Welcome to The Beat, as Ali Valshi just mentioned.

We are tracking this breaking news on the Trump fraud ruling.

A new ruling late today finds Donald Trump and his business guilty of fraud.

This is a major legal blow and it is rocking both Donald Trump and his companies in New

York Judge ruling late today that Donald Trump defrauded banks and insurers across his

business activities, not once or twice, but repeatedly sometimes routinely for years.

You see the AP headline there, Trump, repeatedly is the word of the judge, their quote,

repeatedly submitted fraudulent financial documents.

This is now, right here tonight, this news, the largest victory yet for the New York Attorney

General, Patricia James, and her ongoing clash with Trump.

And you may recall, she had already forced him into contempt proceedings and forced him to

testify where he then pled the fifth.

Today's new ruling vindicates, as a legal matter, the thrust, the core of her case, which

is that Donald Trump was not just good at business or clever or aggressive or any of the words

that are thrown around, many businesses, including the rough and tumble version of New York

Realistic.

But rather, it confirms and validates her legal argument that the way he got ahead and

the way he has made money is by committing fraud, that this is, in essence, at times, a fraudulent

company.

It's a civil case with major, major repercussions.

The ruling now tees up the next steps, the punishment possible for their fines, and an

imminent trial that is set for October 2nd, Donald Trump dealing with many trials.

...