Former US President Donald Trump is expected to take the stand on November 6 to testify in the civil fraud trial, a case that could well decide the fate of his business empire in New York, CNN reported.
The trial, brought by New York Attorney General Letitia James, is seeking USD 250 million in damages and barring the former President from doing business in the State.
Letitia James alleges that Donald Trump and his co-defendants committed repeated fraud in inflating assets on financial statements to get better terms on commercial real estate loans and insurance policies, as per CNN.
While there are no criminal charges involved, the allegations have enraged the former President, who has attended the trial for multiple days and called it a “political witch hunt”.
Before the trial began last month, Judge Arthur Engoron had already ruled that Donald Trump and his co-defendants, including his adult sons, were liable for “persistent and repeated” fraud. Now, the judge is considering how much the Donald Trumps will have to pay in damages for the profits they’ve allegedly garnered through fraudulent business practices.
The attorney general’s office is also looking to prove six other claims: falsifying business records, conspiracy to falsify business records, issuing false financial statements, conspiracy to falsify false financial statements, insurance fraud, and conspiracy to commit insurance fraud, CNN reported.
On the other hand, Donald Trump has relentlessly attacked James for bringing the case against him. He’s attacked the judge for being “biased” against him and has also attacked the judge’s law clerk for being “biased”.
Also, Donald Trump’s conduct at the trial has been a flashpoint, as the former President has already been fined twice for violating a gag order barring him from speaking about the judge’s staff.
According to CNN, the civil case is important to Donald Trump because it strikes “at the heart of his persona” as a billionaire real estate tycoon. Notably, the New York attorney general is accusing the former President of inflating his net worth to save hundreds of millions of dollars.
The case also has real consequences for the Trump Organisation, as James is seeking to bar Donald Trump from doing business in the State and to dissolve his companies.
The attorney general has accused Donald Trump, his two adult sons, the Trump Organisation and several company executives of inflating Trump’s net worth by as much as USD 3.6 billion to obtain better terms on commercial real estate loans and insurance policies. An expert witness for the attorney general testifying last week alleged the ill-gotten gains totalled USD 168 million, CNN reported.
However, Donald Trump’s lawyers have disputed the allegations, arguing that asset valuations are “highly subjective”. They have also attacked the proceedings in Engoron’s courtroom as “biased” against the former President, signalling a plan to appeal.
Earlier last week, Eric Trump and Donald Trump Jr. testified distancing themselves from the preparation of the President’s annual “statements of financial condition”, in which the values of Trump’s properties are alleged to have been inflated.
According to CNN, Cohen testified that Donald Trump directed him and Allen Weisselberg, the Trump Organisation’s former chief financial officer, to inflate the property values, though he then contradicted himself and said that Donald Trump had not specifically told him to do so, but it was implied what he should do. On the other hand, Allen Weisselberg testified that the “meeting never happened”.
While Donald Trump has claimed that Cohen’s contradictions clear him, Engoron “absolutely denied” a motion from Donald Trump’s attorneys to dismiss the case, saying there was still a pile of evidence beyond Cohen, CNN reported.
(with inputs from ANI)
