Letitia James' Warning to 'Powerful' People After Trump Trial

After resting her case in Donald Trump's business fraud lawsuit, New York Attorney General Letitia James has a message for the former president: No one is above the law.

Trump has been facing a $250 million lawsuit over allegations that he, The Trump Organization and key executives of the company inflated his net worth to obtain more favorable terms from lenders and insurance. Trump maintains his innocence, saying that the financial statements pointed out by James' office understate his net worth and the value of his properties.

New York State Supreme Court Justice Arthur Engoron already ruled against Trump in a partial summary prior to heading to trial, finding that the former president inflated the value of his assets. Both sides rested their cases earlier this week and will reconvene on January 11 to deliver closing arguments.

"Before this trial even began, the judge ruled in our favor and found that Donald Trump did engage in years of significant financial fraud we uncovered," James said in a video message shared to X, formerly Twitter, on Friday. "Throughout this trial, we revealed the full extent of that fraud."

During the 11-week trial, prosecutors called on a plethora of witnesses to testify, including Trump, his two eldest sons and co-defendants Eric Trump and Donald Trump Jr., as well as the former president's eldest daughter Ivanka. Engoron's final ruling in the case, expected sometime early next year, will determine how much Trump and his co-defendants owe in damages.

"We introduced extensive evidence and questioned more than two dozen witnesses," James continued in her message. "We heard from Donald Trump and his family, his co-defendants, his current and former employees at the Trump Organization ... and their testimony illustrated years of fraud and baseless valuations to inflate Donald Trump's net worth."

"Next month, we will return to court to present our closing argument," James concluded. "I'm confident in our case and that justice will prevail. No matter how powerful you think you are, or how much money you think you have, everyone is equal under the law, even Donald Trump."

When reached for comment Thursday evening, James' office directed Newsweek to a press release shared by the attorney general on Wednesday, which stated that prosecutors were looking "forward to presenting our closing argument on January 11."

Newsweek reached out to Trump's press team for comment on Friday.

The former president's defense team called on several expert witnesses to take the stand during the case, who testified that Trump's financial statements showed no proof of fraud. Trump's attorneys also homed in on the argument that a disclaimer clause attached to the statements in question—which warned lenders that the documents may be incorrect—shields Trump from any wrongdoing.

When reached for comment, Trump's press team directed Newsweek to a Thursday post by the former president on Truth Social, in which Trump said that he is worth "billions of dollars" more than what James' office claims and again accused prosecutors of pursuing the lawsuit out of political motives.

"Hopefully, Judge Engoron, who should have never taken this NON JURY Trial, or should have dismissed it long ago, will show that the New York State Judicial System is ALIVE, RESPECTED, AND WELL," the former president added.

Update 12/15/2023, 5:02 p.m. ET: This article has been updated with additional comment from Trump's press team.