Former President Donald Trump could make his own closing argument Thursday in his New York corporate fraud civil trial, in which he faces a fine of up to $370 million, in addition to summaries from his legal team.
Trump is a defendant in the case brought by New York Attorney General Letitia James, who increased the fine she plans to pay the ex-president from $250 million.
The case accuses the Republican presidential front-runner of inflating the value of real estate, including his Mar-a-Lago home in Florida, to get better loan terms.
A lawyer for Trump told Judge Arthur Engoron earlier this week that the former president wanted to speak during closing arguments, and the judge agreed to the plan, sources said.
Both people who confirmed the plan did so on condition of anonymity because they were not authorized to release the information to reporters.
Former President Donald Trump could make his own closing argument Thursday in his New York civil trial over white collar fraud, in which he faces a fine of up to $370 million, in addition to summaries from his legal team
The Trump campaign and a spokesman for James declined to comment.
The former president and current Republican front-runner has denied any wrongdoing and condemned the case during heated testimony, on social media and in oral comments in the courthouse hallway.
In recent days, he called the case a “hoax” on his Truth Social platform, dismissed the months-long trial as a “pathetic excuse for a trial” and criticized the judge and attorney general, both Democrats.
But giving a summary would be another matter. Although some people represent themselves, it is very unusual for defendants to provide summaries in person if they have an attorney to do so. Trump has several, and he is not a lawyer himself.
In closing arguments, both sides express their opinions about what the evidence showed and why they should win. It is each camp's last chance to convince the final decision maker – in this case, Judge Engoron.
Trump's plans for the trial have changed before. He was scheduled to testify a second time in December, but the day before he canceled saying he had “nothing more to say.”
According to James' office, Trump, his company and some top executives defrauded banks and insurance companies by enormously inflating the value of assets such as his triplex in Trump Tower in New York and his club and residence at Mar-a-Lago in Florida have.
The state claims that the larger numbers gave Trump better rates, while lenders and insurers were not given the information they needed to make a truly informed assessment of the risk they were taking and the costs they would be charged for it.
Trump is a defendant in the case brought by New York Attorney General Letitia James, who increased the fine she plans to pay the ex-president from $250 million
“The defendants reaped hundreds of millions of dollars in ill-gotten gains through their unlawful conduct,” prosecutors wrote in a court filing Friday. They are demanding a fine of $370 million plus interest and a ban on Trump doing business in New York.
The defense says Trump was more than qualified for the agreements he received – and he has kept his end of them, including by paying off all the loans.
He and his lawyers contend that his financial reports were clearly offered as unaudited estimates that recipients should verify for themselves, and that the net worth figures were far too low, not the opposite.
Any exaggerations were merely errors too small to affect the final result, the defense says.
“Neither party suffered any losses because the loans here were negotiated between very sophisticated parties,” Trump lawyers Christopher Kise and Michael T. Madaio wrote in court papers Friday. “Lenders have made their own informed decisions.”
Engoron will weigh claims of conspiracy, insurance fraud and falsification of business records. He said he hopes to reach a verdict by the end of this month.
Former President Donald Trump speaks to the media at a hotel in Washington on Tuesday, January 9, 2024, after attending a hearing before the D.C. Circuit Court of Appeals at the federal courthouse in Washington
The fraud case brought by James accuses Trump of inflating the value of properties, including his Mar-a-Lago home in Florida, to get better loan terms
He ruled on the lawsuit's main claim before trial, ruling that Trump and other defendants had committed fraud for years.
The judge then ordered a bankruptcy trustee to take control of some of the ex-president's properties, but an appeals court has frozen that order for now.
Here's a breakdown of James' biggest allegations:
- Trump claimed his penthouse apartment in Trump Tower was three times its actual size – and worth a whopping $327 million
- Trump valued Mar-a-Lago at nearly 10 times its value of $739 million
- Trump valued his Park Avenue based on the market value of the units, even though they were rent-stabilized and worth far less, totaling $84.5 million
- Trump valued his Seven Springs estate at up to $291 million, almost ten times what it was a few years ago
- Trump valued 40 Wall Street at over $300 million and its worth was estimated at $530 million
- Trump told Nevada tax authorities that the Trump International Hotel and Tower in Las Vegas was worth far less than its $108 million reported in its financial report
- Trump did not factor rising rental costs into his Niketown valuation in the mid-$400 million range
- Trump used “deceptive techniques” to list the value of his golf and social clubs
- Trump valued his Turnberry golf course at $127 million as part of an investment program, even though the operation was making losses
Trump railed against his prosecution throughout the trial, including during his final court appearance last month.
He used the trial to make frequent television appearances in front of the media from the courtroom and saw his poll numbers rise against Republican opponents and President Joe Biden as the trial continued.
Judge Arthur Engoron told Trump's lawyer Chris Kise that he would “absolutely not” grant his request for a “direct judgment” in the case
Kise indicated that Trump's team planned to appeal
On Tuesday, prosecutors asked more questions about Trump's penthouse apartment, which they said was increased in value by about $200 million through the use of inaccurate square footage
Last month there was further action by prosecutors over the assessment of Trump's penthouse apartment. Prosecutors say his company inflated the value of the Trump Tower unit by $200 million.
Kevin Sneddon, managing director of Trump International Realty, is asked how he arrived at the valuation of the unit. He said he got the information from former Trump Organization executive Allen Weisselberg, who called the information years ago to get a value.
“I asked if I could see it. He said that wasn't possible. I asked if there was a floor plan or specifications. “He said he didn’t have any of that information,” Sneddon testified. “He said, 'It's pretty big.' “I think it’s about 30,000 square feet.”