A riled Trump sounds off outside the New York fraud trial that accuses him of lying about wealth

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In a courtroom drama that unfolded on Monday, former President Donald Trump found himself aggrieved and defiant as he faced hours of intense opening statements in a fraud lawsuit. The lawsuit, brought forth by New York Attorney General Letitia James, alleges that Trump and his company misled banks, insurers, and others by consistently misrepresenting his wealth in financial statements.

During a lunch break, Trump labeled the trial as “disgraceful” and a “sham,” after enduring blistering criticism from lawyers representing the state of New York. They accused him of being a habitual liar, emphasizing that he and his company had been fabricating their financial status for years.

Sitting at the defense table with arms crossed, Trump listened as Kevin Wallace, a lawyer from James’ office, reiterated the claim that Trump and his company had engaged in deception year after year. On the other side, the defense contended that the financial statements were legitimate and described Trump’s properties as “Mona Lisa properties” capable of commanding top dollar.

Trump voluntarily attended the trial, despite his characterization of it as a witch hunt and a scam. He alleged that James, a Democrat, was attempting to hinder his return to the White House, emphasizing that the American people would not tolerate such interference in the election.

As Trump passed by Letitia James, he sneered at her, while she left the encounter smiling. Simultaneously, his campaign began fundraising based on his appearance in court.

The presiding judge, Arthur Engoron, had previously ruled that Trump had committed fraud in his business dealings. If this ruling is upheld on appeal, it could compel Trump to relinquish valuable New York properties, including Trump Tower and various other assets. Trump has vehemently criticized the judge, asserting that he is biased against him.

The trial encompasses six remaining claims in the lawsuit, spanning allegations of conspiracy, falsifying business records, and insurance fraud. It is a non-jury trial, a decision made by Judge Engoron because the suit seeks not only monetary penalties but also court orders mandating specific actions or restrictions on the defendant.

Attorney General Letitia James seeks $250 million in penalties and a prohibition on Trump conducting business in New York. She emphasized that no one, regardless of their power or wealth, is above the law.

Trump staunchly denies any wrongdoing, arguing that his financial statements included disclaimers cautioning against trust in their accuracy. He contended that James and the judge were undervaluing his assets, such as Mar-a-Lago in Palm Beach, Florida.

Among the potential witnesses in the trial are Trump’s two eldest sons, Trump Organization executives, and former lawyer-turned-adversary Michael Cohen. Trump himself is not expected to testify for several weeks, marking a significant departure from his previous practice.

In a recent court filing, Letitia James’ office alleged that Trump had inflated his wealth by as much as $3.6 billion. Notably, he claimed that his Trump Tower penthouse was worth $327 million, a value significantly higher than any other New York City apartment in history. James also maintained that he had overestimated the value of Mar-a-Lago.

The prosecution argued that these valuations were determined by Trump himself to meet predetermined figures. According to Kevin Wallace, this alleged scheme resulted in better loan rates and significant interest savings for the Trump Organization.

On the other hand, Trump’s defense team asserted that assigning property values is inherently subjective and that any discrepancies do not constitute fraud. They also emphasized that disclaimers on the financial statements indicated that banks should conduct their own analyses.

This trial marks one of several legal challenges facing Trump as he campaigns for a return to the White House. He faces multiple indictments, including allegations related to his efforts to overturn the 2020 election, mishandling classified documents, and falsifying business records linked to hush money payments. Trump has entered not guilty pleas to all these charges.

Judge Engoron expects the New York fraud trial to extend into December.

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More about Trump Fraud Trial

• Donald Trump Faces Fraud Lawsuit
• New York Attorney General Letitia James
• Trump Organization
• Trump Tower
• Judge Arthur Engoron