New York Attorney General Letitia James is seeking $370 million, plus 9% interest in penalties, from former President Trump as part of her lawsuit against him. The trial, which began in October, has entered the closing arguments phase. James claims that Trump inflated his financial statements and deceived banks, alleging fraud and seeking repayment for illicitly gained profits.
The lawsuit accuses Trump and his family of overvaluing assets and exaggerating net worth in order to deceive banks, insurers, and others during the building of his real estate empire. In a recent filing, James stated that “the conclusion that defendants intended to defraud when preparing and certifying Trump’s SFCs is inescapable.”
If New York Judge Arthur Engoron grants James’ request, the funds would go to the New York State Treasury, unless directed elsewhere by the state comptroller. New York law mandates that funds shall be “deposited in the state treasury, or fund under its management as may be directed by statute or as otherwise directed by the comptroller with the concurrence of the director of the budget.”
Former President Trump, who has denied any wrongdoing, expressed dissatisfaction with the trial, calling it “a very unfair trial” and claiming to have no jury and no rights. Trump hopes to speak and assist his lawyers in revealing what he believes to be defects in the case. He criticized James, accusing her of having a personal vendetta against him.
Throughout the trial, Trump’s defense has presented witnesses, including former Deutsche Bank top executives, who testified that the bank viewed Trump as a valuable client. Expert witnesses, such as New York University accounting professor Eli Bartov, have also testified in support of Trump, finding no evidence of accounting fraud in his financial statements.
The outcome of this trial will have significant implications for both Trump and the New York Attorney General’s office. If James is successful in her pursuit, it could set a precedent for holding former presidents accountable for their financial actions. On the other hand, a ruling in Trump’s favor would strengthen his claims of innocence and vindicate his defense team’s arguments.
It remains to be seen how Judge Engoron will rule in this high-stakes civil trial. As the closing arguments conclude, the public awaits a decision that could potentially impact the financial landscape and political discourse in the United States.
