As trustees and Senior Vice President of their family real estate empire, both of Donald Trump’s elder sons claim they had no idea of the company’s workings and finances.

Donald Jr distanced himself from his trustee responsibilities as a financial steward of the Trump organisation by claiming “that’s what we have CPA’s for…“.

Both Trump sons have given testimony in the civil fraud trial brought by New York State, which argues the Trump organisation inflated property valuations in order to obtain favourable loan agreements.

It is a powerful reminder of directors’ fiduciary duties. You cannot rely the advice of staff, experts or other directors. You must be able to read and understand financial statements and make an independent assessment of the advice.