The fifth week of the New York fraud trial of Donald Trump concluded with a gag order for his legal team and testimony from his sons, Donald Trump Jr. and Eric Trump. They both claimed to have limited knowledge of the financial statements at the center of the case. Next week, Donald Trump and daughter Ivanka Trump are expected to testify.
The New York attorney general’s office is arguing that Trump, his sons, and executives at the Trump Organization intentionally inflated asset values to boost Trump’s net worth. Judge Arthur Engoron had previously ruled that documents provided evidence of this. The trial aims to determine whether Trump will be fined at least $250 million for fraud.
Here are five takeaways from the trial’s fifth week:
- The Trump family is blaming others.
- Trump’s sons signed documents confirming the accuracy of financial statements.
- Eric Trump’s paper trail contradicts his claims.
- Trump Organization lenders lost millions due to inflated asset values.
- Tensions rise in the courtroom.
During their testimonies, both Donald Trump Jr. and Eric Trump pointed fingers at the company’s accountants and lawyers for handling the financial statements. However, emails and documents presented in court demonstrate that the brothers were involved in the preparation of these statements and used them to confirm Trump’s net worth.
Although both sons claimed to have no involvement with the financial statements, multiple documents show that they signed off on deals that relied on these statements to determine Trump’s net worth. Eric Trump even suggested that he only learned about the statements when the attorney general opened the case against the family.
Email correspondence revealed that Eric Trump had been consulted regarding the financial statements. He denied being familiar with them but emails from the former Trump Organization controller indicated he had discussed the figures with Eric Trump. Eric Trump also claimed to have no recollection of working on his father’s statement of financial condition, despite evidence of his involvement.
An expert witness testified that lenders suffered losses amounting to an estimated $168 million because the Trump Organization overstated asset values. Accurate valuations would have allowed for higher interest rates on loans, resulting in increased revenue for the lenders.
A heated argument erupted between Trump lawyer Christopher Kise and Judge Arthur Engoron over bias in the case. Engoron emphasized that references to his law clerk, whom Trump attacked on social media, could be seen as stemming from misogyny. The defense team has made claims of bias throughout the trial.
The trial will continue next week with testimony from Donald Trump and Ivanka Trump.
