Former President Trump faces yet another trial today, this time involving allegations of fraud related to his real estate ventures. While imprisonment is not on the line, he could potentially lose ownership of the iconic Trump Tower in New York City.
With its imposing black tower on Fifth Avenue, real estate mogul Donald Trump once made a triumphant entry into Manhattan. Now, the former president may be forced to sell the landmark of his family holding company, the Trump Organization, following the trial. Judge Arthur Engoron has already ruled even before the trial begins: Trump committed financial fraud.
His companies will lose their license in New York and be placed under trusteeship. For lawyer and Trump critic George Conway, the decision is akin to an economic “death sentence.”
Alleged manipulation of finances
The accusation against the former president and his children Donald Jr., Eric, and Ivanka is that they manipulated their finances as needed, sometimes inflating or deflating them. This was allegedly done to pay less taxes or to secure easier access to loans, including from Deutsche Bank.
Conway argues that the law upon which Judge Engoron relies is one of the most powerful tools to go after financial fraudsters. “It doesn’t require proving that companies or their executives and employees intentionally misrepresented the numbers. It is enough that the numbers are wrong.”
“The Art of Stealing”
If the so-called Martin Act is applied, Trump and his family could be permanently prohibited from conducting business in the state of New York. The judge’s previous ruling paved the way for this. The pretrial decision was possible because it is not a jury trial; the judge makes the decision alone.
This earlier ruling was already a victory for the state’s attorney general, Letitia James, who filed a lawsuit against Trump and his family last year. Referring to Trump’s book, “The Art of the Deal,” she said, “Anyone who claims to have money that they do not possess does not master the art of negotiation; they master the art of stealing.”
As compensation, Attorney General James is demanding a fine of approximately €240 million ($268 million) from Trump and his family holding company. She asserts that there cannot be different rules for different people in this country and this state, “not even for former presidents.”
Starting today, the trial will primarily focus on six charges, including falsifying business documents and insurance fraud. Trump and his company have repeatedly denied the allegations and claimed it is a political campaign orchestrated by the attorney general. They believe her only goal is to target Trump. “I’ve never heard of her. I don’t know anything about her.”
Trump portrays himself as a victim
Trump referred to James, a Democrat and an African American, as “racist,” and called Engoron a “Trump-hating judge” on his online platform, Truth Social. He portrays himself as a victim of politically motivated investigations aimed at sabotaging his presidential aspirations.
A key question in the civil trial will be the severity of the penalties imposed. However, imprisonment is not a possibility in this trial. The defense is considering filing an appeal after an unfavorable outcome. It is not expected that Trump will be present for the trial’s opening.