According to legal counsel, Donald Trump has potentially increased his vulnerability in retaining ownership of properties, including his Mar-a-Lago resort, subsequent to his deposition in the civil fraud trial in New York.
During a podcast conversation facilitated by Mary Trump, a prominent opponent and niece of the former president, Joe Gallina expressed the viewpoint that the outcome of Trump’s recent deposition, where he responded to inquiries regarding his financial statements, was highly unfavorable for him.
Donald Trump has been accused by New York Attorney General Letitia James of engaging in the act of submitting fake financial documents over a prolonged period. These records allegedly misrepresented the worth of his properties and assets, with the intention of securing advantageous bank loans and tax benefits. President Trump vehemently refutes any allegations of impropriety in relation to the $250 million lawsuit filed by James.
The presiding judge, Judge Arthur Engoron, in the ongoing civil lawsuit in New York, has previously rendered a ruling that asserts Trump’s involvement in fraudulent activities through the deliberate misrepresentation of his property valuations over an extended period of time. The ongoing civil trial is currently deliberating on six remaining charges presented in James’ case, alongside the determination of the appropriate magnitude of the penalty.
There is a possibility that Trump may encounter a restriction on conducting business activities in New York state, the removal of his control over his properties, or the imposition of a substantial fine amounting to hundreds of millions of dollars.
In his testimony on Monday, former President Donald Trump acknowledged that The Trump Organization, his real estate company, had submitted financial statements with the intention of obtaining loans from entities like Deutsche Bank. This admission appears to confirm a significant claim made by James’ office, which alleged that these financial statements inaccurately assessed Trump’s net worth in order to secure loans from banks and insurers.
During their interactions in court, Trump repeatedly experienced conflicts with Engoron, when the former president asserted that the judge exhibited a demeanor of hostility and consistently rendered rulings unfavorable to him.
During her appearance on Mary Trump’s podcast, Gallina expressed the view that Trump’s testimony did not contribute positively to his legal situation, potentially resulting in the forfeiture of his properties, including his residence in Florida.
“From start to finish, every single thing we heard about today could not have gone worse. Whether it be Donald’s temperament, whether it be his exchanges with the prosecutors, whether it be his admissions, today was a clusterf*** for the defense,” Gallina said.
“Prosecutors say that they’re seeking up to at least $250 million as a verdict. And so we’re going to see how much of that ends up being true. It could be more, it could be less,” he added.
“Usually it’s around either what the prosecution asks or less, but we’re going to see essentially what happens at that moment would be the property that is owned by The Trump Organization, and that includes Mar-a-Lago, depending on how the fee structures, depending on how much they owe, it’s basically liquidated in order to pay back these debts. And that’s the big question.”
Trump has often asserted throughout the proceedings that the Mar-a-Lago resort is worth far more than the $18 million estimated by evaluations based on its limited use as a social club. The former president has repeatedly asserted that the property’s residential value may reach $1.5 billion.
In his Monday testimony, Trump refuted claims that he had exaggerated the worth of his holdings and claimed that they might have been worth even more given his “brand.” In addition, he asserted that his wealth is “billions of dollars more” than what the financial statements that were turned in indicated.
Gallina responded to the testimony by claiming that the attorneys general of New York were able to appeal to Trump’s ego in order to persuade him to divulge information that was essential to their case.
“They got Donald stewing, basically wanting to say, ‘I didn’t lie about my wealth. I’m actually worth more than I put in the documents.’ They knew that he was not going to just sit there and admit that he inflated his income, how his entire career was based on lying about how much money he had,” Gallina said.
“And here they’re asking him these questions and like a pressure cooker, he just couldn’t handle it. And prosecutors didn’t just prove one of those things today. They got him to admit to both, and that is a slam dunk.”
Rephrased from: The Republic Brief By: Trump Knows
Learn To Play Video Poker Perfectly – Free Training Program