A New York judge has found Donald Trump personally liable for running a for-profit school of investment without possessing a license to do so. The case was filed by the New York Attorney General against Donald Trump and the outcome is not favorable to the real estate mogul.
Cynthia S. Kern, New York Supreme Court Justice, received notification of the lack of license in 2005. Trump University continued to run as normal until 2010, despite not being properly licensed by the state. Kern has not yet shared the consequences of illegally operating Trump University, but stated that her decision to find him personally responsible was due to undisputed evidence.
“It is undisputed that Mr. Trump never complied with the licensing requirements,”
Donald Trumps attorney does not agree with the ruling, but feels that any damages awarded in the case will be minimal and feels that they are not worth worrying over.
The law suit, which was filed in 2013, states that more than 5,000 individuals were mislead after spending between $1,495 and $35,000 to learn about Trump’s real estate techniques. A further trial will be held to determine if Trump defrauded the students, in addition to running an unlicensed university.
Trump University conducted multiple three-day-long seminars that were aimed at teaching the entrepreneurial students how to follow Trump’s techniques and become wealthy quick. Donald Trump did not attend the courses, instead relying on staff members to teach his secrets. According to the law suit, each of the aspiring tycoons that shelled out money to attend Trump University failed to learn Trump’s wealth secrets and none closed any real estate deals after the course was over. Many claimed that the only outcome of the three day seminar was an overwhelming amount of debt.
Despite the ruling going mostly against Trump, much of the evidence that was presented against him was not within the statute of limitations. Trump found the denial of evidence to be a victory and decided to tweet about it afterward.
“I just had a great victory against lightweight A.G. Eric Schneiderman,. Most of his case re Trump U. was thrown out or gutted. Little remains.”
Donald Trump doesn’t seem to be phased much about People v. Trump Entrepreneur Initiative, New York state Supreme Court, New York County, No. 451463/2013, and will undoubtedly pay any fines that come his way while moving on to the next venture.
[Photo Courtesy: New York Daily News]