Former president angry, defiant Donald Trump He spent a day in court Monday as a sometimes-violent trial began in a fraud lawsuit that could cost him control of Trump Tower and other prized properties.
“A disgraceful trial,” he declared during his lunch break after hearing lawyers for New York Attorney General Letitia James berate him as a habitual liar. The state’s lawsuit accuses the business tycoon and his companies of lying about his wealth in financial statements for years, thereby defrauding banks, insurance companies and others.
“They lied year after year,” Kevin Wallace, a lawyer in James’ office, said as Trump sat at the defense table. He stared straight ahead, arms crossed, his back turned to a screen showing details of Wallace’s speech.
Trump has denied wrongdoing and volunteered for a trial that he called a “sham,” a “sham” that was a waste of the country’s time and “a continuation of the greatest witch hunt of all time.”at present republican frontrunner In the 2024 presidential race, he reiterated claims that James, a Democrat, was trying to block his efforts to return to the white house.
“We have people here who are trying to hurt me in the election,” he said outside court. “I don’t think the people of this country would support that,” he added.
Trump sneered at James as he left her side at lunchtime. She smiles and leaves. Meanwhile, his campaign immediately began fundraising as soon as he showed up.
But Trump left the day claiming victory and pointing to comments he believed Judge Arthur Engoron had made in favor of the defense’s argument that most of the lawsuit’s allegations were too old.
Judge says testimony regarding Trump’s 2011 financial statements exceeded legal time limits. Wallace promised to tie it to the recent loan deal, but Trump called the judge’s remarks an “outstanding” development for him.
Ngolon ruled last week that Trump Committing fraud in business transactions. If upheld on appeal, the ruling could force Trump to give up New York properties, including Trump Tower, Wall Street office towers, golf courses and suburban estates. Trump called it a “corporate death sentence” and insisted the Democratic judge was unfair and deliberately out to get him.
The non-jury trial involves the six remaining claims in the lawsuit, including charges of conspiracy, insurance fraud and falsifying business records. Ngolon said neither side sought a jury, and state law does not allow for a jury when a lawsuit seeks not just money but a court order specifying what the defendant must do or not do.
James is seeking a $250 million fine and a ban on Trump doing business in New York.
“No matter how powerful you are, no matter how much money you think you have, no one is above the law,” she said on her way into the courthouse.
Trump said James and the judge undervalued his assets such as Mar-a-Lago in Palm Beach, Florida. He and his lawyers also insist that disclaimers on his financial statements make it clear they are estimates and that the bank must conduct its own analysis.
The former president, his two eldest sons, Trump Organization executives and Michael Cohen are among dozens of potential witnesses.
Trump is not expected to testify for several weeks. His court appearance on Monday marked a significant departure from past practice.
Trump did not appear as a witness or bystander when his company and one of its top executives were found guilty. tax fraud last year.He also failed to attend a civil trial earlier this year, in which a jury found him Responsible for sexually assaulting writer E. Jean Carroll In a department store dressing room.
This time, “I want to witness this witch hunt with my own eyes,” he said outside the court.
In a recent court filing, James’ office accused Trump of inflating his wealth by $3.6 billion.
James said he claims his three-story Trump Tower penthouse is filled with gold-plated fixtures, is nearly three times its actual size, and is worth $327 million, far more than any apartment in New York City has sold for. James insists that he values Mar-a-Lago at US$739 million, more than 10 times its reasonable valuation.
“Every estimate was determined by Mr. Trump,” Wallace said in his opening statement. He pointed to pretrial testimony from Trump Organization figures and former insiders, including Cohen, who said the company’s estimated assets reached a predetermined number “that Mr. Trump wanted.”
Wallace said the so-called program allowed the company to obtain better loan rates and save $100 million in interest.
“They hid their vulnerabilities and convinced these banks to take on hundreds of millions of dollars in risk,” he added. “While the defendants could exaggerate in Forbes magazine or on television, they were unable to do so while doing business in the United States. A little.” New York. “
Defense attorneys said the financial statements were legal representations of quality properties that could fetch high prices.
“This is not fraud. This is real estate,” attorney Alina Haba said in opening statements. She accused the attorney general’s office of “setting a very dangerous precedent for all business owners in New York State.”
Trump’s lawyers have said defense experts will testify that the assessment of the property is subjective. He and his lawyers also argue that nothing in the financial statements, which were given to banks to secure loans and to financial magazines to justify his status among the world’s billionaires, caused harm to anyone. sex.
The bank that provided him with the loan has been repaid in full. Business partners make money. Trump’s own companies are also booming.
Defense attorney Christopher Kise blasted last week’s fraud ruling, telling the judge he shouldn’t make a decision before hearing trial testimony from experts on the property’s valuation. Tired of the defense’s criticism, Ngolon retorted: “Honorable, what’s that expression? You’re following a dead horse here.”
Donald Bender, a longtime partner at accounting firm Mazars LLP, began his testimony Monday afternoon by describing how he spent 50 to 60 hours a year preparing Trump’s financial statements.Mazars Cut ties with Trump Last year, James’ office raised questions about the reliability of the documents.
James’ lawsuit is one of several major legal headaches facing Trump as he campaigns to return to the White House.he Has been sued four times He has been accused since March of conspiring to overturn his 2020 election loss to Democrat Joe Biden, hoarding confidential documents and falsifying business records related to hush payments made on his behalf. He has pleaded not guilty to all charges.
Engoron said the New York fraud trial is expected to last until December.
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