Trump Foundation forced to sell off ill-gotten Tim Tebow helmet and Trump portraits for pennies on the dollar
On Tuesday, in a humiliation to President Donald Trump, New York Attorney General Barbara Underwood announced that she had secured a stipulation requring the Trump Foundation to shut down, consigning it to the graveyard of the president's failed and fraudulent private ventures.
But it didn't end there. Underwood is also requiring the Trump Foundation to sell off three physical assets that attracted a lot of controversy in the media — for a tiny fraction of what their original price:
UPDATE: NY AG says that @realDonaldTrump's Fdn will have to sell off its 3 physical possessions, including a Tim Te… https://t.co/eDPYetDQdu— David Fahrenthold (@David Fahrenthold) 1545171637.0
The revelations that Trump had used money from his foundation to purchase a signed Tim Tebow helmet and two giant paintings of himself led to speculation that the Trump Foundation was violating IRS rules about use of donations, which must serve a charitable purpose.
Furthermore, the fact that the Trump Foundation consists almost entirely of gifts from other donors with little from Trump himself, combined with the fact that Trump has used $258,000 in foundation money to settle legal disputes in his for-profit businesses, has led to accusations the foundation is being used as a slush fund.
Trump has been known for scams before, most notably Trump University, which bilked people out of their life savings with fake promises of real estate coaching and then just let people take pictures with a cardboard cutout of Trump.
Little by little, the institutions Trump has built in his name are crumbling, and revealing the flimsy facade he passed off as personal success.