Donald Trump Jr. arrives to take stand in father's fraud trial
Donald Trump Jr. takes the stand in his father’s $250million fraud trial
- The former president’s eldest son was flanked by cops as he arrived at the court
- Walked in after expert testified that the Trump Organization cost banks $168M
- READ MORE: Trump and Melania pictured together for the first time in months
Donald Trump Jr. has arrived in New York to testify in his father’s $250 million fraud trial, which could topple the family’s business empire in the city.
The former president’s eldest son will be the first family member to take the stand and defend himself over accusations the Trump Organization inflated their wealth and assets for decades.
‘I should have worn makeup!’ the 45-year-old joked as photographers took pictures of him while sitting at the bench with his lawyers.
According to the lawsuit, Don Jr and Eric were involved with drawing up fraudulent financial statements, allegations which they both deny.
The lawsuit states that Don Jr was the person who certified the financial statements after his father became President in 2017, at which point he and Eric took over the running of the Trump Organization.
Donald Trump Jr. has arrived in New York to testify in his father’s $250 million fraud trial which could topple the family’s business empire in the city
‘I should have worn makeup!’ the 45-year-old joked as photographers took pictures of him while sitting at the bench with his lawyers
Trump did not show up in court on Wednesday, but took aim at Judge Arthur Engoron in a post online which read: ‘Leave my children alone, Engoron. You are a disgrace to the legal profession!’
Don Jr’s appearance marks the start of a blockbuster week in the trial, in which the judge has already ruled that Trump and his real estate business committed fraud.
Eric Trump, who runs the Trump Organization, is due to testify after Don Jr, followed by Trump himself on Monday.
Trump’s daughter Ivanka is due to testify on Wednesday.
Prosecutors claim that Trump and his family falsely inflated and deflated the value of their assets to get lower taxes and better insurance coverage.
The trial is to determine the penalty, and the New York State Attorney General is seeking a $250 million fine and sanctions to effectively put Trump out of business in the state.
Before Don Jr’s arrival, the court heard from David Orowitz, a former Trump Organization Vice President overseeing the deal for the Old Post Office in Washington.
Don Jr stares at the cameras in the courtroom before his testimony. He is the first of the members of the Trump family, including Ivanka, who are set to testify
Don Jr. waits to testify alongside Alina Habba, a member of Trump’s legal team
The former president’s eldest son waved as he approached the New York State Supreme Court flanked by cops
Trump’s lawyer Alina Habba arrives at the court for testimony on Wednesday. The former president stayed away from proceedings
New York Attorney General Letitia James, who Trump has frequently attacked on Truth Social since the start of the trial, arrives on Wednesday to watch the case unfold
The court heard that Trump saved $168 million in interest on four properties over the past nine years from false financial statements given to lenders.
Michiel McCarty, an investment banker who was the prosecution’s banking expert witness, showed the court his analysis of four Trump properties: Doral, the Old Post Office, 40 Wall St in New York and a Trump hotel in Chicago.
They showed that Trump made millions of dollars each year from significantly lower interest rates which were awarded based on the bank relying on false financial information for the Trump Organization, the court heard.
Between 2014 and this year, Trump saved $72m in interest on the $125 million loan for Doral and $53 million on the $170 million loan for the Old Post Office.
He also allegedly saved $17 million on the $45 million loan for his Chicago hotel and $24 million on the $160 million loan for 40 Wall St in New York.
The analysis showed that the interest rates Trump paid were far lower than he should have done.
In 2015 Trump paid a 1.9 percent rate on the Doral loan but should have paid 10 percent, a graph of the loans showed.
That amounted to a $10 million saving that year on that property alone, the graph stated.
Donald Trump was at Mar-a-Lago for a party with wife Melania (left) and a list of friends and supporters on Tuesday night
Kimberly Guilfoyle, the fiance of Donald Trump Jr, beamed as she dressed up as Snow White at the event, seemingly relaxed as her partner is set to testify in New York on Wednesday
McCarty called Doral a ‘turnaround project’ that it would have required significant investment to turn it into the golf resort Trump had planned.
He is a former senior vice president of acquisitions and development at the Trump Organization who oversaw the development of Trump hotel the Old Post Office hotel in Washington then quit a day after it opened in 2016.
Orowitz had worked for Trump for eight years but the acrimony of the opening – which resulted in two restaurant deals falling apart and protests at the site – appeared too much for him.
After Don Jr, Eric Trump is expected to testify about allegations he provided false valuations for the Trump Organization’s estate in Westchester.
Ivanka was once a party to the lawsuit, but an appeal court dismissed her from the case as the state’s statute of limitations barred the claims against her.
Judge Engoron has ruled that Trump must sell some of his most famous buildings including 40 Wall St, but an appeal court has put it on hold until after the trial is complete.
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