The judge overseeing Donald Trump's civil fraud trial on Tuesday imposed a gag order – promising sanctions for any breaches – after the former US president used social media to lash out against the judge's top law clerk.
Justice Arthur Engoron of the New York state court in Manhattan told lawyers for Mr Trump and New York Attorney General Letitia James, who brought the fraud case, that attacks on his staff were “unacceptable, inappropriate and will not be tolerated under any circumstances”.
Acting on the second day of evidence in the trial, the judge forbade both sides from speaking about his staff and threatened “serious sanctions” if anyone did.
“Consider this statement a gag order,” Mr Engoron added.
Ms James has accused Mr Trump, his two adult sons, the Trump Organisation and others of inflating asset values over a decade to secure favourable bank loans and insurance terms as well as exaggerating the former president's own riches by more than $2 billion. The trial could lead to the dismantling of Mr Trump's business empire as he seeks to regain the presidency in 2024.
Mr Engoron spoke after Mr Trump shared a social media post of the clerk, who was identified by name, posing with Senate Majority Leader Chuck Schumer of New York, who is not involved in the case. Mr Trump referred to the clerk as “Schumer's girlfriend”.
“How disgraceful!” added Mr Trump, the front-runner for the Republican nomination to face Democratic President Joe Biden in the 2024 election. “This case should be dismissed immediately!!”
Mr Trump's post was later deleted.
The order came as the government's first witness, Mr Trump's former accountant Donald Bender, gave evidence for a second day as the attorney general's office tries to show that Mr Trump and his family business deceived even the people reviewing his financials.
Under questioning from Kevin Wallace, a lawyer in Ms James's office, Mr Bender said financial statements he prepared for the Trump Organisation were largely based on self-reported figures.
Ms James is seeking at least $250 million in fines, a permanent ban against Mr Trump and his sons, Donald Jr and Eric, from running businesses in New York, and a five-year commercial real estate ban against the former president and the Trump Organisation.
Earlier in the day, Mr Trump renewed his attacks on Ms James, telling reporters that the Democrat was “grossly incompetent” and had concocted a bogus case.
“Her numbers are fraudulent,” Mr Trump said. “She's a fraud.”
Mr Engoron had ruled before the trial that Mr Trump committed fraud and cancelled business certificates for companies that control crown jewels of his portfolio, including Trump Tower and 40 Wall Street in Manhattan.
The trial will review six additional claims including falsifying business records, insurance fraud and conspiracy, and address how much the defendants should pay in penalties. The trial could last into December.
Others expected to give evidence include the Trump Organisation's former chief financial officer and controller and Mr Trump's former lawyer and fixer Michael Cohen. Mr Trump and his adult sons are also on Ms James's witness list.
Mr Trump has denied wrongdoing.
The finalists
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Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
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TOUR RESULTS AND FIXTURES
June 3: NZ Provincial Barbarians 7 Lions 13
June 7: Blues 22 Lions 16
June 10: Crusaders 3 Lions 12
June 13: Highlanders 23 Lions 22
June 17: Maori All Blacks 10 Lions 32
June 20: Chiefs 6 Lions 34
June 24: New Zealand 30 Lions 15 (First Test)
June 27: Hurricanes 31 Lions 31
July 1: New Zealand 21 Lions 24 (Second Test)
July 8: New Zealand v Lions (Third Test) - kick-off 11.30am (UAE)
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
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Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
