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TRUMP CIVIL FRAUD TRIAL: TRUMP ATTORNEY CALLS NY AG'S 'PHARMA BRO' COMPARISON
'IRRESPONSIBLE'

A ruling is expected by Jan. 31 for Trump, who is accused of defrauding lenders.

By
Peter Charalambous
and
Aaron Katersky
January 24, 2024, 4:11 PM ET

NY AG, Trump defense team deliver closing arguments in civil trialFormer
President Donald Trump ignored a judge's warning and launched into a five-minute
address during closing arguments of his civil fraud trial.ABCNews.com


Former President Donald Trump is on trial in New York in a $370 million civil
lawsuit that could alter the personal fortune and real estate empire that helped
propel Trump to the White House.

Trump, his sons Eric Trump and and Donald Trump Jr., and other top Trump
Organization executives are accused by New York Attorney General Letitia James
of engaging in a decade-long scheme in which they used "numerous acts of fraud
and misrepresentation" to inflate Trump's net worth in order get more favorable
loan terms. The trial comes after the judge in the case ruled in a partial
summary judgment that Trump had submitted "fraudulent valuations" for his
assets, leaving the trial to determine additional actions and what penalty, if
any, the defendants should receive.

The former president has denied all wrongdoing and his attorneys have argued
that Trump's alleged inflated valuations were a product of his business skill.


TOP HEADLINES:

 * Trump attorney calls NY AG's 'Pharma Bro' comparison 'irresponsible'
 * Court of Appeals upholds limited gag order
 * Closing arguments conclude, ruling expected by Jan. 31
 * The buck stopped at Trump, state lawyer says
 * Trump, ignoring judge's warning, tells court he's an 'innocent man'
 * Trump's disclaimer told bankers to 'beware,' expert says
 * Trump distances himself from preparation of statements
 * Trump's misrepresentations cost banks $168M, expert testifies
 * Trump, after testifying, fined $10,000 for violating gag order
 * Trump tax rep acknowledged much lower value for Mar-a-Lago

Here's how the news is developing. All times Eastern.

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0
Jan 24, 4:11 PM EST


TRUMP ATTORNEY CALLS NY AG'S 'PHARMA BRO' COMPARISON 'IRRESPONSIBLE'

A day after New York Attorney General Letitia James cited a ruling involving
"Pharma Bro" Martin Shkreli to support a lifetime real estate ban for Donald
Trump, a defense lawyer responded in a letter to the court calling the
comparison "misplaced and irresponsible."

The New York AG said Tuesday that a federal appeals court decision upholding a
lifetime industry ban for Shkreli should convince Judge Arthur Engoron to impose
a lifetime real estate ban on Trump.

Defense attorney Clifford Robert, in response, wrote Wednesday that "the
absurdity of the Attorney General's latest effort would be almost comical but
for the sobering future consequences of her shameless abuse of power."

Robert argued that Trump's fraud case lacks witnesses, complaints, and victims
compared to Shkreli's case.

In a statement to ABC News, Trump attorney Chris Kise said the ruling in Trump's
case could have far-reaching implications for the New York business community.

"This is not just about President Trump. Every major bank CEO and every Wall
Street participant should speak out now before the Attorney General's shocking
and tyrannical interference in the capital markets places all New York business
transactions at risk," Kise said.



--------------------------------------------------------------------------------

Jan 23, 7:43 PM EST


NY AG CITES 'PHARMA BRO' RULING IN SEEKING LIFETIME BAN FOR TRUMP

The New York attorney general's office says a federal appeals court decision
upholding a lifetime industry ban for disgraced "Pharma Bro" Martin Shkreli
should convince Judge Arthur Engoron to impose a lifetime real estate ban on
Donald Trump.

In a letter to Judge Engoron, state attorney Colleen Faherty cited Tuesday's
decision in the Shkreli case to justify the NY AG's request to ban the former
president from the New York real estate industry for life.

According to Faherty, New York State Executive Law 63(12) -- which was used in
the NY AG's lawsuits against both Trump and Shkreli -- gives the court the
ability to "issue a permanent and plenary ban in a particular industry."

"63(12) is the Swiss Army knife of the AG's Office," said Tristan Snell, a
former lawyer with the New York attorney General's office who used the law to
sue Trump over the now-defunct real estate seminar called Trump University. "If
you don't have laws like this in place, that you basically allow lies and
misrepresentations to be endemic."

A final decision in Trump's civil fraud case is expected later this month.



--------------------------------------------------------------------------------

Jan 19, 12:47 PM EST


JAMES RELEASES VIDEO OF TRUMP'S APRIL 2023 DEPOSITION

New York Attorney General Letitia James on Friday released video of former
President Trump's April 2023 deposition in the case.

Video of the deposition, the transcript of which was released by the attorney
general in August 2023, was released as part of a public records request.


Donald Trump appears in a frame grab from his April 2023 videotaped deposition
in the New York attorney general's civil fraud case against the former
president. New York Attorney General's Office

As ABC News reported in August, Trump in the deposition called his real estate
portfolio "the Mona Lisa of properties" and suggested his assets were worth far
more than what appeared in his statements of financial condition that are at the
center of the New York AG's case.

The videotaped deposition proved to be a preview of Trump's testimony at trial
earlier this month, in which he bragged about his finances and declared himself
"an innocent man."



--------------------------------------------------------------------------------

Jan 16, 8:07 PM EST


COURT OF APPEALS UPHOLDS LIMITED GAG ORDER

New York's highest court has upheld the limited gag order in Donald Trump's
civil fraud trial.

"On the Court's own motion, appeal dismissed, without costs, upon the ground
that no substantial constitutional question is directly involved. Motion for a
stay dismissed as academic," New York's Court of Appeals said in a two-sentence
ruling issued Tuesday.

The gag order barred Trump and his lawyers from commenting on Judge Arthur
Engoron's staff during the former president's 11-week civil fraud trial.

A decision in the case is expected later this month, after closing arguments
wrapped up last week.



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