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Trump fraud trial live updates: 'There is no fraud here,' accounting expert testifies

The former president is on trial in New York for allegedly defrauding lenders.

President Donald Trump is on trial in New York in a $250 million civil lawsuit that could alter the personal fortune and real estate empire that helped propel Trump to the White House.

Trump, his sons Eric Trump and and Donald Trump Jr., and other top Trump Organization executives are accused by New York Attorney General Letitia James of engaging in a decade-long scheme in which they used "numerous acts of fraud and misrepresentation" to inflate Trump's net worth in order get more favorable loan terms. The trial comes after the judge in the case ruled in a partial summary judgment that Trump had submitted "fraudulent valuations" for his assets, leaving the trial to determine additional actions and what penalty, if any, the defendants should receive.

The former president has denied all wrongdoing and his attorneys have argued that Trump's alleged inflated valuations were a product of his business skill.

Top headlines:

'There is no fraud here,' accounting expert testifies

Judge says he'll 'rigorously' enforce limited gag order

Deutsche Bank made money from Trump, defense emphasizes

Trump's disclaimer told bankers to 'beware,' expert says

Trump distances himself from preparation of statements

Trump's misrepresentations cost banks $168M, expert testifies

Trump, after testifying, fined $10,000 for violating gag order

Trump tax rep acknowledged much lower value for Mar-a-Lago

https://abcnews.go.com/US/live-updates/trump-fraud-trial/defense-expert-tells-ag-lawyer-you-ought-to-be-ashamed-of-yourself-105470005?id=103642561

>>20041891

Dec 07, 1:52 PM EST

Defense expert tells AG lawyer, 'You ought to be ashamed of yourself'

Donald Trump's accounting expert snapped at a lawyer for the New York attorney general after the lawyer suggested his opinion was bought by the defense team.

As accounting expert Eli Bartov was testifying about Trump's use of disclaimers in his financial statements, state attorney Kevin Wallace interjected, saying, "This is pure speculation from someone they hired to say whatever it is they want."

Still in the witness box, Bartov began yelling at Wallace about the comment as Trump sat watching a few feet away.

"You make up allegations that never existed," Bartov shouted. "I am here to tell the truth. You ought to be ashamed of yourself for talking like that."

Bartov, in his testimony, said that Trump's use of disclaimers functioned "just like the warning from the surgeon general on a box of cigarettes."

The accounting expert said that Trump's disclaimers clearly flagged to his lenders that they should conduct their own due diligence regarding the figures, rather than rely on them at face value. Witnesses from Deutsche Bank Trump's primary lender during the 2010s previously testified that they conducted due diligence and significantly undercut the valuations Trump provided in his financial statement when deciding to offer him loans.

"I never saw anything that is clearer than that," Bartov said about the language in Trump's disclaimer clause. "Even my nine-year-old granddaughter Emma would understand this language."

In his pretrial summary judgment ruling, Judge Engoron dismissed Trump's argument that disclaimer clauses protect him from allegations of fraud. While multiple defense witnesses have attempted to rebut Engoron's opinion about Trump's use of disclaimer clauses, the judge has signaled he stands by his opinion.

"My summary judgment is the law of the case on the legal effect of this paragraph or these sentences," Engoron said in response to Bartov's testimony, adding that the clauses "would not insulate the client."

Nevertheless, Trump attorney Chris Kise requested that Engoron reconsider his finding.

"I am fairly liberal in reconsidering my opinions," Engoron said before Bartov resumed his testimony.

https://abcnews.go.com/US/live-updates/trump-fraud-trial/defense-expert-tells-ag-lawyer-you-ought-to-be-ashamed-of-yourself-105470005?id=103642561

>>20041891

Dec 07, 12:14 PM EST

Expert 'found absolutely no fraud,' Trump says

During a short break in testimony, Donald Trump applauded the findings of accounting expert Eli Bartov, who testified that he found no evidence of accounting fraud in Trump's statements of financial condition.

"He reviewed fully the documents that this horrendous attorney general has put forward, and he found absolutely no fraud, accounting fraud of any kind," Trump told reporters.

PHOTO: Donald Trump sits at the defense table at New York Supreme Court, Dec. 7, 2023, in New York.

Mike Segar/Reuters

Mike Segar/Reuters

Donald Trump sits at the defense table at New York Supreme Court, Dec. 7, 2023, in New York.

Trump, however, acknowledged that Judge Engoron might not be swayed by Bartov's testimony.

"We will probably go forward and I'm sure nothing will have any bearing on what this judge does," Trump said.

https://abcnews.go.com/US/live-updates/trump-fraud-trial/defense-expert-tells-ag-lawyer-you-ought-to-be-ashamed-of-yourself-105470005?id=103642561

>>20041891

Dec 07, 11:59 AM EST

Trump penthouse misstatement was not fraud, expert says

Donald Trump's overstatement of the value of his Trump Tower penthouse apartment was a mistake, according to accounting expert Eli Bartov – but not fraud.

"The price was inflated. There is no question about it," Bartov said about Trump more than doubling the value of his triplex apartment on his statement of financial condition, from $80 million to $180 million, between 2011 and 2012.

Bartov chalked up the mistake to the inevitable errors that occur in the process of compiling a statement of financial condition. He said that if Trump meant to commit fraud by inflating the value of his apartment, he would have made some effort to conceal it.

"There is no evidence here of concealment," Bartov said. "It's true this is an error. But it is no fraud."

Bartov instead blamed Trump's external accounting firm for failing to catch the obvious error.

"They submitted to him the supporting documents. Any person that had one year experience in auditing … will immediately see there is a jump from 80 million to 180 million," he said.

>>20041891

Dec 07, 11:45 AM EST

No merit to NY AG's complaint, defense expert says

The New York attorney general's civil fraud complaint against former President Trump lacks merit, a defense expert in accounting testified.

"My main finding is that there is no evidence whatsoever for any accounting fraud," New York University professor Eli Bartov said. "My analysis shows the statements of financial condition for all the years were not materially misstated."

Bartov's testimony bolstered the defense's contention that non-audited financial statements, like Trump's, are unreliable and represent only a first step in analysis.

"You cannot use the raw numbers in the statements as the basis for making decisions," Bartov said. "If you do that, you are likely to reach the wrong decision."

Judge Engoron asked Bartov whether the attorney general's complaint had no merit.

"This is absolutely my opinion," Bartov replied.

"And why is that?" defense attorney Jesus Suarez jumped in to ask.

"There is not a single reference to a specific provision of GAAP that was violated," Bartov said, referring to the generally accepted accounting principles." "If you allege there was an accounting violation, they have to tell us what provision was violated."

State attorneys objected to the relevance of Bartov's opinion, but Judge Engoron denied the objection.

>>20041891

Dec 07, 10:39 AM EST

Court affirms pausing dissolution of Trump Organization

A panel of five appellate judges has affirmed a judge's Oct. 6 decision that paused the dissolution of the Trump Organization.

Judge Peter Moulton issued a ruling during the first week of the trial pausing the immediate cancellation of Donald Trump's business certificates, as ordered by Judge Arthur Engoron in his partial summary judgment ruling on the eve of the trial.

Trump's attorneys argued in favor of the stay of enforcement action until the end of the trial, and the New York attorney general supported their argument.

Today's ruling formally pushes a decision on the fate of the Trump Organization into the new year, when Engoron issues his final ruling in the case.

>>20041891

Dec 07, 10:17 AM EST

Trump in attendance for accounting expert's testimony

Donald Trump is back in court as a spectator, marking the first time the former president has attended the proceeding in over a month.

Trump entered the courtroom alongside his legal spokesperson Alina Habba and his son Eric Trump, who canceled his testimony that was initially scheduled for yesterday.Notably absent from the courtroom is New York Attorney General Letitia James.

PHOTO: Trump Fraud Lawsuit

Eduardo Munoz Alvarez/AP

Eduardo Munoz Alvarez/AP

Former President Donald Trump, center, sits at the defense table with his attorney's Chri…Read More

Previewing today's testimony from New York University accounting professor Eli Bartov, Trump said on his way into the courtroom that he has "one of the greatest experts in the country" taking the stand today.

"We did nothing wrong. There were no victims. The bank loves us," Trump said.

>>20041891

Donald J. Trump

@realDonaldTrump

Dec 07, 2023, 7:29 PM

https://truthsocial.com/@realDonaldTrump/posts/111541969308608263