NY AG James seeks $370M from Trump post civil fraud trial
OAN’s Sophia Flores
5:17 PM – Friday, January 5, 2024
New York Attorney General Letitia James is demanding that Donald J. Trump pay a staggering $370 million in penalties for what she claims is decades of financial fraud.
When James first sued Trump in the fall of 2022, she asked the judge to penalize him with $250 million for inflating his net worth to secure better loans from banks. However, she has now increased the amount to $370 million, believing that he acquired all his wealth unlawfully during the trial.
The fraud trial began in October 2023 and concluded last month.
Although the proceedings have ended, the former president’s legal fate remains unknown. Closing arguments will be presented to the trial judge, Arthur Engoron, next week.
In addition to seeking the large sum from Trump, James is also fighting to prevent him and his sons from conducting any further business in The Empire State.
Trump’s lawyer, Christopher M. Kise, responded to the brief on Friday, calling the new amount “unconscionable, unsupported by the evidence, untethered from reality, and unconstitutionally excessive.”
“Every single member of the New York business community, no matter the sector, should be gravely concerned with this gross overreach and brazen attempt by the attorney general to exert limitless power where no private or public harm has ever been established,” a Trump Organization spokeswoman said.
Trump maintains that his assets were genuinely valued and denies any misconduct, stating that Disclaimers were included in his financial statements. He has also requested the banks to review the figures.
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What are the arguments made by supporters and critics regarding James’s pursuit of penalties against Trump?
Ignore the subpoena and not release any financial records to the Attorney General’s office.
If the judge agrees to the $370 million penalty, it could have significant consequences for Trump’s finances. It would be a substantial blow to his net worth and could further tarnish his reputation. Additionally, being barred from conducting business in New York would limit his ability to engage in real estate deals and other ventures in one of the country’s most lucrative markets.
James’s pursuit of Trump has been seen by some as a political vendetta, as she has been a vocal critic of the former president. This has led to speculation about the motives behind her aggressive approach in seeking penalties. Critics argue that it is part of a broader effort to undermine Trump and hamper any potential political ambitions he may have in the future.
On the other hand, supporters of James argue that she is simply fulfilling her duty as Attorney General by holding Trump accountable for his alleged fraudulent activities. They believe that no one should be above the law, regardless of their political status.
The case has attracted significant attention, not only for its potential impact on Trump but also for the broader implications it has for financial fraud and accountability. If James is successful in her pursuit of the $370 million penalty, it would send a strong message that even powerful individuals are not immune to legal consequences.
As the trial moves forward and the judge reviews the arguments, the outcome of this case remains uncertain. It will undoubtedly shape the future of Trump’s legal battles and could have long-lasting effects on the perception of his business practices.
Regardless of the final decision, this case highlights the importance of transparency and accountability in the financial sector. It serves as a reminder that individuals who engage in fraudulent activities will eventually face the consequences, no matter how powerful they may be.
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