New York Attorney General Letitia James is urging for a $370 million penalty against former President Donald Trump and his enterprises, coupled with a permanent prohibition on Trump, as well as two of his former company executives, from involvement in the real estate sector within the state.
In post-trial motions filed on Friday concerning the Trump fraud case, lawyers from James’ office pressed for the prescribed penalties. They itemized the amounts, asserting that Trump is accountable for $168 million in interest purportedly saved through fraudulent means. This comprises $152 million from the sale of the Old Post Office building in Washington, D.C., housing one of Trump’s hotels, $60 million related to the Ferry Point Golf Course contract transfer, and an additional $2.5 million from severance agreements with Allen Howard Weisselberg, the former Trump Organization chief financial officer, and Jeff McConney, the ex-Trump Organization controller.
Letitia James is additionally advocating for a lifelong prohibition on Trump, Weisselberg, and McConney from participating in the real estate industry, as well as from assuming roles as officers or directors in New York corporations or entities. The attorney general is also proposing five-year bans for Trump’s eldest sons, Donald Trump Jr. and Eric Trump, under similar conditions.
The case’s summary judgment established the former president, his company, and top executives as culpable for systematic and persistent fraud in the preparation and certification of Trump’s financial statements. These statements were falsely inflated, claiming amounts between $812 million and $2.2 billion.
A separate motion filed on Friday by the defense team contends that the evidence does not substantiate an intention to defraud on Trump’s part, as well as on the part of Weisselberg and McConney. The defense lawyers argue that the attorney general’s office has not adequately proven insurance fraud and has failed to illustrate any real-world consequences. They further assert that banks conducted their own due diligence on the financial statements.
Despite the legal developments, Trump continues to vehemently deny any wrongdoing, characterizing the lawsuit as a politically motivated “witch hunt.” He has vowed to contest the judge’s ruling and emphasized his innocence in a post on Truth Social, a platform he endorsed. In the post, Trump asserted, in capital letters, “I did nothing wrong, my financial statements are great, & very conservative, the exact opposite of what the highly political & totally corrupt New York state attorney general says.”