US

Donald Trump Fumes Over Letitia James’ Closing Argument

New York Lawyer Normal Letitia James is attempting to make a “brazen and baseless” comparability between Donald Trump and disgraced dealer Bernie Madoff, the previous president’s lawyer has stated in a court docket submitting.

Clifford Robert was responding to James’ try this week to have Trump banned from the real-estate business. The Republican, his two eldest sons, Donald Trump Jr. and Eric Trump, in addition to the Trump Group, are co-defendants within the $370 million civil fraud trial introduced by James. She accuses the previous president of inflating his internet price by billions of {dollars} to acquire advantages resembling higher financial institution loans and diminished tax payments.

Trump denies any wrongdoing. He has repeatedly stated that the litigation was politically motivated to derail his 2024 presidential marketing campaign, given he’s the frontrunner for the GOP nomination. Newsweek sought e-mail remark from Trump’s lawyer on Friday.

Madoff’s Ponzi scheme noticed him swindle folks out of hundreds of thousands, together with actor Kevin Bacon, director Steven Spielberg and Holocaust survivor Elie Wiesel.

“Throughout closing argument, the Lawyer Normal additionally superior one other frivolous comparability with Bernard Madoff,” Robert wrote in a court docket submitting on Thursday. He added that, in Madoff’s case, Choose Chin stated throughout sentencing that “not one of the different monetary fraud instances within the district have been ‘comparable . . . by way of the scope, period and enormity of the fraud, and the diploma of the betrayal.'”

Former president Donald Trump on the conclusion of a marketing campaign rally on January 17, 2024 in Portsmouth, New Hampshire. New York Lawyer Normal Letitia James is suing the Republican for alleged fraud in his real-estate…


Chip Somodevilla/Getty Photographs

“The Madoff comparability thus additional reveals the lengths to which the Lawyer Normal will go in her brazen and baseless pursuit of a political opponent. Such willingness to abuse energy ought to strike worry in each cash heart financial institution and each Wall Road establishment,” Robert wrote.

He famous that, in distinction with Trump, Madoff “fabricated hundreds of thousands of pages of account statements, containing false trades and account balances that didn’t exist. The estimates of loss brought on by Madoff’s monetary crimes have been as excessive as $65 billion.”

Madoff’s many victims included a grieving widow whose late husband invested his life financial savings with the dealer. She was compelled to promote her dwelling and was “unable to make good on a promise to pay for her granddaughter’s faculty,” Robert wrote.

In Trump’s case, “not one witness, not one criticism and never one sufferer helps the Lawyer Normal’s manufactured claims,” Robert added.

In James’ lawsuit in opposition to Trump, Choose Arthur Engoron has already discovered that Trump fraudulently inflated the worth of his belongings to safe financial institution loans. Colleen Faherty, a lawyer in James’ workplace, wrote in a court docket submitting on Tuesday that banning Trump for all times from the real-estate business was an acceptable punishment.

In September, Engoron dominated that Trump, his grownup sons, their companies and executives dedicated fraud of their property valuations. The court docket will determine on six different accusations, together with falsifying enterprise information, insurance coverage fraud and conspiracy claims. The trial ended on January 11, and Engoron stated he hoped to difficulty a ruling by January 31.

Madoff stated that he started committing monetary fraud in 1992, and the $64 billion Ponzi scheme noticed him utilizing the money from new buyers to pay the outdated ones. It worn out folks’s life financial savings, financially broken charities and devastated numerous victims.

In 2009, Madoff pled responsible to securities fraud and different prices, and he was given a 150-year jail sentence. On April 14, 2021, Madoff died on the age of 82 from pure causes whereas serving his 150-year jail sentence.