Trump accused of reaping $1bn from fraud as New York civil trial starts

NEW YORK: The fraud lawsuit that could cost former President Donald Trump control of some of his most prized properties went on trial Monday, with New York state lawyers vowing to hold him accountable while he denounced the case as a politically motivated «scam».
Kevin Wallace, a lawyer in state AG Letitia James’ office, said in his opening statement in a downtown Manhattan courtroom that Trump described his finances to banks and insurers in a «materially inaccurate way» for a decade.Wallace said Trump did this to get better loan terms and lower insurance premiums, illegally generating more than $1 billion of financial benefits. «This isn’t business as usual, and this isn’t how sophisticated parties deal with each other,» Wallace said. «These are not victimless crimes.»
Christopher Kise, a lawyer for Trump, countered in his opening statement that the financials for Trump and the Trump organization were entirely legal. «It is one of the most highly successful brands in the world, and he has made a fortune literally being right about real estate investments,» Kise said. «There was no intent to defraud, there was no illegality, there was no default, there was no breach, there was no reliance from the banks, there were no unjust profits, and there were no victims.»
Trump, the frontrunner for the 2024 Republican presidential nomination, is accused by James of inflating his assets and his own net worth from 2011 to 2021. James is seeking at least $250 million in fines, a permanent ban against Trump and his sons Donald Jr and Eric from running businesses in New York and a five-year commercial real estate ban against Trump and the Trump Organization.
Before entering the courtroom, Trump called the case «a continuation of the single greatest witch hunt of all time». «We have a great company. I built a great company. It’s tremendous,» he continued. «It’s got some of the greatest real estate assets in the world. And now I have to go in before a rogue judge.»

«It’s a scam. It’s a sham,» the Republican said, reiterating claims that the lawsuit is an attempt to thwart his return to the White House. Trump wore a dark blue suit, a brighter blue tie and an American flag pin on his lapel. He called James, who is Black, «racist», and said the Democrat had a vendetta against him. He looked away from James, a Democrat, as he passed her on way into court, with a disgusted look on his face.

James said her office was ready to prove its case. «The law is both powerful and fragile,» she said before entering the courtroom. «No matter how much money you think you may have, no one is above the law.»
In posts overnight on his Truth Social site, Trump said he was going to court «to fight for my name and reputation,» denounced the case as «A SHAM,» and called on the attorney general and judge to resign.

Trump isn’t expected to testify for several weeks. His trip to court Monday marked a remarkable departure from his past practice. Trump didn’t go to court as either a witness or a spectator when his company and one of its top executives was convicted of tax fraud last year. He didn’t show, either, for a trial earlier this year in which a jury found him liable for sexually assaulting the writer E Jean Carroll in a department store dressing room.