Closing arguments are underway in a New York court for the civil business fraud trial of former President Donald Trump, two of his sons, and their company, the Trump Organization.
New York Attorney General Letitia James accuses Trump and the other defendants of scheming to falsely inflate the stated values of more than a dozen real-estate assets listed on his annual statements of financial condition to reap “hundreds of millions of dollars in ill-gotten gains” from better loan terms.
James has asked Manhattan Supreme Court Judge Arthur Engoron to fine Trump $370 million, ban him from the state’s real estate industry for lift, and bar him from serving as the officer or director of a New York corporation.
The AG also wants his sons, Donald Trump Jr. and Eric Trump, banned from the state’s real estate industry for five years.
Trump had planned to make some of the defense’s closing arguments, according to his lawyer, but Engoron on Wednesday barred him from doing so far Trump’s attorney refused to confirm the former president would comply with restrictions on what he would be allowed to say.
Trump, who is the front-runner for the Republican presidential nomination, denies any wrongdoing in the case and claims he is the victim of a politically motivated persecution by James, a Democrat.
The trial, which did not have a jury, has spanned 44 days.
Engoron is expected to issue his verdict in the case in the coming weeks.
Trump trial draws protestors to Manhattan courthouse
Protestors opposed to Trump are gathered outside the courthouse in lower Manhattan, some of them carrying a sign saying, “No Dictators in the USA.”
“Thank you Tish!,” some of the demonstrators chanted, referring to New York Attorney General Letitia “Tish” James, whose fraud lawsuit against Trump is the subject of the trial.
The demonstration has blocked some traffic around the Supreme Court building.
– Dan Mangan
Trump had ‘no motive’ to inflate his wealth, defense attorney argues
Defense lawyer Chris Kise argued that Trump had “no motive” to lie about his wealth and asset values on his financial records, because he already had a “proven track record” in the commercial real estate industry.
Deutsche Bank’s Private Wealth Management division “rolled out the red carpet” for Trump, a major client, so there was no reason for him to change his financial numbers, Kise said.
He added that it is “unrebutted” that the records, known as statements of financial condition, did not affect Trump’s loan terms.
The Attorney General’s office alleges Trump used false and misleading statements for a variety of financial benefits, including helping to secure a $170 million loan from Deutsche Bank on much more favorable terms than he would have otherwise.
— Kevin Breuninger
‘I want to speak’: Trump slams judge who refused to let him make closing arguments
Before entering the courtroom, Trump slammed Judge Arthur Engoron for refusing to let him personally deliver some of the closing arguments in his business fraud trial.
“I want to speak, I want to make the summation,” Trump said.
Engoron rejected a request by Trump’s lawyer to let the former president speak in Thursday’s proceedings because Trump would not agree to limitations on what he could say.
“At this moment, the judge is not letting me make the summation because I’ll bring up things that he doesn’t want to hear,” Trump said, adding, “It’s a very unfair trial.”
Trump teased a news conference sometime later in the day on Wall Street.
— Kevin Breuninger
Trump lawyer argues no witness ‘said there was fraud’
Trump lawyer Chris Kise opened his closing argument by saying, “not one witness over a three-year investigation, a year of litigation and 44 days of trial … said there was fraud.”
“The entire case is a manufactured claim to pursue a political agenda,” Kise said.
The lawyer also argued that none of Trump’s lenders had claimed to have suffered financially as a result of his alleged improper valuation of his real estate assets.
– Dan Mangan
Here’s how the closing arguments will be delivered
Trump’s lawyers will be the first to deliver their closing arguments.
Attorneys Chris Kise, Alina Habba and Cliff Robert will speak in that order for the defendants. Their arguments are expected to last approximately two hours.
The prosecution will follow, with Kevin Wallace and Andy Amer delivering arguments. They are expected to speak for less than two hours.
— Kevin Breuninger
Eric Trump at closing arguments, with Trump lawyer Epshteyn
Trump’s son Eric Trump, who is also a defendant in the trial, is in the courtroom.
Eric is sitting next to Boris Epshteyn, a lawyer for Trump.
Epshteyn is on probation after having pled guilty recently to disorderly conduct and fighting in connection with a conflict at a bar in Scottsdale, Arizona. It was the second time in seven years that he had been charged in such an incident.
Also in court is longtime Trump lawyer Alan Garten.
– Dan Mangan
NRA and former chief Wayne LaPierre on trial steps away from Trump
Former National Rifle Association chief Wayne LaPierre is also on trial today in the New York State Supreme Court building in Lower Manhattan, steps away from Trump.
A lawsuit brought by New York Attorney General Letitia James — whose office also brought the business fraud case against Trump — alleges that the NRA defendants broke nonprofit laws and misused millions of dollars to fund lavish personal expenditures.
LaPierre announced last week that he would resign from the NRA at the end of the month.
— Kevin Breuninger
Attorney general seeking $370 million in fines, lifetime NY real estate ban for Trump
New York Attorney General Letitia James is asking that Trump be fined $370 million in the case, and banned for life from the state’s real estate industry.
James also wants Trump banned from serving as an officer and director of a corporation in New York.
The AG wants five-year bans fro two of Trump’s sons, Donald Trump Jr. and Eric Trump, from the New York real estate business.
James is seated in the courtroom for today’s closing arguments, although she is not scheduled to speak.
– Dan Mangan
Engoron is third Trump trial figure in three weeks to be swatted
The swatting email that targeted Judge Arthur Engoron’s home early Thursday is the third time in three weeks that a key player in a Trump legal case has been the victim of a swatting attempt.
On Christmas Day, someone called police to report that Special Counsel Jack Smith had shot his wife, prompting a law enforcement response to the couple’s Montgomery County, Maryland, home.
When police got close to the home, federal officers already assigned to protect Smith informed them that it was a hoax.
Smith is prosecuting Trump in two criminal cases. In Florida federal court, Smith alleges that Trump hoarded and hid hundreds of classified government documents after he left the White House.
In U.S. District Court in Washington, D.C., Smith has charged Trump with crimes related to his effort to overturn the results of the 2020 presidential election.
On Sunday, the D.C. home of Judge Tanya Chuktan was targeted in a swatting attempt. Chutkan is presiding over the election case against Trump that Smith is prosecuting.
— Christina Wilkie
Courthouse tightens security after swatting incident at judge’s home
Security is being tightened at the New York courthouse where the closing arguments are set to take place in response to a swatting incident targeting the judge’s home, a court spokesman told CNBC.
The security protocols that have been in place since the start of Trump’s trial are being increased “out of an abundance of caution,” and due to concerns about Judge Arthur Engoron’s safety, the spokesman said.
The spokesman, Al Baker of the New York State Office of Court Administration, declined to detail the additional security measures but described them as” thoughtful, comprehensive and flexible.”
Baker said the court proceedings were expected to continue on schedule Thursday morning.
— Kevin Breuninger
Trump arrives at closing arguments, despite being barred from speaking in them
Trump arrived at Manhattan Supreme Court moments ago for the closing arguments of his business fraud trial — even though his request to deliver some of those arguments was denied.
Trump said on social media Wednesday that he was being “forced” to travel to New York from Iowa, where he participated in a Fox News town hall, in order to attend the arguments. He is not required to be there in person.
The all-caps post on Truth Social attacked Judge Arthur Engoron and New York Attorney General Letitia James as he lamented that he “would like to personally do the closing argument on the civil trial.”
Engoron on Wednesday rejected a defense attorney’s request to allow Trump to personally deliver some of the closing arguments, because they would not agree to limitations on what he could say.
— Kevin Breuninger
NY AG: Trump is not above the law ‘no matter how rich or powerful you pretend to be’
New York Attorney General Letitia James sent a shot across the bow at Trump before her office presents closing arguments in the fraud trial.
“For years, Donald Trump engaged in significant financial fraud to enrich himself and his family,” James wrote on X, formerly Twitter, on Thursday morning.”
No matter how rich or powerful you pretend to be, no one is above the law,” she said.
— Kevin Breuninger
Judge’s home targeted in ‘swatting incident’ hours before closing arguments, police say
Judge Arthur Engoron was targeted in a “swatting incident” that sent police to his Long Island home just hours before he was set to hear closing arguments in Trump’s fraud case, cops confirmed to CNBC.
An individual sent a threatening email to a local Long Island news outlet, which then called it in to the Nassau County Police Department around 5:30 a.m. ET, police said.
Police would not share details of the email. NBC News and other outlets have reported there was a bomb threat made to Engoron’s home.
No threats have been located but an active investigation remains underway, police said.
— Kevin Breuninger