(Reuters) – The civil trial of Donald Trump continues in Manhattan on Tuesday, posing a threat to dismantle parts of the former U.S. president’s business empire and significantly restrict his business activities in New York.
Accompanied by his two sons and nearly a dozen business associates, Trump, who is the frontrunner for the 2024 Republican presidential nomination, faces accusations of inflating the value of his assets by billions of dollars in order to secure more favorable loan and insurance terms. Letitia James, the Democratic Attorney General, is seeking fines of at least $250 million, a permanent ban on Trump and his sons Donald Jr. and Eric from operating businesses in New York, and a five-year ban on commercial real estate activities for Trump and the Trump Organization.
The trial takes place in the aftermath of Justice Arthur Engoron’s ruling the previous week, in which he found Trump guilty of fraud and revoked the business certificates of companies controlling key assets in his portfolio, including Trump Tower and 40 Wall Street in Manhattan. Engoron stated that he would appoint receivers to oversee the dissolution of these assets.
Trump has consistently denied any wrongdoing, with his legal team announcing their intention to appeal the ruling.
During Monday’s trial, Trump entered the courtroom with his characteristic scowl and a group of secret service agents, having been granted access after reporters and members of the public in attendance had their bags searched by the police. Throughout the proceedings, Trump remained hunched over at the defendant’s table and occasionally conferred with his lawyers. Kevin Wallace, an attorney from James’ office, accused him of providing false financial statements to lenders and insurers between 2011 and 2021, stating that he had been “lying year after year.”
Trump’s lawyer Christopher Kise argued in his opening statement that the valuations provided by Trump actually underestimated the value of his assets and were based on the business acumen that enabled him to build “one of the most successful real estate empires in the world.”
In recent months, Trump has used his growing legal troubles as a means to raise funds for his presidential campaign, alleging without evidence that Democrats are employing sham court cases to prevent him from reclaiming the White House.
Despite facing multiple criminal cases and the attorney general’s lawsuit, Trump continues to maintain a commanding lead over his rivals in the race for the Republican presidential nomination, according to polls.
Trump currently faces criminal charges in Washington for his attempts to overturn the results of the 2020 election, in Georgia for his actions to reverse vote tallies, in Florida for mishandling classified documents upon leaving office, and in New York for hush money payments made to a porn star.
As of now, Trump has denied any wrongdoing and has pleaded not guilty in all four cases.
(Reporting by Jack Queen in New York; Editing by Amy Stevens and Cynthia Osterman)
Credit: The Star : News Feed
