Former US President Donald Trump is set to testify in a Manhattan court, vigorously defending himself against charges of tax fraud to prevent substantial fines and the potential closure of his business enterprises in the $250 million civil fraud trial initiated by District Attorney Letitia James.
Trump contends that he's fighting to avoid a "corporate death penalty" for his real estate company bearing his name, which could result in $250 million in damages and the shutdown of his business operations in New York State for at least five years.
This trial has garnered significant attention as Judge Arthur Engoron has already ruled that Trump, along with his sons Eric and Donald Trump Jr., and several executives under the Trump Organization, engaged in years of fraud by inflating their real estate assets to secure more favorable loan terms and insurance premiums.
Following the testimonies of Trump's sons, Eric and Donald Trump Jr., who claimed they had no knowledge of the company's financial matters, despite their roles as board members and VP-level positions, it is now the former President's turn to testify. Trump has consistently labeled his fraud trial as a "witch hunt" orchestrated by Letitia James and Judge Engoron, both of whom are Democrats.
Trump has been making public statements in an attempt to garner public sympathy, stating that his financial statements are "phenomenal" and that his actual net worth surpasses what the statements indicate.
Here's what to anticipate as Trump's testimony unfolds, as per USA TODAY:
- Trump's motorcade arrived at the New York courthouse ahead of schedule.
- Both Trump and Letitia James have been using social media to attack each other.
- Letitia James stated that Trump had repeatedly lied about his asset values to enrich himself and his family, emphasizing that facts and numbers do not lie.
- Trump is expected to speak publicly before and after his testimony and may aim to gain public sympathy.
- Trump is set to speak with reporters before and after his court session, with plans to depart for his Mar-a-Lago home in Palm Beach, Florida after 4:30 p.m. local time.
- His testimony coincides with a political rally in the Miami area on Wednesday, opposite the third debate among his Republican campaign rivals.
Trump initiated his testimony by characterizing the trial as politically motivated and making an unfounded claim that President Joe Biden was behind Letitia James. It's important to note that James started her investigation before Biden's election in 2020.
Judge Engoron has previously imposed fines on Trump for violating a gag order by commenting about his clerk, Allison Greenfield. The gag order has now been expanded to cover Trump's defense team. Engoron has rejected proposals for a televised hearing of Trump's testimony but has allowed photographers inside the courtroom.
This trial revolves around allegations of tax fraud, including the inflation of asset values to secure better terms for loans and insurance, and it addresses a variety of other charges, including falsified corporate financial statements and insurance fraud. The outcome of Trump's testimony will inform Judge Engoron's decision regarding any further penalties in this case.
(With Agency Inputs)
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