Trump Agrees To Shut Down His Charity Accused Of "Shocking" Illegalities

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The agreement to dissolve, signed by both the foundation and Attorney General Barbara Underwood's office, also allows the attorney general's office to review the recipients of the charity's assets.

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.

The lawsuit, which seeks to bar Mr. Trump and his three eldest children from serving on the boards of other New York-based charities, will continue, the AG said in the statement.

Underwood said the foundation's decision to shutter was "an important victory for the rule of law".

Back in June they sued the Trump Organization, accusing them of "a pattern of persistent illegal conduct" over many years - most recently funneling millions of money meant for charity into Trump's presidential campaign. The lawsuit remains ongoing, seeking $2.8 million in restitution and to ban Trump and his children from serving on the boards of other NY nonprofits.

In June, the A.G.'s office filed a lawsuit against the president in New York State Supreme Court, alleging that-in addition to using Foundation funds to his own financial benefit-Trump had also poured them into his presidential campaign. "The Foundation now has $1.7 million remaining which the [New York Attorney General] has been holding hostage for political gain".

President-elect Trump vowed to shut the charitable foundation down in December 2016, to avoid "even the appearance" of any conflict of interest.

The agreement resolved one part of the legal drama surrounding Trump, whose campaign, transition, inauguration and real estate empire are all under investigation.

And while donors to the Eric Trump Foundation were told their money was going to help sick kids, more than $500,000 was re-donated to other charities, many of which were connected to Trump family members or interests, including at least four groups that subsequently paid to hold golf tournaments at Trump courses. Trump used the charity's funds pay off legal settlements for his private business, to purchase art that decorated one of his clubs and to make a prohibited political donation.

The news network reported the foundation had been hit by claims that Trump and his children violated campaign finance laws and abused its tax-exempt status.

In additional tweets, Underwood added that "Today's stipulation accomplishes a key piece of the relief sought in our lawsuit earlier this year".

State investigators asked Weisselberg what the foundation's policies were to determine whether its payments were proper.

Trump donated to the foundation himself several times over the years, amounting to over $2.7 million, including $713,000 in 2004. "Over the past decade, the Foundation is proud to have distributed approximately $19 million, including $8.25 million of the President's personal money, to over 700 different charitable organizations with virtually zero expenses". As president, Trump has called repeatedly for that law to be repealed.

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