President Donald Trump agrees to shut down his personal charity

Trump Foundation shutting down amid allegations money used for personal benefit

Attorney General Barbara Underwood said the Foundation would be dissolved and its remaining assets distributed to other charities.

Theagreement filed Tuesday won't end the state's lawsuit against Trump's charity, which also seeks two other outcomes: $2.8 million in restitution, plus penalties, and a ban on Trump and his children serving on the board of any other NY nonprofit. Beyond the Trump Foundation, she told NBC that she wants to examine whether Trump's business broke tax laws, and whether it violated the Constitution by doing business with foreign governments. Now the President is being asked to give back the memorabilia since the Donald J. Trump Foundation is shutting down, according to Deadspin.

The attorney general has to approve the recipients of the funds, and a judge has to sign off on the deal.

Underwood inherited an investigation into the Trump Foundation that Schneiderman had started in 2016, responding to reporting on the charity by The Washington Post.

Amy Spitalnick, a spokeswoman for Underwood, said the attorney general filed the suit after an investigation "found a shocking pattern of flagrant and repeated illegality - including willful self-dealing to serve Mr. Trump and his business and political interests". And it alleges that he used tens of thousands of dollars of foundation money to benefit his hotels and golf clubs.

The deal comes even as Trump continues to fight allegations he misused the foundation's assets to resolve business disputes and boost his run for the White House.

Underwood referred the office's findings to the IRS and the Federal Election Commission.

The lawsuit says the foundation illegally helped support the Republican's campaign by raising money at a nationally televised fundraiser in January 2016, then allowing campaign staffers to dictate how the money was spent in grants.

New York's attorney general and lawyers for the Trump Foundation agreed to the plan Tuesday.

The office had objected to the charity's prior attempts to disband before the NY lawsuit was filed, saying it couldn't shut down while under investigation.

Underwood was appointed to replace Schneiderman in May, when he resigned amid allegations that he physically abused women.

The foundation agreed to dissolve under the supervision of a judge.

The sides will have 30 days to provide Scarpulla with a list of nonprofit organizations that should get the remaining funds.

Donald Trump took to his social media platform of choice on Wednesday to launch a fiery tirade against a former New York Attorney General, his successor and the incoming AG, as well as the Clintons.

As the lawsuit progresses into the new year, however, Underwood won't be overseeing it.

The current New York Met shot that rumor down. In my view, any effort by NY state to prosecute the Trump Foundation, the president or his relatives for criminal tax fraud would encounter significant and likely insurmountable legal obstacles.

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