In a significant development in the ongoing civil trial against the Trump family and their businesses, Eric Trump took the stand on Thursday to testify that he had no involvement in the financial statements of the Trump Organization. This echoes the testimony given by his older brother, Donald Trump Jr., earlier in the week. The trial, initiated by New York Attorney General Letitia James, alleges that the Trumps misled banks and insurers by inflating their net worth on financial statements.
Both Eric Trump and Donald Trump Jr. are named as defendants in James’ lawsuit, along with their father, former President Donald Trump, who is the frontrunner for the 2024 GOP presidential race. Ivanka Trump, who was initially included as a defendant, was dismissed from the case over the summer but is scheduled to appear for testimony. However, her attorneys have filed an appeal against the decision, the status of which is pending. Former President Trump is expected to testify on Monday.
The lawsuit centers around allegations of fraudulent practices by the Trump family in misrepresenting the value of their assets and exaggerating their net worth on financial documents. Attorney General James contends that the Trump children played a role in facilitating this deception. As Eric Trump testified, his father took to social media, expressing his displeasure with Judge Arthur Engoron and James, while defending his children. Trump criticized Engoron’s handling of the case and accused him of personal bias.
The trial has seen both Eric Trump and Donald Trump Jr. defending their business practices. Trump Sr. posted comments on social media during Eric’s testimony, lamenting the perceived persecution of his sons and criticizing Judge Engoron. Trump reiterated that his net worth is higher than what is reflected in the financial statements, which he claims include a disclaimer urging readers to conduct their own due diligence and analysis.
The trial has not been without controversy. Judge Engoron imposed a partial gag order, prohibiting derogatory statements about his court staff. Trump was fined twice for violating the order on social media, with Engoron threatening imprisonment for further violations. However, it remains to be seen whether the judge will consider Trump’s recent social media post as a violation of the gag order.
Attorney General James, a Democrat, initiated the lawsuit against Trump last year, accusing him, his children, and their associates of fraud and misrepresentation on financial statements. In September, Engoron ruled in James’ favor, finding that Trump and the Trump Organization committed fraud by overvaluing assets and exaggerating net worth. This ruling supports James’ claim that the former president inflated his net worth by billions of dollars, with the alleged involvement of his children.
The outcome of this civil trial will have significant implications for the Trump family and their businesses. It remains to be seen how the testimonies of Eric Trump, Donald Trump Jr., and the former president himself will shape the final ruling. As the trial continues, it raises questions about the ethics and practices of big corporations and the role of politicians in financial dealings.
