In a high-stakes civil fraud trial, lawyers for former President Donald J. Trump and the New York attorney general, Letitia James, presented their closing arguments on Thursday. The trial, which has spanned over three months, revolves around allegations that Trump fraudulently exaggerated his net worth to obtain favorable loans. James's lawyers argued that Trump violated laws and should face severe punishment, including a $370 million penalty and being ousted from his own company and the wider world of New York real estate.

The attorney general's legal team highlighted evidence from the trial, including internal emails and testimony from former Trump employees, to support their claims. They argued that Trump's actions warrant a severe penalty and emphasized the importance of holding him accountable for his alleged fraudulent activities. Throughout the trial, James has emerged as one of Trump's chief antagonists, seeking to expose his alleged wrongdoing and ensure justice is served.

On the other hand, Trump's lawyers presented a competing narrative, claiming that James failed to prove that the former president orchestrated fraud in his financial statements. They argued that the statements themselves were irrelevant to the loans he received and that no bank or underwriter was misled by the alleged misstatements. Trump's lawyers pointed to the testimony of his bankers, who praised him as a reliable borrower, and argued that the accusations against him were unfounded.

Trump had hoped to deliver his own closing statement, but Judge Arthur F. Engoron imposed limits on his remarks. The judge ruled that Trump could not deliver a campaign speech or attack the judge, his staff, or James. This decision prevented Trump from making a final plea in his defense and added to the tension surrounding the trial.

Throughout the trial, there have been heated courtroom outbursts and confrontations, reflecting the intense emotions surrounding the case. Trump was fined twice for violating a gag order and has repeatedly criticized the trial as political retribution by Democrats. Despite the trial's conclusion, the repercussions for Trump and his family business remain uncertain. The judge will now consider the arguments presented and make a final judgment that could have significant implications for Trump's financial and political future.