New York Attorney General Letitia James opened her case against former President Donald Trump on Monday, accusing him of engaging in years of financial fraud to unjustly enrich himself and cheat the system.
James, who filed a civil lawsuit against Trump in August 2022, said in her opening statement that Trump “falsely inflated his net worth to enrich himself and cheat the system.” She said that her office had obtained evidence that showed that Trump’s purported net worth had “long been rooted in incredible fraud.”
James said that Trump had lied about the value of his assets, such as his golf courses, hotels, and properties, to obtain loans, tax benefits, and insurance coverage. She also said that Trump had used his charitable foundation, the Trump Foundation, as a personal piggy bank to pay off debts, settle lawsuits, and fund his political campaign.
James said that her office was seeking to hold Trump accountable for his “persistent fraud” and to recover millions of dollars in damages and penalties from him. She said that her office was also seeking to ban Trump from serving as a director or officer of any New York-based nonprofit organization for 10 years.
“No matter how rich or powerful you are, there are not two sets of laws for people in this country,” James said. “The rule of law must apply equally to everyone, and it is my responsibility to make sure that it does.”
Trump’s lawyers have denied the allegations and have argued that the lawsuit is politically motivated. They have also challenged the jurisdiction and authority of James’ office to bring the case against Trump.
Former President Donald Trump baselessly alleged, in his remarks to reporters prior to Monday’s hearing, that the New York state civil fraud case and other lawsuits against him were orchestrated by the federal Justice Department.
According to Trump, the ultimate control lies with the DOJ as they oversee and coordinate everything in Washington. Trump further expressed his belief that the DOJ, which he considers corrupt, is responsible for overseeing all aspects of operations.
The first witness called by the New York Attorney General’s office was Donald Bender, Trump’s long-time accountant. Bender’s testimony shed light on discrepancies related to the pricing of Ivanka Trump’s penthouse, a topic that has drawn significant attention in the case.
The backdrop of this trial is the recent ruling by a state Supreme Court judge that found Trump and his co-defendants liable for fraud. This ruling centered on allegations of grossly inflated asset valuations on financial statements, potentially spelling the end of Donald Trump’s business endeavors in his former home state of New York.
As the trial unfolds, the former president, his adult children, and his closest business advisers are all listed as potential witnesses, setting the stage for potentially explosive testimonies. According to the presiding judge, legal experts anticipate that the trial, which adjourned for the day, will probably continue until December 22.
The implications of this trial are significant, not only for the Trump family but also for the broader political and business landscape. If found liable for substantial damages, it could have far-reaching consequences for the Trump Organization and its future operations.
Donald Trump’s legal team is expected to mount a vigorous defense, aiming to counter the allegations of fraud and minimize the financial repercussions for their clients. However, the coming weeks promise intense scrutiny of the Trump family’s financial dealings and business practices.
The trial is one of several legal challenges that Trump is facing in New York and elsewhere. He is also under criminal investigation by the Manhattan District Attorney’s Office and the U.S. Attorney’s Office for the Southern District of New York for possible tax fraud, bank fraud, and other crimes.
(With inputs from agencies)
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