NY fraud trial opens, posing threat to Trump's business empire

Former President Donald Trump sat through opening arguments in a fraud lawsuit that could potentially result in him losing control of some of his valuable properties. New York Attorney General Letitia James accused Trump and his company of deceiving banks and insurers by misstating his wealth for years in financial statements. Trump's defense lawyers argued that the financial statements were legitimate and that his properties were valuable assets. Trump, who is currently the Republican front-runner in the 2024 presidential race, claimed that the trial was part of a witch hunt to prevent his return to the White House. He criticized James and the case, calling it a scam and an attempt to hurt him in an election.

The trial, which is a non-jury trial, focuses on six remaining claims in the lawsuit, including allegations of conspiracy, falsifying business records, and insurance fraud. James is seeking $250 million in penalties and a ban on Trump doing business in New York. Trump denies any wrongdoing and asserts that James and the judge are undervaluing his assets. The trial is expected to last until December.

This legal battle is one of several ongoing legal challenges for Trump as he campaigns for a return to the White House in the next presidential election. He has been indicted multiple times since March on charges related to his alleged attempts to overturn the 2020 election results and other criminal activities.

The outcome of this trial could have significant implications for Trump's business empire, as it could force him to give up properties such as Trump Tower and a Wall Street office building. It remains to be seen how the trial will unfold and what impact it will have on Trump's political future.


More from Press Rundown