Trump overstated worth by billions, New York attorney general says – CNA
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NEW YORK: Donald Trump should be permanently barred from New York’s real estate industry for “outrageous” fraud, the state attorney general said in a court filing ahead of closing arguments in a civil case against the former US president.
The filing by New York Attorney General Letitia James said Trump’s “myriad deceptive schemes” to “inflate asset values and conceal facts were so outrageous that they belie innocent explanation”.
Trump’s lawyers countered in an opposing filing that the state failed to show any “real-world impact” from Trump’s financial statements to banks, which according to a judge overstated his net worth by billions of dollars.
The final briefs for both sides will be followed by closing arguments on Thursday (Jan 11) and the judge presiding over the case, Justice Arthur Engoron, will hand down a verdict at a later date.
The case threatens to strip Trump of prized real estate assets, and Engoron has already found the frontrunner for the 2024 Republican presidential nomination liable for fraudulently overstating his wealth by billions of dollars to secure better loan terms.
The three-month trial last year largely concerned damages. James, an elected Democrat, is seeking at least $250 million in penalties and sharp restrictions on Trump’s ability to do business in the state.
Trump has denied wrongdoing and called the case a political witch hunt.
The case is part of a maelstrom of legal troubles Trump faces as he campaigns to square off against President Joe Biden in the November 2024 election, though none have yet diminished his commanding lead over Republican rivals.
During defiant and meandering testimony in October, Trump boasted about his business acumen and railed against what he said was political bias against him by James and Engoron.
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