In the ongoing civil fraud trial against Donald Trump and co-defendants, the New York Attorney General, Letitia James, is pushing for more than $370 million in disgorgement, aiming to prevent the former president from conducting business in the state. James asserts that Trump and his co-defendants' fraudulent intent in preparing financial statements is undeniable, emphasizing the need for repayment of ill-gotten gains.
Judge Arthur Engoron, in a summary judgment ruling, previously found Trump and his co-defendants liable for persistent fraud, ordering the cancellation of Trump's business certificates in New York. Despite Trump's appeal, the court has temporarily halted the dissolution of the companies.
In response to the post-trial briefs filed, Trump's attorneys argue that allegations should be rejected, citing transactions beyond the statute of limitations, financial statements without material misstatements, and a lack of demonstrated real-world impact. They assert that the subject loans' terms or pricing would not have been affected by the alleged misstatements.
The upcoming closing arguments before Engoron will conclude the 11-week trial, determining the financial obligations of the Trumps and their company, along with the fate of Trump's business in New York. The attorney general's office aimed to prove six additional claims, including conspiracy, false financial statements, falsifying business records, and insurance fraud.
Engoron has already dismissed some of Trump's attorneys' arguments, upholding the statute of limitations and disgorgement as legally appropriate. The judge's ruling, expected later this month, will play a crucial role in the outcome of the trial.
Despite Trump's attorneys expressing intent to appeal Engoron's decisions, including the summary judgment, the judge remains unconvinced by their arguments. In a scathing denial last month, Engoron criticized the credibility of the experts called by Trump's attorneys and found their key arguments unconvincing.
The trial's developments highlight the high stakes involved in the legal battle, as both parties await the judge's final ruling.