In an interview with Politico's Erin Durkin, a former prosecutor who served in the New York State Anti-Corruption Office claimed the Trump Organization faces financial hardship and an inability to operate as they have in the past after being convicted on 17 felony counts.
In a review of executives at the former president's signature company after the trial in a Manhattan court ended with a guilty verdict on every count related to a "tax-dodging executive-compensation scheme," the report notes that companies and banks who work, or have worked, with the company may shun dealing with the company or find there are roadblocks to partnering with the Trumps.
According to anti-corruption attorney Ben Gershman, the future looks grim for the Trump Org.
“The consequences could potentially be devastating for the company. The Trump Organization is now toxic. Nobody wants to touch them, explained the legal expert who currently teaches law at Pace University.
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“They’re going to be totally unable to obtain financial support from any responsible financial institution. I’m thinking of loans, I’m thinking of mortgages, I’m thinking of insurance,” he elaborated. “They’re not going to be able to get any government support, financing and contracts and so on because they’re a convicted felon.”
According to Gershman, banks will balk at lending money to a company with felonies on the books, insurance companies may take a pass on issuing policies and any government contracts may now be out of reach despite Trump's tenure as president.
The report goes on to note that Trump and his family will likely look to settle out of court with New York Attorney General Letitia James in a civil suit that could result in banning them from serving as executives or directors of any New York-based corporation licensed by the state.
According to New York corporate attorney Joshua Schiller, “There’s pressure to settle this. One conviction is very bad. Another series of complaints, that are against the individuals now, would be even worse.”
He added Trump may be forced to move all of his business out of New York.
“The real issue is, will they be able to continue doing business in the state of New York? It raises questions about whether any financial institutions will be able to or will want to do business with them. I think that’s unlikely,” he predicted.
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