Under cloud, Trump Foundation to shutter

President Trump on Tuesday agreed to shut down his charitable foundation amid allegations the New York-based non-profit mismanaged its finances.

Under an agreement negotiated with New York Attorney General Barbara Underwood, the Donald J. Trump Foundation will dissolve and liquidate its assets.  Furthermore, its assets will be distributed to charities under the direction of the attorney general’s office.

Similarly, the legal agreement will seek to prohibit Trump and his three children, Ivanka, Donald Jr., and Eric Trump from serving on the boards of New York charities.

The result of a lawsuit filed in June 2018 by the attorney general’s office, the charity is alleged to have engaged in “persistently illegal conduct.”

According to Underwood’s office, the Trump Foundation allegedly used donations to pay legal settlements related to Donald Trump’s business interests, purchase luxury items and artwork for Trump-owned golf clubs and make an illegal campaign donation.

The investigation into the charity also revealed among Trump’s purchases with foundation money included two portraits of himself.

Underwood’s office is seeking to recover over $2.8 million in restitution.

“Our petition detailed a shocking pattern of illegality involving the Trump Foundation — including unlawful coordination with the Trump presidential campaign, repeated and willful self-dealing, and much more. This amounted to the Trump Foundation functioning as little more than a checkbook to serve Mr Trump’s business and political interests,” Underwood said in a statement.

Underwood’s agreement requires approval from a judge.

Pursuant to Underwood’s action, Trump vigorously defended himself, his family and the foundation on Twitter, blasting the decision and upbraiding former New York Attorney General Eric Schneiderman.

 

[The Guardian] [PBS] [Photo courtesy MGN via WFSB.com]

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