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| Trump should pay $370m for financial fraud, says New York attorney general | Trump should pay $370m for financial fraud, says New York attorney general |
| (3 months later) | |
| Letitia James said in court filing Friday that increase from original ask of $250m due to evidence presented at civil trial | Letitia James said in court filing Friday that increase from original ask of $250m due to evidence presented at civil trial |
| Former US president Donald Trump and his business associates should pay $370m for decades of financial fraud, the New York attorney general has argued. | Former US president Donald Trump and his business associates should pay $370m for decades of financial fraud, the New York attorney general has argued. |
| In a court filing, state lawyers also asked the judge overseeing Trump’s civil fraud trial to permanently ban Trump from participating in New York’s real estate industry, or from serving as a director or officer at a corporation or legal entity in the state. | In a court filing, state lawyers also asked the judge overseeing Trump’s civil fraud trial to permanently ban Trump from participating in New York’s real estate industry, or from serving as a director or officer at a corporation or legal entity in the state. |
| Trump’s “myriad deceptive schemes” were “so outrageous that they belie innocent explanation”, the filing said. | Trump’s “myriad deceptive schemes” were “so outrageous that they belie innocent explanation”, the filing said. |
| Letitia James, the attorney general, had previously requested $250m when first filing a civil fraud lawsuit against Trump. Evidence of “ill-gotten gains” was outlined during more than 10 weeks of testimony in a Manhattan courtroom late last year, she says, necessitating the higher sum. | Letitia James, the attorney general, had previously requested $250m when first filing a civil fraud lawsuit against Trump. Evidence of “ill-gotten gains” was outlined during more than 10 weeks of testimony in a Manhattan courtroom late last year, she says, necessitating the higher sum. |
| A lawyer for Trump did not immediately respond to a request for comment. In an all-caps statement on his social network, the former president said he had done “nothing wrong”, and claimed his financial statements were the “exact opposite” of what James has described. “There was no victim, no default, no damages, no ‘nothing’,” he wrote. | A lawyer for Trump did not immediately respond to a request for comment. In an all-caps statement on his social network, the former president said he had done “nothing wrong”, and claimed his financial statements were the “exact opposite” of what James has described. “There was no victim, no default, no damages, no ‘nothing’,” he wrote. |
| The lawsuit accused Trump, his company and key executives of deceiving banks and insurers by vastly inflating his net worth. Trump got attractive rates on loans and insurance, James argues, because of the wealth he claimed on his personal statements of financial condition, or SFCs. | The lawsuit accused Trump, his company and key executives of deceiving banks and insurers by vastly inflating his net worth. Trump got attractive rates on loans and insurance, James argues, because of the wealth he claimed on his personal statements of financial condition, or SFCs. |
| The documents gave exorbitant values for golf courses, hotels and more, including Trump’s former home in his namesake tower in New York, the lawsuit alleges, as well as his current home at the Mar-a-Lago club in Palm Beach, Florida. | The documents gave exorbitant values for golf courses, hotels and more, including Trump’s former home in his namesake tower in New York, the lawsuit alleges, as well as his current home at the Mar-a-Lago club in Palm Beach, Florida. |
| The defendants have repeatedly denied any wrongdoing. Trump, who used social media and rallies to protest his innocence and to target the court’s staff, has alleged he is the subject of a political witch-hunt. | The defendants have repeatedly denied any wrongdoing. Trump, who used social media and rallies to protest his innocence and to target the court’s staff, has alleged he is the subject of a political witch-hunt. |
| Judge Arthur Engoron ruled before the trial that Trump and his family business committed fraud. He used the trial – focused on remaining claims of conspiracy, insurance fraud and falsifying business records – to decide on punishment. | Judge Arthur Engoron ruled before the trial that Trump and his family business committed fraud. He used the trial – focused on remaining claims of conspiracy, insurance fraud and falsifying business records – to decide on punishment. |
| Trump; Allen Weisselberg, the former chief financial officer of the Trump Organization; and Jeffrey McConney, the former corporate controller, “worked together for years to inflate Trump’s net worth while concealing the fraud from counterparties”, the state lawyers claimed in their filing. | Trump; Allen Weisselberg, the former chief financial officer of the Trump Organization; and Jeffrey McConney, the former corporate controller, “worked together for years to inflate Trump’s net worth while concealing the fraud from counterparties”, the state lawyers claimed in their filing. |
| “The conclusion that defendants intended to defraud when preparing and certifying Trump’s SFCs is inescapable,” wrote Kevin Wallace, a lawyer in James’s office. “The myriad deceptive schemes they employed to inflate asset values and conceal facts were so outrageous that they belie innocent explanation.” | “The conclusion that defendants intended to defraud when preparing and certifying Trump’s SFCs is inescapable,” wrote Kevin Wallace, a lawyer in James’s office. “The myriad deceptive schemes they employed to inflate asset values and conceal facts were so outrageous that they belie innocent explanation.” |
| Trump’s two eldest sons – Donald Jr and Eric – currently lead the Trump Organization, and are also defendants in the trial. The attorney general’s office argued that a five-year ban on either brother from participating in the New York real estate industry, or from serving as a corporate officer or director, “is necessary and appropriate”. | Trump’s two eldest sons – Donald Jr and Eric – currently lead the Trump Organization, and are also defendants in the trial. The attorney general’s office argued that a five-year ban on either brother from participating in the New York real estate industry, or from serving as a corporate officer or director, “is necessary and appropriate”. |
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| But in their own filing on Friday, lawyers for Trump argued that the attorney general’s office had failed in court to demonstrate any “real-world impact” of the former president’s financial statements, or to rebut what they described as “overwhelming evidence to the contrary”. | But in their own filing on Friday, lawyers for Trump argued that the attorney general’s office had failed in court to demonstrate any “real-world impact” of the former president’s financial statements, or to rebut what they described as “overwhelming evidence to the contrary”. |
| “Errors or misstatements happen all the time in accounting,” attorneys Michael Madaio and Christopher Kise wrote in a filing on Friday for Trump, the Trump Organization and some executives. Such errors did not amount to fraud unless there was an indication of concealment, forgery, deceit or the like, and there was none, they argued. | “Errors or misstatements happen all the time in accounting,” attorneys Michael Madaio and Christopher Kise wrote in a filing on Friday for Trump, the Trump Organization and some executives. Such errors did not amount to fraud unless there was an indication of concealment, forgery, deceit or the like, and there was none, they argued. |
| In their own filing, lawyers for Donald Jr and Eric claimed there was no evidence that either man had “anything more than a peripheral knowledge” of their father’s financial statements. | In their own filing, lawyers for Donald Jr and Eric claimed there was no evidence that either man had “anything more than a peripheral knowledge” of their father’s financial statements. |
| Both sides are due to deliver closing arguments on Thursday. Engoron will hand down a verdict at a later date. | Both sides are due to deliver closing arguments on Thursday. Engoron will hand down a verdict at a later date. |
| Associated Press contributed reporting | Associated Press contributed reporting |