In his bestselling book, “The Art of the Deal,” Donald Trump famously stated that you can’t con people for long. However, his own business dealings are now being scrutinized in a fraud trial that has been ongoing for the past five weeks. This week, the trial enters its final phase, with Trump himself taking the stand. The stakes are high, as the outcome could determine the future of his corporate empire.
The case against Trump, brought by New York Attorney General Letitia James, focuses on allegations of fraudulently inflating his wealth to secure better loans from banks. James is seeking $250 million in damages and the cancellation of Trump’s business licenses in New York, which would effectively end the Trumps’ ability to run businesses in the state.
Justice Arthur Engoron, who is presiding over the case, has already made up his mind on the foundation of the case, finding Trump and his adult sons guilty of financial fraud before the trial even started. If this ruling is upheld by an appellate court, Trump could lose control of his business empire, including properties like Trump Tower in Manhattan.
The trial has also shed light on the roles of Trump’s eldest sons, Donald Jr. and Eric, in the alleged fraud. Both have distanced themselves from any wrongdoing, claiming that they relied on others to ensure the accuracy of financial records. Ivanka Trump, who is not a named defendant in the case, is scheduled to be questioned as well.
While high-profile witnesses like Trump’s former fixer Michael Cohen have grabbed headlines, the heart of the trial lies in stacks of emails, contracts, and financial statements. Prosecutors must demonstrate that Trump was unjustly enriched by falsified financial statements and that others suffered harm as a result.
Trump is expected to defend himself by distancing himself from the accounting and denying any fraudulent intent. However, prosecutors may question him about allegations that he instructed executives to inflate his net worth. Testimony from Cohen and a current Trump Organization employee, Patrick Birney, has suggested that Trump was actively involved in manipulating his asset values.
Since the pre-trial ruling, Trump has argued that his empire was accurately valued and that his financial statements do not include the value of his brand, which he considers his most valuable asset. He has denied any exaggeration of his wealth and claims that the Trump Organization has been slandered and maligned.
As the trial reaches its conclusion, prosecutors are confident in bringing Trump to justice. They believe that he did not have the goods, and their case is catching on. The outcome of the trial will reveal who truly has the goods.
