Trump Foundation to dissolve in deal with NY attorney general
- Author: Joey Payne Dec 19, 2018,
Dec 19, 2018, 1:47
The move is a win for Underwood's office, which sought the Donald J. Trump Foundation's dissolution as part of a June lawsuit alleging that it served as a personal piggy bank servicing the President's business and political needs.
When Underwood's office filed its lawsuit during the summer, Trump tweeted that the complaint was "ridiculous" and "I won't settle this case!"
Tuesday's agreement was reached after a NY judge last month rejected arguments from the foundation's lawyers that the lawsuit was politically motivated and should be thrown out.
Forbes published a story in April 2017 headlined: "A $5 Million Mystery: How The WWE Became The Trump Foundation's Biggest Donor".
New York's attorney general and lawyers for the Trump Foundation agreed on a court-supervised process for shutting down the charity and distributing about $1.7 million in remaining funds to other nonprofit groups.
Underwood is a Democrat and is seeking millions of dollars in penalties.
Donald Trump's charitable foundation is being dismantled, but the headaches it has created for the president aren't going away anytime soon.
The suit also claims that the foundation "illegally provided extensive support to his 2016 presidential campaign by using the Trump Foundation's name and funds it raised from the public to promote his campaign for presidency".
The dissolution resolves one piece of the civil suit, which also seeks $2.8 million in restitution, penalties and a ban on Trump and his three eldest children serving on the board of any other NY nonprofit. Trump had boycotted a Republican presidential debate and held what he described as a fundraiser for veterans instead.
The Washington Post went into further detail about some of the alleged misdeeds of Trump's charity, which he appeared to use for the benefit of himself and his family rather than for genuinely charitable endeavors. Now, the Trump Foundation is reportedly shutting down after Underwood officially made the announcement on Tuesday. Speaking of spinoff investigations, do you know who the largest singles donors were to the Foundation?
The settlement with Underwood's office represents a concession by Trump to a state investigation he decried as a partisan attack.
In its most recent available filing with the IRS, in 2016 the foundation reported $2,929,274 in revenue and $3,075,269 in expenses. The foundation also donated $25,000 to Florida Attorney General Pam Bondi, according to CREW, in an apparent effort to dissuade her from investigating Trump University, another now-shuttered Trump venture.