New York Attorney General Letitia James said Friday that former President Donald Trump and his company should be required to pay $370 million for inflating the value of his assets, according to her closing brief in his civil fraud trial.
The amount is $120 million higher than James originally sought, according to Axios. James argued Friday in a 103-page brief that the evidence of Trump’s fraud was “inescapable.”
“[T]he myriad deceptive schemes they employed to inflate asset values and conceal facts were so outrageous that they belie innocent explanation,” the brief states.
Judge Arthur Engoron ruled in September that Trump and his business had exaggerated his net worth and overvalued assets, deceiving banks and insurance companies.
[
Trump Fraud Trial]
Both sides just filed their post-trial briefs.
The AG reiterated the need for lifetime industry bans for Trump, Weisselberg and McConney, as well as $370 million in disgorgement. pic.twitter.com/5SYaw3vnjH
— Erik Uebelacker (@Uebey) January 5, 2024
Trump’s attorneys noted in their post-trial brief Friday that James failed to demonstrate any “real-world impact” resulting from Trump’s financial statements, citing testimony from bank leaders involved in Trump’s loans.
The bank Trump allegedly defrauded, Deutsche Bank, was eager to land him as a client, documents presented during the trial revealed. David Williams, who worked for the bank for 17 years and was involved with Trump Organization loans, testified that the discrepancy between Trump’s estimated $4.2 billion net worth and the $2.4 billion assessed by the bank was “not unusual,” according to CNN.
Closing arguments for the trial will be held Jan. 11, according to Bloomberg Law.
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