Donald Trump faces potential financial losses after a civil fraud trial ruling

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Donald Trump faces potential financial losses after a civil fraud trial ruling
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Judge's order took away business certificates for some Trump-controlled firms.

In this April 12, 2023, file photo, a law enforcement officer stands guard in front of Trump Tower before the arrival of former President Donald Trump in New York.the cancellation of the business certificates for firms in the state owned by former President Donald Trump and others associated with the Trump Organization, casting into doubt the future of the private sector empire on which Trump has built his reputation for business acumen.

"We have run an exceptional company -- never missing a loan payment, making banks hundreds of millions of dollars, developing some of the most iconic assets in the world. Yet today, the persecution of our family continues..." he said. The ruling on Tuesday took business certificates away from New York-based companies under the control of key Trump Organization figures, effectively stopping such firms from doing business in the state.

Taken together, the businesses employ hundreds of people and make up a significant portion of the Trump Organization's holdings. In a court hearing on Wednesday, Trump attorney Chris Kise asked Engoron to confirm which of Trump's hundreds of business entities would be covered by Tuesday's ruling.

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