A trial against former President Trump begins today – again. It’s about Trump’s real estate holdings and the fraud accusation. He is not threatened with prison, but he could lose, among other things, Trump Tower in New York.
Real estate mogul Donald Trump once triumphantly stepped into Manhattan with the great black tower on Fifth Avenue. The former president may have to sell his family’s landmark holding company, the Trump Organization, after the trial. Because Judge Arthur Engoron had already ruled before the start: Trump committed financial fraud.
Their companies lose their license in New York and are placed under fiduciary supervision. For Trump lawyer and critic George Conway, the decision is like an economic “death sentence”.
Accusation: Finances are sometimes bigger, sometimes smaller
The accusation against the former president and his children Donald Junior, Eric and Ivanka: They say they increased or decreased their finances depending on their needs. To pay less tax or get loans more easily – including from Deutsche Bank.
The law Judge Engoron relies on is one of the most powerful to combat financial fraudsters, says Conway. “It does not require it to be proven that companies or their bosses or employees intentionally wrote wrong numbers. It’s enough that these numbers are wrong.”
“The Art of Stealing”
Trump and his family could be banned forever from doing business in New York state under the so-called Martin Law. With his previous decision, the judge in the civil case has already paved the way for this. The preliminary decision was possible because it is not a jury trial, so the judge decides alone.
This earlier decision was already a landmark victory for the state attorney general. Letitia James sued Trump and his family last year. Referring to the title of Trump’s book, “The Art of the Deal,” she said at the time: “Anyone who claims to have money he doesn’t have has not mastered the art of negotiating, but rather the art of stealing.”
Prosecutor James demands a fine equivalent to around 240 million euros against Trump and his family holding company as reparation. There can’t be different rules for different people in this country and in this state, she says. “Not even for former presidents.”
To date, there are essentially six allegations – including falsification of business documents and insurance fraud. Trump and his company have repeatedly rejected the allegations and spoken of a political campaign by the attorney general. Their only goal is to get him – Trump. “She doesn’t know anything about me. I’ve never heard of her.”
Trump accuses Attorney General James of being racist.
Trump portrays himself as a victim
James – Democrat and African-American – is “racist”, Engoron is a “Trump-hating judge”, wrote the former president on his online platform Truth Social. He portrays himself as the victim of politically motivated investigations designed to torpedo his presidential bid.
A central question in the civil process will now be how severe the penalties will actually be. In any case, Trump is not threatened with prison in this trial. The defense is considering appealing. She tried unsuccessfully to postpone the trial. Trump himself is not expected to come to New York to begin with.