The Donald J. Trump Foundation, once billed as the charitable arm of the president’s financial empire, agreed to dissolve on Tuesday and give away all its remaining assets under court supervision as part of an ongoing investigation and lawsuit by the New York attorney general.
The foundation was accused by the attorney general, Barbara Underwood, of “functioning as little more than a checkbook to serve Mr. Trump’s business and political interests,” and of engaging in “a shocking pattern of illegality” that included unlawfully coordinating with Mr. Trump’s 2016 presidential campaign.
In addition to shuttering the charity, her office has pursued a lawsuit that could bar President Trump and his three oldest children from the boards of other New York charities, as well as force the payment of millions in restitution and penalties.
“This is an important victory for the rule of law, making clear that there is one set of rules for everyone,” Ms. Underwood said in announcing the agreement.
The closure of the foundation is a milestone in what has been a two-year investigation after the nonprofit’s management and giving patterns emerged as a flash point in the 2016 campaign. What assets remain after penalties will be directed to charities that must be approved by the attorney general’s office, and the process will be subject to judicial supervision.
Ms. Underwood and a lawyer for the Trump foundation signed the stipulation agreeing to the dissolution.
“We’ll continue to move our suit forward,” Ms. Underwood said, “to ensure that the Trump Foundation and its directors are held to account for their clear and repeated violations of state and federal law.”
Nonprofit foundations are supposed to be devoted to charitable activities. But the attorney general’s office has charged that the Trump Foundation was used to win political favor, accusing the foundation of virtually becoming an arm of the Trump campaign, with its campaign manager, Corey Lewandowski, directing the foundation to make disbursements in Iowa only days before the state held its presidential nominating caucuses.
“Is there any way we can make some disbursements [from the proceeds of the fund-raiser] this week while in Iowa? Specifically on Saturday,” Mr. Lewandowski wrote to the foundation’s treasurer in an email disclosed in the lawsuit.
Mr. Trump was required to sign annual filings with the Internal Revenue Service in which he attested that the foundation did not engage in political activity.
The president had said after the 2016 election that to avoid any appearance of conflict of interest, he would dissolve the foundation. But the attorney general’s office blocked him from doing so amid concerns about the handling of the foundation’s documents and assets.
Sarah Huckabee Sanders, the White House press secretary, refused to comment on the dissolution of the Trump Foundation, saying, “That’s something that I would refer you to the Trump Organization.”
Mr. Trump has long claimed that all the foundation’s money went to “wonderful charities” that had legitimate purposes. Alan S. Futerfas, a lawyer for the foundation, accused Ms. Underwood of making a “misleading statement” on Tuesday in “a further attempt to politicize this matter.”
“The foundation has been seeking to dissolve and distribute its remaining assets to worthwhile charitable causes since Donald J. Trump’s victory in the 2016 presidential election,” he said. “Unfortunately, the N.Y.A.G. sought to prevent dissolution for almost two years, thereby depriving those most in need of nearly $1.7 million.”
Amy Spitalnick, a spokeswoman for Ms. Underwood, said the Trump foundation had previously wanted to dissolve without any oversight. “That was unacceptable,” she said.
The investigation of the foundation was begun by the former attorney general, Eric T. Schneiderman, a Democrat who was an antagonist of Mr. Trump before stepping down following revelations of sexual misconduct this year.
Next month, the ongoing case will fall to the incoming attorney general, Letitia James, a vocal critic of Mr. Trump who said recently that she would “use every area of the law to investigate President Trump and his business transactions and that of his family.”
Ms. Underwood’s office sued the Trump Foundation in June, charging it with “improper and extensive political activity, repeated and willful self-dealing transactions, and failure to follow basic fiduciary obligations or to implement even elementary corporate formalities required by law.”
[Want to know more about the Trump Foundation? Read this explainer.]
Charities are barred from advancing the self-interests of its executives over the charity’s mission, but the attorney general’s office said in a court filing this year that the foundation had entered into a number of “prohibited self-dealing transactions that directly benefited Mr. Trump or entities that he controlled.”
The Trump Foundation, for instance, purchased a $10,000 portrait of Mr. Trump that was displayed at one of his golf clubs. The existence of the portrait, along with other examples of questionable spending cited in the lawsuit, was first reported by The Washington Post.
One transaction was revealed by a note in Mr. Trump’s handwriting that said $100,000 of Trump Foundation money should be directed to another charity to settle a legal dispute between the Town of Palm Beach and Mr. Trump’s Mar-a-Lago resort.
Mr. Trump was once a major donor to his own foundation. But in the six years before his presidential run, from 2009 to 2014, Mr. Trump stopped giving his own money, relying instead solely on outside donations.
The attorney general’s office is seeking for the Trump Foundation to pay $2.8 million in restitution, which is the amount raised for the foundation at an Iowa fund-raiser in 2016 that Mr. Trump held on the day that he avoided attending a debate with his Republican rivals. The foundation reported $1.7 million in assets in 2017 to the I.R.S.
Last month, a New York state judge ruled that the lawsuit could proceed, even as Mr. Trump’s lawyers had argued that the court did not have jurisdiction over Mr. Trump, as president, and that the statute of limitations had passed on some of the issues.
“I find I have jurisdiction over Mr. Trump,” Justice Saliann Scarpulla wrote in a 27-page ruling.
Mr. Futerfas had said in a statement then that “all of the money raised by the Foundation went to charitable causes” and that “we remain confident in the ultimate outcome of these proceedings.”
“I won’t settle this case!” Mr. Trump posted on Twitter in June, accusing “the sleazy New York Democrats” of targeting him.
The foundation lawsuit follows years of scrutiny of President Trump’s charitable activities and adds to his extensive legal challenges, amid a continuing investigation by special counsel Robert S. Mueller III.
The Trump Foundation is hardly the first charity dissolved by the state — Mr. Schneiderman previously shut down a sham breast cancer charity, for example — but it is the first involving a sitting president of the United States.
Also, if the attorney general’s office is successful in barring Mr. Trump from serving on foundation boards for a decade, it would put him in the unusual position of not being able to serve on the board of his own post-presidential foundation, should it be set up in New York.
Web & Domain Protection Software Market SWOT Analysis by Key Players: Leaseweb, Namecheap, SiteLock, Verisign, Sucuri
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Global Web & Domain Protection Software Market By Application/End-User (Value and Volume from 2019 to 2025) : Large Enterprises & Small and Medium-sized Enterprises (SMEs)
Market By Type (Value and Volume from 2019 to 2025) : , Cloud-Based & On-Premise
Global Web & Domain Protection Software Market by Key Players: ZeroFOX, Comodo, Domain.com, GoDaddy, Register.com, Leaseweb, Namecheap, SiteLock, Verisign, Sucuri, Cloudflare, Pointer Brand Protection, Sasahost, WebARX, AppRiver, Rebel.com
Geographically, this report is segmented into some key Regions, with manufacture, depletion, revenue (million USD), and market share and growth rate of Web & Domain Protection Software in these regions, from 2012 to 2022 (forecast), covering China, USA, Europe, Japan, Korea, India, Southeast Asia & South America and its Share (%) and CAGR for the forecasted period 2019 to 2025.
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Some of the important question for stakeholders and business professional for expanding their position in the Global Web & Domain Protection Software Market :
Q 1. Which Region offers the most rewarding open doors for the market in 2019?
Q 2. What are the business threats and variable scenario concerning the market?
Q 3. What are probably the most encouraging, high-development scenarios for Web & Domain Protection Software movement showcase by applications, types and regions?
Q 4.What segments grab most noteworthy attention in Web & Domain Protection Software Market in 2019 and beyond?
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Key poles of the TOC:
Chapter 1 Global Web & Domain Protection Software Market Business Overview
Chapter 2 Major Breakdown by Type [, Cloud-Based & On-Premise]
Chapter 3 Major Application Wise Breakdown (Revenue & Volume)
Chapter 4 Manufacture Market Breakdown
Chapter 5 Sales & Estimates Market Study
Chapter 6 Key Manufacturers Production and Sales Market Comparison Breakdown
Chapter 8 Manufacturers, Deals and Closings Market Evaluation & Aggressiveness
Chapter 9 Key Companies Breakdown by Overall Market Size & Revenue by Type
Chapter 11 Business / Industry Chain (Value & Supply Chain Analysis)
Chapter 12 Conclusions & Appendix
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BY SYLVIA SANCHEZ
Bombastic barrister Michael Avenatti facing new indictment for Nike ‘shakedown’
Prosecutors slapped trash-talking attorney Michael Avenatti with a new charge Wednesday for his alleged shakedown of Nike while also reducing the legal risk for celeb lawyer Mark Geragos, who is implicated in the case.
The new indictment filed in Manhattan Federal Court eliminated conspiracy charges against Avenatti, who is accused of attempting to extort the shoe giant for more than $20 million or he’d go public with claims the company secretly paid college basketball prospects.
Avenatti and Geragos were representing Gary Franklin Sr., a prominent figure in the youth basketball world, when prosecutors say Avenatti crossed the line from legal advocate to criminal.
A conspiracy charge requires an agreement with a second person, raising the possibility that Geragos was the other person involved in the alleged extortion plot. But in the new indictment, prosecutors replaced two conspiracy charges with an honest services fraud charge against Avenatti. The evidence in the case remains the same.
“I’ll go take $10 billion off your client’s market cap… I’m not f—–g around,” Avenatti told Nike lawyers on March 20, according to a criminal complaint.
Avenatti, 48, demanded Nike hire him and Geragos to conduct an internal investigation paying up to $25 million, the complaint reads.
Avenatti has pleaded not guilty and said he’s the victim of “vindictive prosecution” due to his criticism of President Trump. As part of his defense, Avenatti seeks to introduce evidence of Nike payments to college basketball players.
Geragos, a Los Angeles-based attorney who has represented celebrities including Winona Ryder, Kesha, Colin Kaepernick and Michael Jackson, did not respond to an email. He has not been charged.
“I am extremely pleased that the two counts alleging I engaged in a conspiracy against Nike have just been dismissed by Trump’s DOJ. I expect to be fully exonerated when it is all said and done,” Avenatti tweeted.
A trial is set for January.
Avenatti is separately charged in Manhattan with stealing $300,000 from a book deal made by his former client, porn star Stormy Daniels, who claims to have had an affair with Trump. Avenatti became famous in large part through his aggressive representation of Daniels.
By STEPHEN REX BROWN
Elon Musk picks Berlin for Tesla’s Europe Gigafactory
Elon Musk said Tuesday during an awards ceremony in Germany that Tesla’s European gigafactory will be built in the Berlin area.
Musk was on stage to receive a Golden Steering Wheel Award given by BILD.
“There’s not enough time tonight to tell all the details,” Musk said during an on stage interview with Volkswagen Group CEO Herbert Diess. “But it’s in the Berlin area, and it’s near the new airport.”
Tesla is also going to create an engineering and design center in Berlin because “I think Berlin has some of the best art in the world,” Musk said.
Musk took to Twitter after the ceremony and provided a bit more detail, including that this factory will build batteries, powertrains and vehicles, beginning with the Model Y.
Will build batteries, powertrains & vehicles, starting with Model Y
— Elon Musk (@elonmusk) November 12, 2019
Diess thanked Musk while on stage for “pushing us” towards electrification. Diess later said that Musk and Telsa is demonstrating that moving towards electrification works.
“I don’t think Germany is that far behind,” Musk said when asked about why German automakers were behind in electric vehicles. He later added that some of the best cars in the world are made in Germany.
“Everyone knows that German engineering is outstanding and that’s part of the reason we’re locating our gigafactory Europe in Germany,” Musk said.
By Kirsten Korosec
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