"Not a Political Rally" Trump Clashes with Judge... Partially Admits to 'Asset Inflation'

Appeared in Civil Trial on Asset Value Manipulation Allegations on the 6th
Claims of 'Witch Hunt' Despite Warning to Leave
'Judicial Risk' Highlighted One Year Before Presidential Election

"This is not a political rally," "Control your client (Trump)."

On the 6th (local time), Judge Arthur Engoron spoke firmly in a civil court hearing dealing with allegations of asset value manipulation by former U.S. President Donald Trump. As Trump introduced political content unrelated to the trial in his testimony, Judge Engoron warned, "We are not here to listen to what you have to say," and even threatened to remove him from the courtroom.

On the 6th (local time), former U.S. President Donald Trump leaving the courtroom during a recess at the Manhattan District Court in New York, USA.
[Photo by Yonhap News]

With less than a year remaining until the U.S. presidential election, former President Trump clashed head-on with judges and prosecutors in court. Suffering from 'judicial risk,' Trump continued his aggressive rhetoric, effectively conducting a political campaign. While partially admitting to allegations of asset value manipulation in the trial, he defended himself by citing disclaimers in the financial statements.

On Allegations of Asset Value Manipulation: "There Are Disclaimers"

According to The New York Times (NYT) and others, former President Trump appeared at a civil trial in the New York Manhattan District Court concerning allegations of asset value manipulation. The trial concerns accusations that Trump and the Trump Organization inflated the value of their assets to banks and insurance companies during loan applications, committing fraud.

At the hearing, when questioned by prosecutors about whether he was directly involved in preparing the company’s financial statements, Trump responded, "What I did was tell people to provide what accountants needed to prepare the financial statements and approve it."

He added that regarding the financial statements prepared by accountants, "I reviewed them and, in some cases, made a few suggestions." He also acknowledged lowering the value on the financial statements for the large property 'Seven Springs' located north of Manhattan, stating he thought the previously assessed value was "too high."

Previously, he claimed to have had no involvement in preparing the financial statements, but this appears to be a partial reversal of that position. However, Trump testified that he did not participate in such valuation work for properties he believed were undervalued, including the Mar-a-Lago resort.

When Judge Engoron mentioned the Florida tax assessment records valuing Mar-a-Lago at $18 million (approximately 2.34 billion KRW), Trump argued, "It is worth much more." When asked by prosecutors how much he believed Mar-a-Lago was worth, he replied, "I think it’s between $1 billion and $1.5 billion."

During the trial, Trump defended himself by citing disclaimers recorded in the financial statements. When asked by prosecutors if he was aware of inflated assets in the 2011?2017 financial statements, he referred to the disclaimers, saying, "One reason I don’t focus too much on this statement is because that (disclaimer) is on the first page of the financial statements."

He further argued that any court would recognize the disclaimers and said, "So we shouldn’t be litigating this here."

However, prosecutors countered that while disclaimers may exempt accountants from certain obligations required for rigorous auditing, they do not permit Trump and others to submit false or misleading asset valuation reports.

Trump Turns Courtroom into Political Arena with 'Witch Hunt' Claims

[Image source=Yonhap News]

In this trial, the clashes between former President Trump, the judge, and prosecutors drew more attention than the content itself. With polls showing Trump leading in battleground states over President Joe Biden, Trump attacked the process as a 'witch hunt,' effectively using the trial as a political campaign.

Early in the trial, Trump criticized Letitia James, New York State Attorney General and prosecutor, saying, "This is a political witch hunt," and added, "I think he should be ashamed of himself."

He also accused Judge Engoron, who presides over the trial, saying, "He called me a fraud and knew nothing about me," and claimed, "The fraud is not me but the court." He added, "This judge has always ruled against me unfavorably, so I am sure he will rule negatively against me again."

Previously, before the formal trial began in September, Judge Engoron acknowledged some allegations that Trump’s side committed fraud by inflating asset values to obtain bank loans.

When Trump’s lengthy statements continued, Judge Engoron repeatedly asked him to keep his remarks brief and ordered some monologue-like statements to be removed from the record. He told Trump’s lawyer, "Control your client," and warned, "If you cannot, I will draw every negative inference I can."

Despite these measures, as Trump continued lengthy testimony and political remarks, Judge Engoron ultimately could not stop him and mostly ignored the interruptions to proceed with the trial, according to U.S. media reports.

In the afternoon session, Trump claimed, "This is election interference because you want to keep me in this courtroom all day."

Separate from Criminal Trials... Ivanka to Testify on the 8th

This trial is a separate civil case unrelated to the four criminal trials Trump faces. In September last year, New York Attorney General James filed a civil lawsuit in New York State court, alleging that Trump’s side inflated the value of numerous assets?including New York mansions, luxury apartments, buildings, and golf courses in the UK and New York?by about $2.2 billion over more than ten years to facilitate bank loans.

After the trial, Attorney General James told reporters, "He rambled and hurled insults, but that was expected," adding, "The documentary evidence shows he falsely inflated assets. Numbers don’t lie."

Ivanka Trump, Trump’s eldest daughter, is scheduled to appear and testify in the trial continuing on the 8th.

The greatest threat to former President Trump, who is likely to run in next year’s presidential election, is considered to be 'judicial risk.' Trump must continue to face criminal trials in addition to this civil trial as he proceeds with his election campaign.

This content was produced with the assistance of AI translation services.