Embattled Trump Foundation forced to dissolve itself under court supervision

Trump Foundation Concedes to Prosecutors and Agrees to Shut Down Operations

President Trump has agreed to shut down his embattled personal charity and give away its remaining funds amid allegations that he used it for his personal and political benefit, the NY attorney general announced Tuesday.

President Donald Trump's charitable foundation reached a deal today to go out of business, even as Trump continues to fight allegations he misused its assets to resolve business disputes and boost his run for the White House.

The state's lawsuit against the Trump Foundation was announced over the summer after a two-year investigation which began under previous New York Attorney General Eric Schneiderman.

The foundation's lawyer accused her of attempting to politicise the matter.

"This is an important victory for the rule of law, making clear that there is one set of rules for everyone". The stipulation comes after a November ruling by Justice Saliann Scarpulla that allowed the lawsuit to move forward, denying a motion by the foundation to dismiss the case. Given that The Washington Post's David Fahrenthold won a Pulitzer for exposing the rampant corruption known as the Trump Foundation, it was likely a futile effort to expose the organization to more scrutiny. One of the smallest gifts given out by the foundation was $7 to the Boy Scouts, the exact amount needed to enroll 11-year-old Donald Trump Jr. into the program in 1989.

The foundation, called the Donald J. Trump Foundation, is a tax-exempt nonprofit and thus barred from contributing to political campaigns, candidates or causes.

The suit seeks to ban President Trump from future service as a director of a NY non-profit for 10 years, and ban his sons Eric and Donald Jr., and daughter Ivanka from service for one year.

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Asked why he made the payments, Cohen said it was out of his "blind loyalty" to Trump and to "help [ Trump ] and his campaign". President Donald Trump claimed Thursday that he "never directed" his longtime lawyer, Michael Cohen , to break the law.

Several pages of the document focus on a charity fundraiser for veterans in Iowa in January 2016, which Mr Trump chose to hold instead of taking part in a TV debate with other Republican presidential hopefuls ahead of the influential state's caucuses.

The Post's reporting showed that, for years, Trump appeared to use the foundation - which was, by law, an independent entity - to make payments that bolstered his interests. "It apparently operated for the sole objective of benefiting Donald Trump".

Underwood sued the foundation in June, saying it repeatedly solicited money from donors and then used it for campaign-related purposes, violating federal election law. CREW had filed complaints calling for investigations into the foundation.

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.

There are far smaller donations, like a $7 gift to the Boy Scouts in 1989.

[T] he Parties agree that the Foundation should be dissolved and agree to the entry of an order...dissolving the Foundation, annulling its Certificate of Incorporation, and terminating the corporate existence of the Foundation.

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