Trump sued by New York attorney general over his charity

Republican presidential candidate Donald Trump (R) talks as rival candidate Mike Huckabee (L) and candidate Rick Santorum attend the rally for veterans at Drake University on January 28, 2016 in Des Moines, Iowa.

President Donald Trump on Thursday was sued by New York’s attorney general for the alleged unlawful political conduct and other illegal actions his charity engaged in.

The lawsuit, which charges the president by name as well as his children Donald Jr., Ivanka and Eric, alleges “improper and extensive political activity, repeated and willful self-dealing transactions, and failure to follow basic fiduciary obligations or to implement even elementary corporate formalities required by law.”

The suit by the new New York attorney general, Barbara Underwood, is seeking to dissolve the Trump Foundation as well as fine them, and bar any of its board members from serving on any New York nonprofit.

The president quickly rebutted the charges.

The lawsuit charges that “Trump used charitable assets to pay off the legal obligations of entities he controlled, to promote Trump hotels, to purchase personal items, and to support his presidential election campaign.”

The lawsuit examines Trump’s behavior in Iowa, when he withdrew from a Republican debate and instead held a fundraiser for veterans groups. “In 2016, the Board knowingly permitted the Foundation to be coopted by Mr. Trump’s presidential campaign, and thereby violated its certificate of incorporation and state and federal law by engaging in political activity and prohibited related party transactions.”

The Trump Foundation made an improper in-kind contribution of at least $2.82 million that “provided Mr. Trump and the Campaign a means to take credit at campaign rallies, press briefings, and on the Internet, for gifts to veterans charities.”

Another allegation is that the Trump Foundation didn’t have an investment policy, even though New York law requires it. “Although in recent years the average monthly value of the Foundation’s assets was over $1 million, the Foundation kept its funds in a money market account, earning negligible interest.”

Filed in: Top News Tags: 

You might like:

Opioids stole 500,000 years of life expectancy in this state Opioids stole 500,000 years of life expectancy in this state
The New York Post: North Korean and South Korean athletes to compete together in Asian Games The New York Post: North Korean and South Korean athletes to compete together in Asian Games
TaxWatch: Avoid these missteps with an ABLE account for the disabled TaxWatch: Avoid these missteps with an ABLE account for the disabled
The bull market in stocks seems as if it will never end — but don’t kid yourself The bull market in stocks seems as if it will never end — but don’t kid yourself
NewsWatch: Stock market broadly lower as trade tensions continue NewsWatch: Stock market broadly lower as trade tensions continue
Bond Report: U.S. government bond yields hold ground as China-U.S. trade tensions remain in focus Bond Report: U.S. government bond yields hold ground as China-U.S. trade tensions remain in focus
London Markets: U.K. stocks finish down slightly as trade conflict spooks buyers London Markets: U.K. stocks finish down slightly as trade conflict spooks buyers
Metals Stocks: Gold inches higher after marking 2018’s lowest settlement Metals Stocks: Gold inches higher after marking 2018’s lowest settlement

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.