POLITICS
Trump Clashes With Judge, NY Attorney General During Testimony In Fraud Trial
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Testifying in New York on Monday, former President Donald Trump lashed out at the judge overseeing his $250 million civil fraud trial and New York Attorney General Letitia James.
During around four hours of testimony, Judge Arthur Engoron called on Trump’s lawyer, Christopher Kise, to control your client, and warned Trump that this is not apolitical rally.
The lawsuit filed by James’ office accuses Trump, his two adult sons, the Trump Organization and other executives of a fraud scheme that inflated company assets and Trump’s personal wealth in order to obtain more favorable terms on bank loans and insurance.
Engoron already found Trump and his sons, Donald Trump Jr. and Eric Trump, to be liable as a matter of law for persistent violations of New York state law for overvaluing assets for a decade, and revoked the Trump Organizations business certification in the state.
The state does not have to prove at trial that the financial statements are fraudulent, but several other claims are still to be decided, including allegations of conspiracy, falsifying business records and insurance fraud.
According to the attorney general’s office, statements of financial condition overstated Trump’s net worth by billions, but Trump testified Monday that the documents include a disclaimer.
The disclaimer clause says if there’s a mistake, if there’s something, don’t rely on it, Trump said. [The disclaimers] always hold up in court, except maybe this court.
On the stand Monday, Trump stated he believes his Florida club, Mar-a-Lago, to be worth up to $1.5 billion.
Engoron previously found that Mar-a-Lago was overvalued by as much as 2,300%, after a local assessor valued it at only $18 million, and Trump’s penthouse in Manhattan’s Trump Tower was listed as triple its size and overvalued at $327 million.
Donald Trump Jr. and Eric Trump testified last week, reiterating the family’s defense that any inaccuracies are the fault of their former outside accountants, Mazars USA. Last month, their accountant at Mazars testified that they produced financial statements based on information given to them by the Trumps.
In addition to $250 million in damages, the lawsuit is seeking sanctions to prohibit Donald Trump, Donald Trump Jr. and Eric Trump from serving as an officer or director in any business in the state.
TMX contributed to this article.
