Lawyers for Donald Trump and the state of New York are preparing for closing arguments in the former president's civil business fraud trial. The trial, which has spanned over 10 weeks, centers around allegations that Trump deceived banks and insurers by inflating his net worth. New York Attorney General Letitia James filed the lawsuit, accusing Trump of engaging in deceptive practices to secure favorable rates on loans and insurance. The lawsuit claims that Trump's personal financial statements, known as "statements of financial condition," provided exaggerated values for his assets, including golf courses, hotels, and his former home in Trump Tower. Kevin Wallace, a lawyer in James' office, argued in court filings that the evidence presented during the trial clearly indicates that Trump intended to defraud. He described the deceptive schemes used by Trump and his company as “outrageous” and lacking any innocent explanation.

In response, Trump and his defense team deny any wrongdoing and assert that the allegations are politically motivated. They argue that any overestimations in Trump's financial statements were mere mistakes and did not impact the overall assessment of his wealth. Trump's lawyers, Michael Madaio and Christopher Kise, contend that errors or misstatements in accounting are common and do not constitute fraud unless there is evidence of concealment or deceit, which they claim is absent in this case. They also argue that claims against Trump's sons, Donald Trump Jr. and Eric Trump, should be dismissed since they had minimal involvement in the creation and preparation of their father's financial statements.

Throughout the trial, Trump has accused Attorney General James, Judge Arthur Engoron, and other Democrats of using the legal system to hinder his chances of winning back the White House. He characterizes the case as a political maneuver and a baseless attack on his reputation. The judge, who will decide the verdict as the case does not allow for a jury, has already ruled that Trump engaged in fraud for years. As a result, a receiver has been appointed to control some of Trump's properties, although an appeals court has temporarily frozen that order.

The trial has had significant implications for Trump's business ventures in New York. If found guilty, he could be barred from conducting business in the state where he built his real estate empire. James is seeking additional penalties of over $300 million and aims to prevent Trump from conducting future business in New York. The trial's conclusion and subsequent verdict are expected by the end of the month.