While neither Trump nor anyone associated with him was party to this particular suit, the high court ruling does mean that the President and anyone in his circle can be charged with and prosecuted for state crimes, thus leading to possible imprisonment if convicted. Even though Trump, as President, could pardon anyone in his family or associates for federal crimes, he would be powerless to stop or reverse state crime convictions and punishment.
Trump himself is strongly suspected of having committed loan fraud by inflating his earnings and net worth, a possible crime that can be both prosecuted in federal court and state court. While it is legally uncertain if he can pardon himself, a subsequent President could, but that would only apply to federal crimes. He could therefore still be prosecuted in state court for loan fraud and, if convicted, sent to state prison.
Had the Supreme Court overturned the separate sovereigns doctrine, as many feared, a federal pardon would likely prevent most state prosecutions. And in a curious twist of fate, one of Trump's nominees on the high court voted to uphold the separate sovereigns doctrine.
Trump crowed when he was elected that his presidency would be one of many firsts. How ironic it would be if he was the first President to end up in prison, and yesterday's Supreme Court decision makes certain that could actually happen.
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