Donald Trump Jr. arrives in a New York court to take the stand in his father’s $250 million fraud trial
Donald Trump Jr. has arrived in New York to testify in his father’s $250 million fraud trial that could topple the family’s business empire in the city.
The former president’s eldest son will be the first family member to take the stand and defend himself against allegations that the Trump Organization inflated its assets and assets for decades.
According to the lawsuit, Don Jr. and Eric were involved in preparing fraudulent financial reports, allegations they both deny.
The lawsuit states that Don Jr. was the person who certified the financial statements after his father became president in 2017, at which time he and Eric took over leadership of the Trump Organization.
Donald Trump Jr. has arrived in New York to testify in his father’s $250 million fraud trial that could topple the family’s business empire in the city
The former president’s eldest son waved as he approached the New York State Supreme Court flanked by police officers
Trump did not appear in court on Wednesday, but took aim at Judge Arthur Engoron in an online post that said, “Leave my children alone, Engoron. ‘You are a disgrace to the legal profession!’
Don Jr’s appearance marks the start of a blockbuster week in the trial, where the judge has already ruled that Trump and his real estate business committed fraud.
Eric Trump, who runs the Trump Organization, is scheduled to testify after Don Jr., followed by Trump himself on Monday.
Trump’s daughter Ivanka is scheduled to testify on Wednesday.
Prosecutors allege that Trump and his family falsely inflated and devalued the value of their assets to receive lower taxes and better insurance coverage.
The trial is set to determine sentencing, and the New York state attorney general is seeking a $250 million fine and sanctions to effectively force Trump out of business in the state.
Before Don Jr.’s arrival, the court heard from David Orowitz, a former Trump Organization vice president who oversaw the deal for the Old Post Office in Washington.
Trump’s lawyer Alina Habba appears in court to testify on Wednesday. The former president stayed away from the proceedings
New York Attorney General Letitia James, who has frequently attacked Trump on Truth Social since the trial began, is coming to observe the case on Wednesday
The court heard that Trump saved $168 million in interest on four properties over the past nine years by making false financial reports to lenders.
Michiel McCarty, an investment banker who served as the prosecution’s banking expert, presented the court with his analysis of four Trump properties: Doral, the Old Post Office, 40 Wall St in New York and a Trump hotel in Chicago.
They showed that Trump earned millions of dollars each year from significantly lower interest rates provided based on the bank relying on false financial information for the Trump Organization, the court said.
Between 2014 and this year, Trump saved $72 million in interest on the $125 million Doral loan and $53 million on the $170 million Old Post Office loan.
He also reportedly saved $17 million on the $45 million loan for his Chicago hotel and $24 million on the $160 million loan for 40 Wall St in New York.
The analysis found that the interest rates Trump paid were far lower than he should have paid.
In 2015, Trump paid a 1.9 percent interest rate on the Doral loan but would have had to pay 10 percent, a graph of the loans showed.
That equated to a savings of $10 million on this property alone this year, the chart says.
Donald Trump was at Mar-a-Lago on Tuesday evening for a party with his wife Melania (left) and a list of friends and supporters
Kimberly Guilfoyle, Donald Trump Jr.’s fiancée, beamed as she dressed up as Snow White at the event and appeared relaxed as her partner testifies in New York on Wednesday
McCarty called Doral a “turnaround project” because it would have required significant investment to turn it into the golf resort Trump envisioned.
He is a former senior vice president of acquisitions and development at the Trump Organization who oversaw the development of the Trump Hotel, the Old Post Office Hotel in Washington, then resigned the day after it opened in 2016.
Orowitz had worked for Trump for eight years, but the rigors of the opening — which resulted in two restaurant deals falling through and sparked local protests — seemed too much for him.
After Don Jr., Eric Trump is expected to testify about allegations that he provided false appraisals for the Trump Organization’s Westchester property.
Ivanka was once a party to the lawsuit, but an appeals court dismissed her from the case because the state’s statute of limitations barred the claims against her.
Judge Engoron has ruled that Trump must sell some of his most famous buildings, including 40 Wall Street, but an appeals court has put the decision on hold until the trial is completed.