The walls are closing in on Donald J. Trump. According to Attorney General Barbara D. Underwood’s official press release, the Trump Foundation has signed a stipulation agreeing to dissolve under judicial supervision, with review and approval by the Attorney General of proposed recipient charities of the Foundation’s remaining assets. The Trump Foundation has agreed to dissolve itself due to allegations that the foundation is connected to Trump’s own personal finances and the presidency.
Attorney General Underwood released this statement about the dissolution of the Trump Foundation:
“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. Today’s stipulation accomplishes a key piece of the relief sought in our lawsuit earlier this year. Under the terms, the Trump Foundation can only dissolve under judicial supervision – and it can only distribute its remaining charitable assets to reputable organizations approved by my office.”
Although the foundation will dissolve, the lawsuit will continue in court because it also seeks two other outcomes: $2.8 million in restitution, plus penalties, and a ban on Trump and his three eldest children serving on the board of any other New York nonprofit.