The Donald J. Trump Foundation, the president’s charity organization, has agreed to dissolve under judicial supervision, CNN is reporting.
The action comes as a result of an ongoing lawsuit regarding the group’s finances.
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.
The agreement to dissolve was signed by both the foundation at New York Attorney General Barbara Underwood. As part of the arrangement Underwood’s office will be permitted to review the recipients of the charity’s assets.
The lawsuit will continue as the attorney general tries to prevent Trump and his three oldest children from serving on the board of any other New York nonprofit group. It also is still seeking $2.8 million in restitution.
"Our petition detailed a shocking pattern of illegality involving the Trump Foundation -- including unlawful coordination with the Trump presidential campaign, repeated and willful self-dealing, and much more. This amounted to the Trump Foundation functioning as little more than a checkbook to serve Mr. Trump's business and political interests," Underwood said.
"This is an important victory for the rule of law, making clear that there is one set of rules for everyone. We'll continue to move our suit forward to ensure that the Trump Foundation and its directors are held to account for their clear and repeated violations of state and federal law."
Underwood said her probe found “a shocking pastern of illegality involving the Trump Foundation – including unlawful coordination with the Trump presidential campaign, repeated and willful self-dealing, and much more.” The Washington Post reported.
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