In a recent development surrounding the New York fraud trial against the Trump Organization, former President Donald Trump's adult sons, Donald Trump Jr. and Eric Trump, have distanced themselves from the financial statements that are at the heart of the case. Testifying on Thursday, both sons denied any involvement in their father's financial statements, asserting that they relied on accountants and experts to ensure the accuracy of the numbers.

The statements of financial condition, which outline the value of the Trump Organization's assets and were submitted to banks and insurers for loans and deals, are crucial in the attorney general's lawsuit. The lawsuit alleges that the Trump Organization exaggerated and manipulated the value of its assets to secure lower taxes and improved insurance coverage.

During his testimony, Donald Trump Jr., as an executive vice president of the Trump Organization and trustee of his father's assets, disclosed that he signed off on the financial statements. However, he emphasized that he trusted the expertise of accountants and executives, particularly the then-Chief Financial Officer Allen Weisselberg, to ensure the accuracy of the numbers.

Eric Trump also denied any involvement with the financial statements but was questioned about a 2013 email he received from another company executive, which requested information necessary for completing his father's financial statement. Eric Trump conceded that it appeared he had knowledge of the document.

The legal team representing Trump aims to shift the blame for the inaccurate statements onto the accountants who prepared them. Their approach has involved questioning Donald Bender, a former Trump accountant, during cross-examination. However, Judge Arthur Engoron advised that the accountant is not on trial, prompting disagreement from Trump's attorney, Chris Kise.

Prior to the trial's commencement, Engoron had already ruled that Trump, the Trump Organization, and Trump's sons were liable for fraud. This decision resulted in the cancellation of some of Trump's business licenses and placed several of his properties at risk. However, an appeals court has temporarily halted the license cancellation pending further review.

The ongoing trial will ultimately determine the penalties owed by the defendants and ascertain individual levels of responsibility for the fraud. An expert witness testified earlier in the week that the Trump Organization's inflated financial statements may have cost banks over $168 million in interest.

New York Attorney General Letitia James has requested penalties totaling $250 million and a prohibition on Trump and his children serving as officers or directors in New York companies.

Donald Trump is expected to testify in the wide-ranging fraud trial next week, further adding to the significance of the case.

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