Trump to face New York fraud trial – Live updates
Prosecution Presents Two Appraisals with Different Numbers, Same Date–3:48 p.m.
The courtroom was abuzz as prosecutors revealed two appraisal reports dated November 1, 2012, to former Cushman and Wakefield appraiser Douglas Larson. The reports, however, contained conflicting numbers, leaving Larson unsure which one he had submitted to Capital One first.
The prosecution then delved into the details of the 2011 and 2012 appraisals, highlighting the disparity in cost per square foot. Interestingly, a note indicated that the 2012 price had increased by a mere 12 cents per square foot.
Court Resumes–2 p.m.
The trial recommenced with appraiser Douglas Larson taking the witness stand once again.
Trump Attorney Shares Disclaimer–1:55 p.m.
Attorney Alina Habba returned to court, reading the Disclaimer frequently referenced by Former President Donald Trump in his financial statements. This Disclaimer serves as a key defense, asserting that the Trump Organization may employ different methodologies, thereby urging banks and lenders to conduct their own analyses.
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“What is happening now is that they’re saying the attorney general is now going to use 63(12) against consumers, and she’s going to come after you and your business, and that she will bring your children involved,” she said, referencing the statute the prosecutors are using in their case.
Reporters eagerly inquired about the legal proceedings and earlier testimonies from Tuesday morning.
“I think you guys need to understand something: banks hire appraisers,” she explained. “When you, as an individual, get something appraised and claim ‘my house is worth x,’ the bank doesn’t simply take your word for it.”
Trump: ‘The Trial Is Going Very Well’–12:52 p.m.
President Trump confidently addressed reporters during the lunch break, expressing satisfaction with the ongoing trial. He highlighted Deutsche Bank’s testimony, emphasizing that the loans were paid off without any defaults or victims, except himself.
President Trump dismissed the case as a politically motivated witch hunt orchestrated by New York Attorney General Letitia James, who he claimed had a personal vendetta against him. He further asserted that the trial was rigged against him due to biased prosecutors and a judge.
Lunch Break–12:50 p.m.
Following the prosecutors’ emphasis on the lack of communication between Douglas Larson and the Trump Organization regarding cap rates, the court adjourned for lunch.
Court Resumes with Appraiser’s Testimony–11:50 a.m.
Appraiser Douglas Larson, formerly with Cushman and Wakefield, continued his testimony regarding the appraisal he conducted of 40 Wall Street in 2015. He discussed the various factors he considers during the appraisal process.
Mr. Larson clarified that he had conducted the appraisal for lenders to the Trump Organization and was not directly contracted by the organization itself. He also revealed that he was unaware that the Trump Organization was utilizing his report to calculate their financial statements, which employed higher rates than his own. He emphasized the need for formal appraisals and distinguished between valuations and appraisals.
Court in Recess–11:30 a.m.
Prior to the break, Douglas Larson testified about his 11-page appraisal of 40 Wall Street in 2015, explaining his methodology and thorough inspection of the property, including its tenancy.
Appraiser Next on Witness Stand–11:14 a.m.
Douglas Larson, executive vice president of Valuation and Advisory at Newmark, took the stand as the next witness. He previously worked for Cushman and Wakefield.
Trump Organization Employee Testifies–10:40 a.m.
Donna Kidder, assistant comptroller at the Trump Organization, provided testimony regarding the refinancing loan for 40 Wall Street. She also discussed Ivanka Trump’s deals and agreements, including the 2011 and 2012 leases of the 502 Park Avenue apartment.
Prosecutors questioned Ms. Kidder about a spreadsheet she prepared in 2018, projecting licensing fees and their connection to the Statements of Financial Condition (SFC) submitted by Mazars. Defense attorneys raised objections, but the judge allowed the line of questioning to continue.
Trump Returns to Court–9:53 a.m.
Former President Donald Trump made a dramatic entrance into the courtroom, expressing his belief that the trial should not be taking place. He highlighted the testimony of former Deutsche Bank risk management officer Nicholas Haig, who contradicted the prosecution’s narrative regarding the risks associated with President Trump’s property valuations.
President Trump accused New York Attorney General Letitia James of pursuing a politically motivated case against him, questioning her suitability for the role. He also criticized the judge’s ruling on the valuation of Mar-a-Lago, claiming bias and corruption within the legal system.
Trump Trial to Resume–9:25 a.m.
The trial entered its third week, with former President Donald Trump expected to attend multiple days. He expressed gratitude for the support of legal professors and scholars who believe he did nothing wrong. However, he voiced concerns about the lack of a jury and accused the judge of being highly political.
Last September, New York Attorney General Letitia James sued President Trump, alleging fraud and inflating his net worth. The ongoing trial aims to prove these claims and determine the extent of President Trump’s liability. The judge, Arthur Engoron, will make the final decision, as the statute being used does not allow for a jury trial. The damages sought by the prosecution include a $250 million penalty and a five-year ban on President Trump and his sons conducting business in the state.
President Trump criticized the legal system, claiming it is corrupt and broken. He also mentioned other cases against him, including a recent gag order imposed in a separate election interference case. President Trump’s day in court was expected to be followed by a scheduled deposition in a case involving former FBI agent Peter Strzok suing the Department of Justice.
The trial is set to resume at 10 a.m., with President Trump present in the courtroom.
During the first week of the trial, President Trump surprised observers by attending and engaging with the press. He plans to attend future sessions, including when his former lawyer Michael Cohen is expected to testify.
What implications does the discrepancy in numbers raise regarding the accuracy and integrity of the appraisal process for the Trump Organization’s loan transactions?
He loans taken by the Trump Organization. Trump reiterated his defense that the loans were properly handled and there were no defaults or victims, except himself.
The trial of former President Donald Trump and the Trump Organization continued on Tuesday, with several key moments and testimonies. The prosecution presented two appraisal reports with conflicting numbers to former appraiser Douglas Larson, leaving him uncertain about which one he had submitted to Capital One first. This revelation emphasized the inconsistencies and potential manipulation of financial documents.
The courtroom buzzed with anticipation as Larson took the witness stand once again. He provided details about the 2011 and 2012 appraisals, highlighting the significant differences in the cost per square foot. The discrepancy in numbers raised questions about the accuracy and integrity of the appraisal process.
In a separate development, Trump’s attorney, Alina Habba, shared a Disclaimer frequently used by Trump in his financial statements. This Disclaimer served as a key defense, asserting that the Trump Organization may employ different methodologies in their analyses. Habba emphasized the need for banks and lenders to conduct their own assessments rather than blindly relying on appraisers.
The trial also featured President Trump himself addressing the media during the lunch break. He expressed confidence in the ongoing proceedings and highlighted the testimony given by Deutsche Bank, emphasizing that the loans were paid off without any defaults or victims, except himself. Trump dismissed the entire case as a politically motivated witch hunt orchestrated by New York Attorney General Letitia James, whom he accused of having a personal vendetta against him. Trump further claimed that the trial was biased due to prosecutors and a judge with preconceived notions.
Throughout the day, various witnesses provided testimonies related to the Trump Organization’s financial dealings. Donna Kidder, an assistant comptroller at the Trump Organization, testified about the refinancing loan for 40 Wall Street and discussed Ivanka Trump’s deals and agreements. Prosecutors questioned her about a spreadsheet she prepared in 2018, projecting licensing fees and their connection to Statements of Financial Condition submitted by Mazars. Defense attorneys objected to this line of questioning, but the judge allowed it to continue.
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