Trail to examine if Trump’s business prowess is actually financial fraud began Monday
Former President Donald Trump was in court on Monday for the opening of a civil fraud trial that could put his business empire and future at risk. The New York Attorney General’s office is seeking a $250 million fine against Trump for fraudulent financial practices, a case that also implicates two of his adult children.
New York Attorney General Letitia James accused Trump of inflating his net worth to cheat the system and unjustly enrich himself. Prosecutors say Trump inflated financial statements between $812 million and $2.2 billion to obtain favorable loan terms he was not entitled to.
Trump attempted to blame former Trump Organization CFO Allen Weisselberg but was deemed by the prosecution to be lying.
The trial scrutinizes the very foundation of Trump’s self-crafted image as a successful business magnate, an image he rode to the presidency. Should he lose, he and his organization could face a $250 million fine and could be barred from doing business in New York. The Attorney General’s Office aims to show that the rule of law applies to everyone, regardless of their power or wealth.