President Donald Trump has reached a deal with the New York Attorney General and will dissolve his charity under judicial supervision.
From USA Today:
The stipulation between the Donald J. Trump Foundation and Underwood’s office calls for the charity to dissolve under judicial supervision, wiping out its certificate of incorporation and ending its existence.
It comes after Underwood, a Democrat, filed a lawsuit against Trump, a Republican, in June, accusing the charity of a wide array of law-breaking over the last decade and Trump of illegally using it to boost his presidential campaign in 2016.
Once signed by a judge, the Trump Foundation and Underwood’s office would have 30 days to submit a plan to disperse the charity’s assets to other nonprofits.
The foundation had assets totaling $1.8 million at the end of 2017, according to its tax forms.
New York Attorney General Barbara Underwood stated that “her investigation found 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.”
The President has denied that the charity did anything wrong.