Trump could be on the hook for up to $250M as business fraud trial begins
CBC
Donald Trump and his family business are set to stand trial in New York on Monday in a civil fraud case that could deal a major blow to the former U.S. president's real estate empire.
Trump, a candidate for the Republican presidential nomination, is accused by New York Attorney General Letitia James of inflating the value of his assets by billions of dollars to secure better loan and insurance terms.
James is seeking at least $250 million US in fines, a permanent ban against Trump and his sons Donald Jr. and Eric from running businesses in New York and a five-year restriction on commercial real estate activities by Trump and his flagship Trump Organization.
James alleges Trump reaped hundreds of millions of dollars in ill-gotten savings by "grossly" inflating the values of his assets to get better deals from lenders and insurers. That included listing his Mar-a-Lago club and residence in Florida as being worth up to $739 million even though deed restrictions capped it at $28 million.
"No matter how much money you think you may have, no one is above the law," James told reporters before entering the courtroom. "The law is both powerful and fragile. And today in court will prove our case."
Trump was defiant upon arrival at the New York Supreme Court, deeming the case a "scam and a sham" while hurling epithets at both James and Justice Arthur Engoron.
Trump characterized the prosecution as "election interference," although the investigation that has led to trial predates his November 2022 announcement that he would again run for president.
Trump plans to attend the first week of trial in state court in Manhattan, according to a court filing in an unrelated case.
He has called the charges politically motivated, and has at times said the practices his company engaged in with respect to valuations were typical for large real estate firms.
Engoron, who is presiding without a jury, disagreed. In a scathing decision on Sept. 26, Engoron found the defendants liable for fraud, and criticized a number of defendant practices with respect to financial statements as "fantasy world, not the real world."
Trump at one point suggested under oath in his deposition that the valuations were fine because he could find a "buyer from Saudi Arabia" to pay whatever he wanted.
"This statement may suggest influence-buying more than savvy investing," Engoron wrote.
Engoron cancelled business certificates for companies controlling pillars of Trump's empire — including Trump Tower and his golf clubs in New York — and said he would appoint receivers to oversee their dissolution.
The ruling covers only a handful of the roughly 500 entities in Trump's portfolio but includes some of his most valuable properties.
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