Emily MartinezNew York, USA – In a ruling that promises an extended legal showdown, Judge Arthur Engoron has confirmed that the civil fraud trial involving former President Donald Trump, his family members, and his organization is scheduled to last nearly three months. The trial, initiated by New York Attorney General Letitia James, revolves around allegations of a $250 million civil fraud scheme. It asserts that Trump, along with his children Don Jr. and Eric Trump, and the Trump Organization, systematically inflated their financial statements to banks and insurers, misrepresenting their actual worth to secure advantageous loans and deals.
Judge Engoron, in an order outlining trial logistics and timelines, announced that proceedings are set to commence on October 2, 2023, and are anticipated to conclude by December 22, 2023. This extended timeline underscores the complexity and significance of the case, which will be decided by the judge as it is a bench trial, negating the presence of a jury.
During the trial, Judge Engoron will preside over proceedings five days a week, ensuring an in-depth examination of the allegations. The opening statements will be subject to time constraints, with James’ office allotted 90 minutes for their opening statement, while the Trumps will have a two-hour slot.
Trump has vehemently denied any wrongdoing, characterizing the lawsuit as a partisan “witch hunt” against him. His legal team filed a court document on Friday, asserting that there was no fraud and no victims. They argued for the dismissal of significant portions of the case, emphasizing the substantial value of Trump’s corporate empire, limited debt, robust cash reserves, powerful disclaimer clauses, and successful loan transactions, all of which they claim contradict the New York Attorney General’s allegations.
In contrast, James’ office maintains that Trump’s financial misrepresentations were significant, ranging from $812 million to $2.2 billion each year. A recent filing from the AG’s office asserted that Trump’s net worth was overstated by billions more than previously estimated, as accounting experts scrutinized his financial data, factoring in real-world considerations for potential buyers and sellers of assets. The experts concluded that Trump’s net worth should have been reduced by $1.9 billion to $3.6 billion annually.
Trump’s attorney, Alina Habba, responded by stating, “As we will prove at trial, the Attorney General’s case is severely flawed, and her calculations are entirely inaccurate.”
Letitia James initiated the lawsuit in September of the previous year, alleging over 200 instances of fraud spanning a decade, involving Trump’s vast financial empire. In addition to seeking $250 million in monetary damages, the lawsuit aims to permanently bar Trump family members from holding officer positions in New York-based companies. It also seeks various penalties, including a five-year prohibition on the former president and his organization from engaging in commercial real estate acquisitions within the state.
As the trial approaches, the question of whether Trump will testify remains unanswered. Witness lists are expected to be finalized in the coming weeks. Trump is currently facing several other legal battles in the upcoming year, including a defamation suit in Manhattan federal court scheduled for January and a trial in Manhattan criminal court in March regarding allegations of falsifying business records related to hush money payments during his 2016 presidential campaign. He has pleaded not guilty in the latter case.
Michelle Thompson
