Former President Donald Trump's company, the Trump Organization, has admitted to no longer preparing comprehensive financial statements, a key revelation in his ongoing civil fraud trial in New York. Mark Hawthorn, the chief operating officer of the Trump Organization's hotel arm, testified in court on Monday that while the firm does prepare audits and specific financial reports, there is no longer a consolidated financial statement for the company.

The absence of comprehensive financial statements came to light during New York Attorney General Letitia James's $250 million lawsuit against Trump, his two adult sons, and the Trump Organization. The lawsuit claims that the company manipulated its financial statements to obtain lower taxes, secure better insurance coverage, and deceive lenders by inflating and deflating the value of its assets. Trump and his sons vehemently deny these allegations.

The financial statements for the years 2014 to 2021 are at the core of the lawsuit, with the prosecution arguing that the company provided misleading information. Trump, however, maintains that his wealth was understated rather than exaggerated on these statements and that disclaimers were included to indicate they were unaudited and subject to different interpretations.

Trump's defense team has contended that the Trump Organization has produced numerous financial documents throughout the trial that have not raised any concerns. Lawyer Clifford Robert argued that these documents are representative of the company's financial condition and should be considered relevant. However, attorney Andrew Amer of James's office disputed this, saying that the focus of the suit is specifically on Trump's statements of financial condition, rendering the other documents irrelevant.

Judge Arthur Engoron has already ruled that Trump and his co-defendants engaged in fraud. The trial, which has been underway for nearly two months, aims to determine the veracity of claims relating to conspiracy, insurance fraud, and falsification of business records.

The defense recently began presenting its case and called former Trump executive Jeffrey McConney as a witness. McConney, the former corporate controller of the Trump Organization, testified last week, defending the legitimacy of the asset valuations conducted by himself and other executives. In an emotional moment, McConney stated that he never intended to mislead anyone or provide inaccurate information, expressing his confidence in the company's valuation practices.

As the trial continues, the absence of comprehensive financial statements from the Trump Organization further intensifies the scrutiny surrounding the alleged fraudulent activities. The court's eventual decision will have significant implications for the former president, his business, and the ongoing investigations into his financial affairs.