New York Attorney General Letitia James is now seeking a $370 million fine in her civil fraud case against former President Donald Trump, up from the $250 million she originally sought when she first filed her lawsuit in September 2022. Was filed, according to the next new court filing. Last debate of the week in the case.Thank you for reading this post, don't forget to subscribe!
New York Attorney General Letitia James addresses the media outside the New York Supreme Court… [+] Following proceedings in the civil fraud trial against former President Donald Trump, in New York on Wednesday, November 8, 2023. (AP Photo/Yuki Iwamura)
The filing says damages will include pre-judgment interest, and is also seeking to bar James Trump from conducting real estate business in New York.
The Attorney General alleged that Trump and his co-defendants “misappropriated millions of dollars” as a result of alleged schemes to fraudulently misstate the value of Trump and his businesses’ assets.
James cited evidence uncovered throughout the case as the basis for the new calculations, dividing the losses into three categories: money earned from interest rate savings due to Trump misreporting his assets, profits from two deals that James alleges that the funds were fraudulently obtained and paid as “bonuses” to Trump Organization employees who participated in the scheme.
Both deals include a $139 million gain from the sale of the old post office in Washington and a $60 million gain from the sale of the Ferry Point Golf Course in New York City.
In their own filing, Trump’s lawyers rejected the allegations, arguing that the allegations were beyond the statute of limitations and that the transactions had no “real-world impact.”
Trump has repeatedly denied any wrongdoing and described the case as “complete and utter election interference.”
In 2022, James sued Trump, his business associates—including his son—and the Trump Organization, alleging that they sold assets to financial institutions in order to increase Trump’s net worth and obtain more favorable business deals. Fraudulent in the value of Rs. Manhattan-based Judge Arthur Engoron has already ruled that Trump and his company committed fraud by inflating the value of the property, but must rule on other elements of the attorney general’s case, with closing arguments scheduled for Jan. 11.
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James additionally wants to bar Trump’s sons, Donald Trump, Jr. and Eric Trump, from participating in the New York real estate business for five years.
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