New York Attorney General Letitia James is asking for a $370 million fine and a lifelong ban from the real estate industry in the state for former President Donald Trump and two of his former company executives. This comes after a trial in the Trump fraud case.
James’ office lawyers are seeking the penalty, claiming that Trump owes $168 million in interest saved through fraud, $152 million from the sale of the Old Post Office building in Washington, D.C., $60 million from the Ferry Point Golf Course contract transfer, and $2.5 million from severance agreements for former Trump Organization CFO Allen Howard Weisselberg and ex-Trump Organization controller Jeff McConney.
James is also pushing for lifelong bans for Trump, Weisselberg, and McConney from participating in the real estate industry, as well as holding positions as officers or directors in New York corporations.
She is also requesting five-year bans for Trump’s sons, Donald Trump Jr. and Eric Trump, under the same conditions.
The case’s summary judgment found Trump, his company, and top executives liable for repeated fraud in inflating Trump’s financial statements by $812 million to $2.2 billion.
In a separate filing, defense attorneys argue that there’s no evidence showing an intent to defraud. They claim the attorney general’s office failed to prove insurance fraud and that banks conducted their own checks on the financial statements.
Trump, consistently denying any wrongdoing, dismisses the lawsuit as a partisan “witch hunt” and plans to appeal the judge’s ruling.
Trump stated on Truth Social on Friday, “I did nothing wrong, my financial statements are great, & very conservative, the exact opposite of what the highly political & totally corrupt New York state attorney general says.” The remark was written in all capital letters.
“This case should never have been brought, should be in the commercial division (the rigged judge would not let go of it!), & I should never have been gagged,” Trump continued. “Now the corrupt A.G. wants $370,000,000 as businesses flee New York. They should pay me. This is prosecutorial misconduct — a DOJ witch hunt!”
James’ office claims that Trump and others committed illegal acts to deceive and gained millions dishonestly. The amount she’s seeking is much more than the $250 million estimated in 2022 for damages from Trump and his business.
The trial started in early October and testimony concluded last month. Both sides will present closing arguments on Jan. 11, and Judge Arthur Engoron plans to release his written decision in the following weeks.
In a ruling on Dec. 18, Engoron expressed doubt about Trump’s team’s arguments that financial statements were accurate and that such valuations are subjective.
This business fraud lawsuit is just one of several major cases Trump is facing. He’s also charged with federal offenses related to alleged election interference in Washington, D.C., mishandling classified documents in Florida, and state election interference charges in Fulton County, Georgia.
