World

New York Attorney General seeks $370m from Donald Trump in real estate fraud case

Court documents revealed that attorney general seeks substantial $370 million—exceeding previous $250 million—to be determined by Justice Arthur Engoron

By Web Desk

January 06, 2024

Former US President and 2024 Republican Presidential hopeful Donald Trump walks off the stage after speaking at a Republican volunteer recruitment event at Fervent, a Calvary Chapel, in Las Vegas, Nevada on July 8, 2023. — AFP

New York's legal showdown against former President Donald Trump has escalated, with Attorney General Letitia James urging a permanent ban on Trump's involvement in the state's real estate over "outrageous" fraud allegations.

The case, heading for closing arguments, centres on accusations of inflating property values. Court documents revealed that the attorney general seeks a substantial $370 million—exceeding the previously stated $250 million—to be determined by Justice Arthur Engoron.

Trump, the front-runner for the Republican nomination in 2024, faces severe repercussions if found guilty. Engoron previously held Trump accountable for fraudulent wealth exaggeration to secure better loans. The attorney general aims not only for financial penalties but also to limit Trump's business activities within New York.

Despite Trump's vehement denial and dismissal of the case as a "witch hunt," the trial's intensity grows. The trial, spanning three months last year, featured Trump's assertion of innocence and defiance against perceived political bias. His adult children, Donald Jr., Eric, and Ivanka, testified, distancing themselves from the financial statements at the heart of the trial.

However, James' office deemed Trump's actions as part of "myriad deceptive schemes" that manipulated asset values and concealed facts beyond innocent explanation.

The stakes for Trump's empire have risen dramatically. Engoron previously ordered the dissolution of companies controlling Trump's prized assets like Trump Tower and 40 Wall Street, pending Trump's appeal.

The legal battles don't end there. Trump faces criminal charges in multiple states, including Washington and Georgia, related to efforts to overturn the 2020 election results. His trials' timelines remain uncertain amidst the legal chaos surrounding him.

The case's outcome, with a potential ban from New York's real estate and significant financial penalties, could reshape Trump's future and political trajectory.