Cushman & Wakefield executive David McArdle, who was hired to appraise the value of 71 undeveloped residential units at the Trump National Golf Club in Westchester County, New York, testified that he also conducted multiple appraisals for conservation easements at the property in 2014 and 2015.

Signing a conservation easement would allow the Trump Organization to give up their development rights and treat the difference in property value as a charitable donation, according to the New York attorney general.

By giving up the right to develop the 71 residential units, McArdle found that the donation was worth $43 million, according to an April 2014 appraisal. A later appraisal McArdle conducted in 2015 landed on a similar valuation of $45.2 million.

But Trump's financial statements from those years appear to ignore the appraisals, valuing the land from the undeveloped units at $101 million, according to documents entered into evidence.

"Based on the supporting data, the only source for the increase in the number of units and profit per unit were telephone conversations with Eric Trump," the New York attorney general alleged in her complaint.

McArdle also testified that he was consulted to appraise Seven Springs, a New York estate Trump purchased for $7.5 million in 1995.

To value the property, which could be subdivided into 24 to 26 residential lots, McArdle testified that he toured the site, consulted a local expert, and spoke with Eric Trump on multiple occasions.

"He had a very high opinion of the property, which didn't surprise me," McArdle said.

His appraisal ultimately determined the total value for the lots in 2014 was $30-$50 million, McArdle said.

But the New York attorney general alleges that appraisal was ignored in Trump's 2014 financial statement, in favor of a "false and misleading" value of $161 million for a portion of the undeveloped lots.

Eric Trump personally pushed for a higher valuation for 71 undeveloped residential units at the Trump National Golf Club in Westchester County outside New York City, a real estate executive testified.

David McArdle of the real estate firm Cushman & Wakefield said he was hired to appraise the future value of the duplex units to be built along the golf course's 18th hole fairway. McArdle said he personally worked with Trump Organization VP Eric Trump on the project in 2013.

"Eric loved this project. He thought it was very special," McArdle said.

When McArdle eyed a value between $40-$45 million, Eric Trump pushed for a higher value, McArdle said.

In an email that was entered into evidence, McArdle wrote to a colleague regarding Eric Trump: "He continues to call me. I am uncomfortable not replying, please call him."

McArdle testified that he wanted to be "respectful" to Eric Trump, who he hoped to work with on future projects; however, McArdle said he and Eric Trump continued to disagree about the value of the undeveloped units.

"Eric had certain ideas about value. They may have been more lofty than $45 million," McArdle testified.

McArdle said was firm on the $45 million valuation, adding that he did not want to put "Eric in a vulnerable position" because the appraisal could be "under a lot of scrutiny by the IRS or a court."

"We were sort of at the end, and anything beyond $45 million would have put people at risk," he said.

When Ladder Capital executive Jack Weisselberg worked on a $160 million loan for the Trump Organization, he partially relied on Donald Trump's financial statements, according to his testimony this morning.

"The liquidity was really what we were paying attention to," said Jack Weisselberg in reference to the $302 million in cash and marketable assets Trump claimed in his 2014 statement of financial condition.

Pressed on direct examination, Jack Weisselberg declined to say he fully relied on the statement, which the New York attorney general alleges was fraudulently inflated.

"The net worth was one of many statements we were looking at in the underwriting process. It was a factor," Jack Weisselberg said.

He stepped down from the witness stand at the conclusion of questioning, though defense counsel reserved the right to call him back during their case.

Lawyers for former President Trump and New York AG Letitia James began court with a 25-minute private sidebar discussion with Judge Arthur Engoron.

Earlier the attorney general's office requested a forensic examination of Trump Organization data after identifying what they said were "likely omissions" of emails related to former CFO Allen Weisselberg.

"Excuse me, be more respectful," state attorney Colleen Faherty audibly said during one point of the heated sidebar.

"No," Trump attorney Chris Kise responded.

Former President Donald Trump must pay $354 million for fraudulent business practices, Judge Arthur Engoron has ruled.

Trump's sons Donald Trump Jr. and Eric Trump have been fined $4 million apiece, and former Trump Organization CFO Allen Weisselberg has been fined $1 million.

The decision bars Trump barred from serving as an officer of a New York company for three years, and bars his sons for two years apiece.

Regarding the dissolution of Trump's companies, the decision says, "This Court hereby modifies its September 26, 2023, Decision and Order solely to the extent of removing the language ordering the LLCs cancellation en masse. The restructuring and potential dissolution of any LLCs shall be subject to individual review by the Court appointed Independent Director of Compliance in consultation with Judge Jones."

In his decision, Engoron wrote that "Defendants' refusal to admit error -- indeed, to continue it, according to the Independent Monitor -- constrains this Court to conclude that they will engage in it going forward unless judicially restrained."

"Overall, Donald Trump rarely responded to the questions asked, and he frequently interjected long, irrelevant speeches on issues far beyond the scope of the trial," the judge wrote. "His refusal to answer the questions directly, or in some cases, at all, severely compromised his credibility."

"The accountants created these 'compilations' based on data submitted by the Trump entities," the decision said. "In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements. When confronted at trial with the statements, defendants' fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences."

Of Donald Trump Jr., Engoron wrote, "Despite disclaiming responsibility for or knowledge of the Statements of Financial Conditions' contents, Trump, Jr. still insisted that the Statements of Financial Condition were 'materially accurate.'"

Engoron's decision follows an 11-week civil trial in New York, where Trump and three of his adult children testified.

New York Attorney General Letitia James sued Trump, his two adult sons, and Trump Organization executives in September 2022 for issuing fraudulent financial statements -- including over 200 false and misleading asset values between 2011 and 2021 -- to get better loan terms and business deals.