Laughters as NY AG, Letitia James, stared down at Donald Trump in court room in New York city during fraud case

Donald Trump arrived at a New York court just a few miles south of Trump Tower on Monday for the first day of a fraud trial that could see the former president and his family business paying hundreds of millions of dollars in damages and that has already threatened to end his business career in the city where it started.

The New York attorney general, Letitia James, has accused Trump of using false and misleading financial statements from 2011 to 2021 to make himself and his businesses wealthier, helping him broker deals and obtain financing. Based on her office’s three-year investigation, James is arguing that Trump owes at least $250m for committing fraud. Trump showed up voluntarily for the trial, with his control over Trump Tower and some other major real estate holdings in jeopardy.

“This is a continuation of the single greatest witch hunt of all time,” the Republican said as he approached the courtroom, reiterating claims that James, a Democrat, is trying to thwart his return to the White House.

“It’s a scam. It’s a sham,” Trump said. He called the case “an attempt to hurt me in an election” and added: “I don’t think the people of this country are going to stand for it.”Judge Arthur Engoron already has ruled that Trump committed fraud in his business dealings. Last week’s ruling, if upheld on appeal, could force Trump to give up New York properties including Trump Tower, a Wall Street office building, golf courses and a suburban estate. Trump has called it a “a corporate death penalty” and insisted the judge is unfair and out to get him.

It is a non-jury trial, so Engoron will decide on six other claims in the lawsuit. James is seeking $250 million in penalties and a ban on Trump doing business in New York.

Before the trial Monday, James reiterated her position that Trump for years engaged in “persistent and repeated fraud.”

“No matter how powerful you are, and no matter how much money you think you have, no one is above the law,” she said on her way into the courthouse.

“This is a continuation of the single greatest witch-hunt of all time,” Trump said as he headed into court. He called James, who is Black, a “racist” and a “horror show” and said the case was being overseen by a “rogue judge”.

“My message is simple: No matter how powerful you are, no matter how much money you think you may have, no one is above the law,” James said outside the court.

During the three-year investigation, James found that Trump had exaggerated the value of 23 of his properties and assets to the tune of hundreds of millions or even billions of dollars. Trump used these financial statements to obtain favorable loans and make his net worth appear higher than it actually was. Things have not gone well for the Trump camp so far. Last Tuesday, Engoron found Trump guilty of fraud, saying that documents submitted as evidence showed persistent use of faulty financial statements. Trump, he said, was working within a “fantasy world, not a real world”.

Engoron said in his ruling that the attorney general’s office will have to provide evidence of “some component of intent and materiality” in Trump’s fraudulent financial statements – meaning proof that he intentionally inflated his assets for financial gain.

The judge delivered a dramatic punishment to Trump, along with his adult sons, Donald Trump Jr and Eric Trump, who will see their business certificates canceled. This will make it nearly impossible for them to continue doing business in New York.