that bolstered his interests.”
The attorney general investigation reveals damning evidence––for example, the Trumps had never held a board meeting, and the board hadn’t met since 1999. The Post points out that the “charity’s official treasurer, Trump Organization executive Allen Weisselberg, told investigators that he wasn’t aware that he was on the board.”
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