Trump's N.Y. business empire is 'greatly at risk' from judge's fraud ruling

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Legal and business experts say the ruling in New York state threatens assets such as Trump Tower and also empowers state Attorney General Letitia James, one of Donald Trump's main legal critics.

and falsifying business records.

According to Coffey, there is still significant uncertainty about what will happen next. Engoron has signaled he will clarify his ruling at a future hearing, and a fraud trial is set for next week in his Manhattan courtroom. "It's not about 'do you owe money or damages or anything like that,'"Thomas said. It's 'we think you're operating a deceptive or fraudulent business in New York and we're going to give the attorney general the power to take away your licenses.'"

"What we've seen with Donald Trump over and over again is that often arguments that gain traction with his supporters are flatly inconsistent with the law," said Thomas of the University of Michigan.

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