Judge Arthur Engoron’s finding that President Trump, two of his sons, and the organization he leads are liable for fraud is poised to unleash a financial earthquake that could yet rattle the presidential race. The harshly worded ruling could sound the death knell for one of New York’s signature businesses.

The trial court judge accuses Mr. Trump of inhabiting “a fantasy world, not the real world,” but the ruling’s ramifications could soon be real enough for the son of Queens who built a tower adorned with his name at the heart of Manhattan. The judge found  that Mr. Trump’s valuations were arrived at via a “pie-in-the-sky dream of concocted potential,” all intended to secure tax benefits and financial gain.