Trump’s New York fraud trial to wrap up, with millions of dollars on the line

Donald Trump will return to Manhattan Supreme Court once more as his lawyers and state attorneys make their final arguments in the three-month business fraud trial.

A judge has already determined that Trump family members and executives fraudulently inflated assets to secure favourable loans.

But the trial will determine penalties.

Closing arguments come after weeks of courtroom tensions and testimony from Mr Trump and his children.

The former president had sought to make a final statement himself at court on Thursday.

But Judge Arthur Engoron has denied him permission to speak after Mr Trump failed to agree to present a standard closing argument and to not make a campaign speech, malign the judge or his staff, or introduce new evidence or ideas.

Judge Engoron has said he will issue a final written ruling in the case by the end of the month.

The outcome could be stiff penalties on the famous family that built its fortune in real estate.

New York Attorney General Letitia James recently raised the penalty that she believes the Trumps should pay from $250m (£196m) to $370m (£304m).

She is also seeking severe restrictions on how Mr Trump and his eldest sons conducts his real estate business in New York.

Mr Trump’s attorneys will likely repeat their main arguments in their final pitch to the judge – that banks ultimately profited from loaning money to the Trumps and that real estate valuations are subjective.

During testimony, Mr Trump and his two children, Donald Jr and Eric, also sought to distance themselves from company financial statements at the heart of the fraud case. His daughter Ivanka took the stand, as well, although she is no longer a defendant in the case.

They argued the onus was on accountants to accurately prepare Mr Trump’s financial statements, which the New York attorney general contends contained falsely inflated amounts.

Ms James’ team is likely to argue that the 10 weeks of testimony have bolstered their claims that Mr Trump, his children and executives overvalued real estate assets in schemes “so outrageous that they belie innocent explanation”.

During the trial, attorneys for the state showed a host of emails that suggested Trump family members were at least aware of Mr Trump’s financial statements, despite testimony to the contrary.

Many of the courtroom tensions over the past three months have been about the New York judge, with Mr Trump’s legal team claiming that Judge Engoron and his law clerk are biased against the former president.

Mr Trump has also insulted the clerk on social media, leading to a gag order from Judge Engoron that cost Mr Trump $15,000.

As the fraud trial nears conclusion, several separate criminal cases against Mr Trump, including two sets of charges over his alleged attempts to overturn the 2020 election, are heating up. Another civil case, a second lawsuit from writer E. Jean Carroll, is set to begin this month.