President Trump agrees to shut down personal charity Trump Foundation

Donald Trump awards a $100,000 check to a veterans charity in Sioux City Iowa during a 2016 event. His use of the Trump Foundation during the campaign raised legal questions about its activities

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.

Ms Underwood sued Mr Trump and his adult children Donald Jr, Eric and Ivanka on June 14, after a 21-month probe that she said uncovered "extensive unlawful political coordination" between the foundation and Mr Trump's campaign.

President Donald Trump's charitable foundation has reached a deal to dissolve amid a legal battle with New York's attorney general. That lawsuit will continue, with Underwood seeking US$2.8 million (NZ$4m) in restitution and a 10-year ban on Trump and his three eldest children running any charities. 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.

Mr Trump decried the lawsuit as an act of political revenge by Democratic state officials who were angry he had won the presidency and vowed to fight it and never settle.

In October 2016 Mr Schneiderman ordered the Trump Foundation to stop fundraising in NY, after finding it had no proper registration.

The investigation of the foundation was begun by the former attorney general, Eric T Schneiderman, a Democrat who was an antagonist of Trump before stepping down following revelations of sexual misconduct this year.

The lawsuit alleges Trump's staff directed $3.9m raised during a 2016 Trump Foundation fundraiser for veterans to groups which would benefit Trump's presidential campaign.

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She added that the lawsuit will continue.

Under federal law, charities can not donate to political campaigns. Trump Foundation lawyer Alan Futerfas said the three-decade-old foundation has been looking to fold since Trump got elected in 2016.

Among those assets are two large portraits of Trump and a Denver Broncos helmet autographed by Tim Tebow that Trump spent $12,000 of Trump Foundation money on at a 2012 auction.

The suit claimed that Trump used the foundation's charitable assets to pay off his legal obligations, promote Trump brand hotels and business, and to purchase personal items.

President Donald Trump is facing a lot of heat.

The Trump Foundation escaped any such harsh scrutiny until just six weeks before Election Day 2016, when the Washington Post published the most devastating articles in a series by David Fahrenthold.

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