A judge found Trump guilty of fraud in building a real estate empire. What's next.

There are some key highlights of the case and what happens next:

Judge Arthur Engoron, who handed down the verdict in a lawsuit filed by New York's attorney general, found that Trump and his campaign massively overstated the value of their assets by creating a "fantasy world" in financial reports submitted to banks and others.

For example, a judge found that Trump's Florida Mar-a-Lago Club was overstated on one financial statement by 2,300%.

The judge's ruling says the former president also lied about the size of his penthouse apartment in Trump Tower, claiming it was nearly three times its actual size and worth $327 million.

The judge wrote that such a discrepancy in the description of a real estate home by the developer of that home itself can only be considered fraud. Prosecutors argue that an exaggerated picture of Trump's wealth may have given him more favorable loan terms or lower insurance costs.

The judge rejected Trump's objection that disclaimers in financial statements relieve him of his duty to verify their accuracy.

The court ruled that the limited liability companies that control some of his key assets, such as 40 Wall Street, will be "dissolved" and power over how they are managed will be transferred to receivers.

If the judge's ruling is not successfully challenged, it could mean that Trump will no longer have the power to decide who to hire and fire, who to lease office space to, repay loans or take out new ones, and basically make any decisions.

Attorney Lisa Renee Pomerantz, an LLC formation specialist in New York, said the repeal of the certificates is a significant decision because you can't do business without them. "Their right to do business has been revoked," Pomerantz said. "He just lost control of these companies. "

It is important to note that the judge's ruling also strips away one of the main defenses offered by the very words "limited liability" for businesses: forcing creditors and other creditors, as winners in a judgment, to pursue only the assets and money owned by the company, not the owner's stock, money, and other assets.

Unclear. When Trump's attorneys asked the judge if only one step on his part was required by his order, Engoron said, "I'm not prepared to rule right now. "

It's clear, however, that such valuable LLCs, which include office buildings and other real estate, rarely lose their business licenses, so trustees may not be inclined to take such a drastic step. They also won't have to feel pressured to sell by lenders if they are still being paid. Sorting out who gets what from the sale will be a "logistical nightmare" if other lawsuits against Trump's assets emerge, Thomas said. Such a group could include the attorney general herself if she wins other lawsuits and Trump has to pay a fine.

If the trustees decide to sell, Trump will get the money from whatever is left after paying off creditors.

The Trump Organization owes $100 million for Trump Tower.

The judge will also consider potential $250 million in fines and remaining claims in a civil trial scheduled for Oct. 2.

The ruling on one of the counts during the so-called summary phase may prove to be the most significant outcome of the case, said Will Thomas, an associate professor of business law at the University of Michigan.

"That first point, while simpler in some respects, allows you to activate one of the most serious measures: 'We're going to stop you from doing business,'" Thomas said. "This is one of the worst outcomes that can be achieved. "

With the exception of a successful appeal, Thomas said he sees no way the Trump Organization can avoid losing control of his LLCs, which include properties such as 40 Wall Street, Trump Tower and an estate called Seven Springs outside New York City. One way - creating new LLCs in another state - is nearly impossible with legal claims such as a creditor's lien or, in this case, a judgment.

"If someone goes after your house, you can't sell it to me for $1 and sell it back to me when your lender walks away," Thomas said. "You're going to encounter what's called a fraudulent transfer. "

Factually, the prosecutor accused Trump of already trying to do this when he set up a company in Delaware last year. Trump's lawyer denied any improper intentions with the move, but Engoron was concerned enough to appoint an independent monitor, Barbara Jones, to oversee Trump's campaign, a role she retains under Tuesday's ruling.

New York Attorney General Letitia James, a Democrat, filed a civil lawsuit against Trump and his organization a year ago.

She accused them of inflating his financial position by billions of dollars by regularly overstating the value of his assets, including skyscrapers, golf courses and a Mar-a-Lago estate. This comes after Manhattan prosecutors declined to file criminal charges under the same circumstances.

Trump's attorneys asked the judge to dismiss the case, arguing that there is no evidence that the public has been harmed and many of the allegations in the lawsuit are rendered moot by the statute of limitations.

In a series of statements on his Truth Social website, Trump insisted his company did a "great job" and the decision is "horrible and anti-American".

His son Eric Trump said his father's claims about Mar-a-Lago are true and the value of the property "is supposed to be well over a billion dollars," according to a post on X, formerly known as Twitter.

A Trump lawyer called the decision an attempt to "take away control of private property".

This is one of several cases Trump is facing, with criminal charges already filed against him four times in the past six months. He faces charges in Georgia and Washington of trying to overturn his defeat in the 2020 election, amassing secret documents at Mar-a-Lago in Florida and in Manhattan of falsifying business records related to hush money payments on his behalf.

The Trump Organization, meanwhile, was fined $1.6 million in an unrelated case after pleading guilty to tax fraud. James' office also previously sued Trump for misusing charitable funds, leading to the decision to transfer $2 million to charity and close his own foundation.