Trump faces $370M claim and business ban in NY

New York attorney general demands $370M repayment from Trump amid fraud allegations

Donald Trump
Photo courtesy: Gage Skidmore

In the aftermath of the civil fraud trial involving former President Donald Trump, New York Attorney General Letitia James has petitioned for a sum exceeding $370 million from Trump and his associates.

In addition to the financial claim, James seeks to prevent Trump from engaging in business activities within the state. The details emerged following the filing of a post-trial brief on Friday by the attorney general’s office.

Alleging an unmistakable intent to defraud in the preparation of Trump’s financial statements, Attorney General James emphasized the necessity of seeking repayment of $370 million, described as “ill-gotten gains,” citing a series of deceptive tactics utilized to inflate asset values and conceal pertinent information.

Judge Arthur Engoron had previously ruled that Trump and his co-defendants were liable for persistent and repeated fraud, alongside the annulment of Trump’s business certificates in New York. Despite Trump’s appeal and a temporary halt on dissolving the companies, the judge’s stance remained unaltered.

Trump’s legal team countered the allegations in their Friday brief, contending that most transactions cited in the attorney general’s complaint exceeded the statute of limitations. They further argued that Trump’s financial statements lacked material misstatements and failed to demonstrate any real-world consequences.

The recent submission of post-trial briefs sets the stage for upcoming closing arguments before Judge Engoron, with a verdict expected later this month. Engoron has previously dismissed various arguments put forth by Trump’s attorneys, affirming the legal validity of both the statute of limitations and disgorgement.

The extensively conducted 11-week trial aimed to determine the financial liabilities of the Trumps and their company, as well as the future of Trump’s business operations in New York. The attorney general’s office pursued six additional claims against Trump, encompassing conspiracy, false financial statements, falsification of business records, and insurance fraud.

Despite efforts by Trump’s defense during the trial, including attempts to sway the judge’s initial ruling, Judge Engoron remained resolute in his stance. In a firm denial of Trump’s motion to dismiss the case, Engoron expressed skepticism regarding the credibility of the defense’s expert witnesses and the persuasiveness of their primary arguments.

Trump’s legal team has indicated a clear intention to appeal both Engoron’s recent rulings and his earlier summary judgment decision, emphasizing their determination to contest the court’s findings.

This legal battle is added to those that Trump is carrying out to be able to present himself as a candidate in the next presidential elections.

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