Current:Home > FinanceTrump should be barred from New York real estate industry, fined $370 million, New York Attorney General Letitia James says-Angel Dreamer Wealth Society D1 Reviews & Insights
Trump should be barred from New York real estate industry, fined $370 million, New York Attorney General Letitia James says
View Date:2024-12-24 00:36:52
Donald Trump made his name in New York real estate, and he plastered it on towers, plazas and skating rinks for half a century.
Now, the state's attorney general wants to take it down and bar him from ever again working in the industry, at least in New York.
In a filing Friday before closing arguments in Trump's civil fraud trial, lawyers for New York Attorney General Letitia James said they also want Trump and other defendants billed $370 million for "ill-gotten gains," plus additional interest. The filing, a sort of preview of the arguments scheduled for Jan. 11, claims "the myriad deceptive schemes they employed to inflate asset values and conceal facts were so outrageous that they belie innocent explanation."
The $370 million figure is a significant increase from the $250 million clawback James' office initially said it was seeking when it filed suit against the Trumps in September 2022.
A New York judge found Trump, his two adult sons, their company, and two former executives liable for a decade of fraud in September. The trial in the case, on allegations related to conspiracy, falsification of business records and insurance fraud, ran from October through early December .
James' office argues in its filing that it proved Trump and the company purposefully juiced their estimates of property values — and his overall net worth — in financial statements used to get unusually favorable deals on loans and insurance.
During the trial, the state's lawyers showed internal corporate spreadsheets and communications that they said bolstered their case of a yearslong, coordinated effort to vastly misrepresent Trump's wealth.
"Direct evidence from multiple witnesses establishes Trump made known his desired target net worth each year….which his CFO and Controller then dutifully set out to hit by reverse-engineering the asset values," James' attorneys wrote in Friday's filing.
They said Trump "failed to present any legally relevant response to the People's proof."
Christopher Kise, an attorney for Trump, said in a text message to CBS News that the request for $370 million by New York Attorney General Letitia James is "unconscionable, unsupported by the evidence, untethered from reality, and unconstitutionally excessive."
In a filing Friday, lawyers for Trumps wrote that "The Attorney General has woefully failed to prove her case and is not entitled to any of the relief sought in this action."
Trump and his co-defendants have vehemently denied the allegations. During testimony in November, he accused James and Judge Arthur Engoron of targeting him unfairly.
In addition to the lifetime New York real estate ban for Trump and the former executives, Allen Weisselberg and Jeffrey McConney, James' office is also seeking five-year bans for Donald Trump Jr. and Eric Trump.
Engoron's final ruling in the case is expected weeks after the Jan. 11 closing arguments.
- In:
- Donald Trump
- Letitia James
Graham Kates is an investigative reporter covering criminal justice, privacy issues and information security for CBS News Digital. Contact Graham at [email protected] or [email protected]
veryGood! (31542)
Related
- Sister Wives’ Meri Brown Shares Hysterical Farmers Only Dating Profile Video After Kody Split
- To combat bullying and extremism, Air Force Academy turns to social media sleuthing
- In a first, shuttered nuclear plant set to resume energy production in Michigan
- A man fired by a bank for taking a free detergent sample from a nearby store wins his battle in court
- Caitlin Clark's gold Nike golf shoes turn heads at The Annika LPGA pro-am
- In a first, shuttered nuclear plant set to resume energy production in Michigan
- Candace Cameron Bure Details Her Battle With Depression
- Tax return extensions: Why you should (or shouldn't) do it and how to request one
- Taylor Swift drops Christmas merchandise collection, including for 'Tortured Poets' era
- Truth Social’s stock price is soaring. It’s not just Trump supporters buying in.
Ranking
- Noem’s Cabinet appointment will make a plain-spoken rancher South Dakota’s new governor
- Applications for US unemployment benefits dip to 210,000 in strong job market
- Tank complex that leaked, polluting Pearl Harbor's drinking water has been emptied, military says
- Down ACC? Think again. Conference reminding all it's still the king of March Madness.
- Ashton Jeanty stats: How many rushing yards did Boise State Heisman hopeful have vs Nevada
- As Kansas nears gender care ban, students push university to advocate for trans youth
- Cardi B Reveals the Fashion Obstacles She's Faced Due to Her Body Type
- Ruby Franke’s Husband Kevin Reveals Alleged Rules He Had to Follow at Home
Recommendation
-
Jack Del Rio leaving Wisconsin’s staff after arrest on charge of operating vehicle while intoxicated
-
March Madness games today: Everything to know about NCAA Tournament's Sweet 16 schedule
-
After 'Quiet on Set,' Steve from 'Blue's Clues' checked on Nickelodeon fans. They're not OK.
-
Green Day will headline United Nations-backed global climate concert in San Francisco
-
Veterans face challenges starting small businesses but there are plenty of resources to help
-
Is our love affair with Huy Fong cooling? Sriracha lovers say the sauce has lost its heat
-
King Charles III Shares His Great Sadness After Missing Royal Event
-
Down ACC? Think again. Conference reminding all it's still the king of March Madness.