The trial was held October 2, 2023 – January 11, 2024. It was expected to address James's six claims not covered by the summary judgment, which include
falsifying business records,
conspiracy,
insurance fraud, and issuing false financial statements; further judgment was expected to consist of a $250 million disgorgement of ill-gotten gains and/or barring Trump and other defendants from the New York real-estate business for five years, Judge Engoron later said that a jury trial would not have been an option, since the state was only seeking disgorgement of ill-gotten gains and was not seeking damages. Trump voluntarily attended the first two days, and part of the third day, of his trial in New York City. On October 3, Trump posted on
Truth Social the name, photograph and social-media account of Engoron's
law clerk, with a false allegation about her. It had already been circulated to millions of recipients. Engoron ordered him to delete it; Trump told Engoron he did so, and Engoron accepted that as "apparently" true. Engoron then issued a
gag order "forbidding all parties from posting, emailing or speaking publicly about any members of my staff". On October 4, Trump called James a "political animal" and accused Engoron of having already made up his mind on how he would rule. He left the proceedings partway, telling journalists near his motorcade that he disliked being "stuck here", although his attendance was not required. After he left, James told reporters that Trump had treated his trial as "a political stunt, a fundraising stop". Bender said he did not recall ever consulting with Donald Trump Jr. or Ivanka Trump about the financial statements. Former organization controller Jeff McConney (who had overseen finances there for nearly 35 years until his retirement in early 2023) also testified. He told the court that he had received $375,000 of his severance payment and that he expected the company to pay him another $125,000. McConney continued his testimony on October 6. He said that he and Weisselberg agreed to report the value of Trump Park Avenue as if the rent-stabilized apartments could be sold at market value and to attribute value to Trump's brand name at his golf clubs. He said he valued Mar-a-Lago as if it were residential (although legally it is not). He also said that in 2011, Eric Trump directed him to include the value of seven unbuilt homes at the
Seven Springs development in the property's valuation.
Week 2 On October 10, 2023, the court was shown a document signed by Trump in 1994 acknowledging the true size of his Trump Tower penthouse, a figure he nearly tripled in financial documents from 2012 onwards. Weisselberg testified that he would not have noticed this discrepancy because it seemed to him relatively inconsequential. He also said he would not have noticed that his figure for Seven Springs was a $230 million overvaluation above its appraisal. On the morning of October 12,
Forbes published an article accusing Weisselberg of perjury when he said he "never focused" on the valuation of Trump's apartment, citing documents reputedly not provided to the OAG. Weisselberg also returned to the stand that morning, when he testified that Trump's three oldest children inquired about finances. When he left the organization, Weisselberg signed an agreement preventing his voluntary cooperation with investigators and was paid a severance of $2 million, the same amount he owed in his criminal plea deal, which he said was a "coincidence". On October 11, a former Deutsche Bank
risk management officer testified that Trump's financial statements helped him obtain larger loans and lower interest rates, including loans for $125 million for Trump's
Doral, Florida, golf club in 2011 and his
Chicago International Hotel and Tower in 2012. The bank's credit reports for Trump were shown on October 11 and 12. A banker for Deutsche Bank testified that over nearly a decade, Trump always made his payments on time, satisfying about $400 million in loans for his Doral golf club, his Chicago tower, and the
Trump International Hotel Washington, D.C., with the bank making millions of dollars in interest. The same banker told a lawyer for the AG that the bank valued achieving the best possible interest rates, supporting James's argument that Trump defrauded lenders millions of dollars via interest breaks he obtained by exaggerating his net worth. Organization assistant vice president Patrick Birney testified on October 12 that the 2017
Forbes article about Trump Tower (which revealed that Trump's claims about his penthouse size were overstated) prompted a revaluation of the property. Birney, Weisselberg, and other employees revalued the estate at $116 million in 2017 (down from $327 million in 2016) after researching transfers of similar Manhattan properties, namely a record-breaking purchase of a penthouse by billionaire
Kenneth C. Griffin. Additionally, Birney testified that he researched
Palm Beach homes to value Mar-a-Lago and did not learn of that property's 2002
deed classifying it as non-residential until the OAG pointed this out to him. On October 13, the court was shown draft spreadsheets that Birney had prepared in 2017, which proposed marking up the value of some of Trump's assets by 15–35% under the guise of a "presidential premium". Birney said Weisselberg "probably" made the request for these inflated valuations, which were not ultimately used on Trump's financial statements.
Week 3 Michael Cohen was expected to testify for at least two days during the week of October 16, 2023, but he announced on October 13 that a "pre-existing medical condition" would delay him from being able to testify. He later announced that he would testify the week of October 23. On October 16, Birney testified that at some point between 2017 and 2019, Weisselberg told him that Trump wanted his net worth on financial statements to increase. Also on October 16, Trump, who has repeatedly insulted the AG, linked to a story by far-right activist
Laura Loomer containing James's home address. The court's gag order only applies to its staff and does not protect others involved in the trial. On October 17, Trump reappeared at trial and told reporters that Mar-a-Lago was worth between $750 million and $1.5 billion. On October 18, Trump attended trial for the first part of the day. Organization executive Doug Larson stated during his
cross-examination that he was surprised that the organization had documented that he advised valuations. Larson denied incorrectly appraising a building. On October 19, the AG cited a
Forbes article from a week earlier implying that the organization withheld subpoenaed evidence, which was separately provided by
Marcus & Millichap. James suggested that an independent monitor conduct a forensic review of the organization's data from between August and September 2016. Additionally, on October 19, Cushman & Wakefield executive David McArdle testified. McArdle appraised 71 undeveloped residential units at New York's
Trump National Golf Club Westchester, and stated that in 2014 and 2015 he also appraised
conservation easements at the property, which would allow the organization to
sacrifice its development rights and treat the difference in value as a
charitable donation. McArdle determined that leaving the 71 units unbuilt would generate a donation of $43 million (in 2014) or $45.2 million (in 2015), but documents show that the organization valued the land at $101 million in those years. The AG asserted that the only basis for the increase was Eric Trump's verbal instruction. Additionally, McArdle testified that he was consulted for the appraisal of the Seven Springs grounds. In 2014, he valued it at $30–$50 million, while Donald Trump valued a portion of the property at $161 million. On the night of October 19, Ivanka Trump asked the court to dismiss her subpoena for witness testimony from the AG. Ivanka's lawyers argued that their client had been improperly served because the subpoenas were sent to three business addresses instead of her personal residence and because she no longer lived in New York. On October 20, Engoron fined Donald Trump $5,000 for violating a gag order. Engoron wrote that, on October 3, he had privately ordered Trump to remove a disparaging online post about a court staffer; about 10 minutes later, Trump told the judge that he had taken it down. It appeared to have been removed from Truth Social. However, Engoron had learned on the evening of October 19 that the post remained on another website, where it had apparently been "for the past 17 days. I understand it was removed late last night, but only in response to an email from this Court." Engoron called this a "blatant violation" (with Trump lawyer Chris Kise arguing that it was an oversight) and warned that further infractions could result in imprisonment. He said "this Court is way beyond the 'warning' stage."
Week 4 Michael Cohen testified on October 24, 2023, with Trump also present. Cohen said Trump tasked him with increasing his total asset values "based upon a number that [Trump] arbitrarily elected". Cohen said he and Allen Weisselberg would "reverse engineer" statements in order to meet the target number, with Weisselberg involving the three oldest Trump children in the process. Cohen continued his testimony on October 25. During her cross-examination of Cohen, Habba protested (apparently in reference to the law clerk) that "It is incredibly distracting when there are eye rolls and constant whispering at the bench", which Engoron agreed to suppress. During a break, Trump told reporters in a hallway that "This judge is a very partisan judge, with a person who's very partisan sitting alongside of him, perhaps even much more partisan than he is." Trump testified that he was referring to Engoron and Cohen, to which Engoron replied, "The idea that that statement would refer to the witness, that doesn't make sense", instead regarding the comment as referring to his law clerk. The judge ruled it to constitute a second violation of Trump's gag order and fined Trump $10,000, warning him, "Don't do it again or it will be worse." Engoron previously warned that further incursions could result in imprisonment. This led to Trump's legal team requesting that the case be dismissed, which the judge denied. Cohen went on to explain: The AG has cited Ivanka's continued involvement with the organization, as it pays many of her expenses and proffered her New York apartment for two and a half times less than it was otherwise valued.
Week 5 Donald Trump Jr. testified on November 1. He stated that he was not involved in preparing his father's financial statements and that the organization's accountants had worked on the 2017 statement. Donald Jr. stated that he did not recall certain details, including about why in 2021 (after a brief resignment) he was restored to a revocable trust in his father's name and whether Donald Sr. was still a trustee. Eric Trump also testified on November 2. Like his brother, he stated that he was not involved with preparing relevant financial statements. He was shown a 2012 email exchange with a representative of a golf course the organization was considering buying, which referred to an in-person meeting to review "a financial statement prepared by a
CPA firm reflecting Donald Trump's net worth". Eric said that he was unsure that the document in question was a statement of financial condition. He was also shown evidence that he was involved in reviewing outside appraisals of a Westchester property, despite his earlier testimony that he had not "really" been involved with appraising the property; he said he upheld his earlier testimony before admitting that he was "clearly involved, but to a very small point". and Ivanka's team withdrew their appeal request the next day.
Week 6 Trump testified for four hours on November 6. It would be his final testimony. He responded to some questions in a speechlike manner, prompting the judge to warn him that "This is not a political rally." Trump repeated his already-dismissed claim that disclaimers on financial statements absolved his company. Trump acknowledged that "I would look at them [the financial statements], I would see them, and I would maybe on occasion have some suggestions." He also acknowledged that he might have directed or influenced the valuations for several of the properties in question, possibly including his Trump Tower penthouse; he also admitted that specific valuation was one mistake the organization had made. As he left the courthouse, he told reporters that he had shown that "Everything we did was absolutely right." Ivanka Trump testified on November 8. According to the AG, Ivanka's testimony corroborated that "she clearly was involved in negotiating and securing ... favorable loans" for the primary defendants and that she financially benefited from fraudulent financial statements. The OAG then rested its case, having heard from 25 witnesses. The defense portion of the trial was expected to last until December 15.
Week 7 On November 15, the defense requested a mistrial, saying the judge was biased. The OAG told the court that the request lacked merit. On November 16, an appellate judge paused the gag order so a full panel of judges could reconsider it at a hearing on November 27. Barely an hour after the order was paused, Trump aide
Jason Miller linked to a website attacking the clerk, with Trump soon after posting negative comments to Truth Social about her and Engoron.
Week 8 On November 20, Jeff McConney testified that a disclaimer paragraph on Trump’s 2015 financial statement had been written by Mazars. McConney stated that he was "very proud" of his work for the organization and that he "gave up" his position because of the company's legal troubles.
Week 9 On November 29, independent monitor Barbara Jones told Engoron that in 2023 the organization transferred $29 million to Donald Trump, which he used to pay taxes, and that another two transfers each exceeded $5 million. The defendants were supposed to report any transfer over $5 million but did not report these. The judge dismissed Trump lawyer Chris Kise's request for a
directed verdict (his fourth such request in the trial), hinging on the testimony of a banker from Deutsche Bank that the bank benefitted from their loans to the defendants. Also on November 29, Trump made a social-media post accusing Engoron's wife of being "Trump Hating". He also accused Engoron's wife and law clerk of having "taken over control of the New York State Witch Hunt Trial". On November 30, the appeals court reimposed the gag order during the pending appeal. Engoron said he would enforce the gag order "rigorously and vigorously". The order covers Engoron's staff but not his family, and after it was reinstated, Trump continued talking about "the Judge's Wife" on social media. Also on November 30, Engoron announced that he would not issue a decision in the trial until at least the end of January 2024.
Week 10 On December 4, Trump's team asked for permission to appeal the reimposition of the gag order. (On December 10, the OAG asked the appellate division to deny this request.) Eric Trump was expected to testify on December 6, but this was abruptly canceled. Donald Trump attended trial on December 7, when expert witness Eli Bartov, an accounting specialist, testified that "there is no evidence whatsoever for any accounting fraud" and "the statements of financial condition were not materially mistaken". He claimed of the nearly tripled valuation of Trump's Manhattan penthouse, "Errors like that are not unusual." Bartov testified on December 8 that he had been paid nearly $900,000 for his testimony (from the organization and the Save America PAC). Another expert witness for the defense was reimbursed almost as much, while a state expert witness with a similar hourly rate made $350,000. Also on December 7, a New York appeals court agreed to postpone the cancellation of Trump's business certificates until after the trial and related appeals are processed. The defense rested their case later that same day. the final testimony in the case was given by an accounting professor called by the OAG to rebut an accounting professor called by Trump's team. On December 14, the New York appellate division rejected Trump's challenge of the gag order, describing it as "narrow" and that, thus, the "gravity of potential harm is small". (The appeal was dismissed the following month.) Trump's lawyers also announced in mid-December that they were preparing to appeal losses on charges Engoron has yet to rule on, prompting the judge to quip, "You're going to appeal?"
Hiatus A monthlong hiatus of in-person hearings was expected following the last week of testimony. On December 18, 2023, Engoron denied the Trump team's latest request for a directed verdict, saying it was a flawed assumption that the defendants' expert-witness testimony would be accepted as true. Engoron said Eli Bartov in particular had "lost all credibility" by portraying the relevant financial statements as flawless, when the judge had already ruled that they contain "numerous obvious errors". Engoron asserted that as a well-paid witness, Bartov had essentially said what the defendants wanted him to. Engoron also shot down the defendants' repeated argument that valuations are subjective due to using different criteria in different situations, saying, "a lie is still a lie." Trump attorney Chris Kise called this a "rejection of the real facts from the real participants in the real world". Additionally, the judge affirmed that the financial disclaimers "do not shield defendants from liability; if anything, they expose defendants". A deadline of January 5, 2024, was set for written arguments from both sides.
Closing arguments and ruling deliberation A few days ahead of closing arguments, Trump expressed interest in personally speaking during the defense's closing argument. On January 10, 2024, Engoron said Trump would be able to speak about "relevant, material facts that are in evidence, and application of the relevant law" but not introduce new evidence, "comment on irrelevant matters", or "deliver a campaign speech". Trump's team objected, so Engoron barred Trump from making closing arguments. Also on January 10, Trump lashed out at the judge on social media, calling him a "Trump hating judge" who was trying to "screw me". Trump appeared in person in court that day, his ninth appearance during the trial. Permitted to speak briefly, he again asserted his innocence and stated, "I'm being persecuted by someone running for office and I think you have to go outside the bounds." Engoron cut him off after about six minutes. A lawyer for Trump novelly claimed that the penalties sought by the AG were unconstitutional. Habba argued that the entire case was James's "agenda", citing the latter's possession of a
Starbucks coffee and insisting that her "shoes were off" in court, due to James having slipped one off. The judge said these details were irrelevant but let Habba continue. On January 23, the AG notified the court of a recent 2nd Circuit ruling in favor of a lifetime ban on
Martin Shkreli working in pharmaceuticals as supporting James's requested lifetime ban on Trump working in New York real estate. On January 26, Barbara Jones reported that in her 14 months of monitoring the organization, it had been cooperative and made some requested changes, but the documents it provided were frequently "lacking in completeness and timeliness" and contained inaccuracies. No department in the organization was evidently in charge of avoiding such issues. Additionally, Jones noted that the organization denied the existence of a $48 million loan to Donald Trump, which he claimed in late 2023 to owe to his company. A tax lawyer cited by
The Daily Beast said the matter appeared to be evidence of tax evasion. On February 5, Engoron requested details about Allen Weisselberg's plea deal in the criminal case, which suggested that the former CFO may have perjured himself while testifying in the civil case. Engoron said he would consider the ramifications and suggested that if Weisselberg pleaded guilty, it could affect the timing of his decision. (Weisselberg eventually pleaded guilty to perjury, after Engoron had finalized the judgment.) the ruling came a few weeks later. On February 16, 2024, Engoron found that: "In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements." Engoron found that during the trial, "defendants' fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences." Engoron ruled that the defendants had been "incapable of admitting the error of their ways", and that their "complete lack of contrition and remorse borders on pathological". In his ruling, Engoron dismissed various defenses. Engoron found that moneylenders issued loans while relying on false financial statements, contrary to the defense's claim that they did not. When the defendants blamed third-party accounting companies, Engoron found "overwhelming evidence" produced during the trial that the accounting companies "relied on the Trump Organization, not vice versa, to be truthful and accurate, and they had a right to do so".
Commentary about Ivanka Trump In his ruling, Engoron generally found most of the witnesses called by the defense either irrelevant or not very reliable. He also stated that Ivanka Trump (who had been dismissed as a defendant in the case due to a statute of limitations but was called as a witness) gave a clear testimony, but her inability to remember key details about negotiating loans while testifying for the prosecution was "suspect", given that she "vividly recalled details" when cross-examined by the defense.
Disgorgement and interest On February 16, in his proposed judgment, Engoron ruled that Donald Trump and his companies were liable to pay $354.8 million of disgorgement of ill-gotten gains, plus interest (the amount of which he established a week later when he finalized the judgment). The total amount owed by Trump and his companies: • $168 million of interest saved from favorable loans based on the false financial statements • $126 million of profits from the sale of the
Old Post Office based on false financial statements • $60 million of profits from the sale of
Ferry Point golf course in New York • $100 million (approximately) in interest as of the time of the judgment, to continue increasing until paid Other defendants additionally owed: • $4 million of profits from the Old Post Office sale, to be paid by Donald Trump Jr. • $4 million of profits from the Old Post Office sale, to be paid by Eric Trump • $1 million from compensation gained by Allen Weisselberg when he left the Trump Organization, to be paid by Weisselberg
Restriction on business activity Engoron also banned Donald Trump, Allen Weisselberg, and Jeffrey McConney from leading any New York companies or organizations for three years, while Eric Trump and Donald Trump Jr. received a similar ban for two years; Weisselberg and McConney were permanently banned from "financial control" of any New York company. Engoron decided not to dissolve the businesses, but ruled that an independent director of compliance must be installed to oversee financial reporting at the organization, while independent monitor Barbara Jones was instructed to continue in her role for at least three years.
Effective date Over email correspondence on February 21 and 22, Trump's team asked Engoron to delay enforcement of the judgment. The judge denied this, saying Trump's lawyers had "failed to explain ... any basis for a stay", and that he would instead sign the judgment and send it to the court clerk for further processing. On February 23, Engoron finalized the judgment. Trump had 30 days to appeal, for which he would first need to pay cash or post
bond for the $454 million. it was not known whether he in fact had enough available cash to pay the judgment. This would be ordinarily be administered by the
New York City sheriff or via a judgment
lien. , the court had not decided on his appeal, and thus payment was not yet enforced. == Bond payment ==