Following an intense first day of opening statements, attorneys in the business fraud trial of Donald Trump in New York will now shift their focus to scrutinizing years of his financial documents. This is expected to be a lengthy process as lawyers debate whether these documents provide evidence of fraud.
On the second day, the accountant responsible for preparing Trump’s financial statements is expected to continue testifying.
Despite being an angry spectator throughout Monday’s proceedings, Trump has announced his return to the defense table, stating on his Truth Social platform, “See you in Court on Tuesday morning!”
This trial is the culmination of a lawsuit brought by New York Attorney General Letitia James, a Democrat, who has accused the former Republican president of deceiving banks, insurers, and others by providing them with misstated asset valuations.
Last week, Judge Arthur Engoron handed James an early victory by ruling that Trump committed fraud in exaggerating the size and value of his properties. This includes falsely inflating the value of his penthouse at Trump Tower and his Mar-a-Lago estate, among others.
This non-jury trial revolves around six remaining claims in the lawsuit, as well as the potential penalties Trump may face. James is seeking $250 million in damages and a ban on Trump conducting business in New York. The judge has already ruled that some of Trump’s limited liability companies should be dissolved as a form of punishment.
During the first day of the trial, Kevin Wallace, an attorney for the attorney general, argued that Trump and his company had consistently lied in their financial statements to make Trump appear wealthier than he actually was.
Trump’s lawyers contended that these statements accurately represented the value of unique luxury properties, highlighting their enhanced worth due to association with Trump.
Following his absence from a previous trial where his company and a top executive were convicted of tax fraud, Trump spent hours in court listening to the opening statements on Monday. He emerged several times to declare the trial a “sham” designed to harm his chances in the 2024 election.
As he left court, he remarked to reporters, “I’d love to be campaigning instead of doing this.”
