Trump, the frontrunner for the 2024 Republican presidential nomination, is accused along with his two sons and nearly a dozen business associates of inflating the value of his assets by billions of dollars to secure more favorable loan and insurance terms.
The trial comes a week after Justice Arthur Engoron, who is presiding over the case, ruled that Trump committed fraud and canceled business certificates for companies that control crown jewels of his portfolio, including Trump Tower and 40 Wall Street in Manhattan. Engoron said he would appoint receivers to oversee their dissolution.
Trump’s lawyer Christopher Kise said during his opening statement that Trump’s valuations actually understated the value of his assets and were based on the business acumen that allowed him to build “one of the most successful real estate empires in the world.”
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