🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Trump defense presents expert witness in civil fraud trial

EditorRachael Rajan
Published 12/08/2023, 03:10 AM
© Reuters.

NEW YORK - During Donald Trump's civil fraud trial Thursday, the defense called upon accounting professor Eli Bartov as an expert witness at the Manhattan court room today. Bartov aimed to dismantle the New York Attorney General Letitia James' accusations that the former president inflated assets to secure loans. The defense argued that no banks suffered from Trump's financial statements, countering the state's position that proving actual harm is unnecessary when false documents are intentionally submitted.

Eli Bartov, who previously served as a paid expert in a case against Exxon Mobil Corp (NYSE:XOM)., challenged allegations of accounting fraud by pointing to Deutsche Bank's actions. Despite lowering Trump’s net worth estimate from $4 billion to $2 billion, the bank still granted loans after their own analysis, suggesting they were not misled. Judge Arthur Engoron, while having reservations about the so-called "worthless" disclaimer defense, permitted Bartov to testify on credit analysis and valuation. Bartov asserted that claims of accounting malpractice were baseless and highlighted disclaimers on financial documents to argue that there was no intent to deceive.

The trial, which has spanned over two months with substantial witness testimony, including from Trump himself, is drawing to a close. Throughout this period, Trump has been dealing with numerous legal challenges even as he campaigns for re-election.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.