Donald Trump should be permanently barred from New York's real estate industry for "outrageous" fraud, the state attorney general said in a court filing ahead of closing arguments in a civil case against the former U.S. president.
New York Attorney General Letitia James also said Trump and his company should pay $370 million in penalties for decades of financial fraud, according to the filing.
James said Trump's "myriad deceptive schemes" to "inflate asset values and conceal facts were so outrageous that they belie innocent explanation."
Trump defended himself vigorously on social media with a response posted in all 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. SHE RAN FOR OFFICE ON, “I WILL GET TRUMP,” SHE & THE JUDGE FRAUDULENTLY VALUED MAR-a-LAGO IN PALM BEACH, FLORIDA, AT $18,000,000, BECAUSE IT SET THEIR FAKE NARRATIVE, WHEN IT IS WORTH 50 TO 100 TIMES THAT AMOUNT. THEY NEVER USED THE “N.Y.S. STATUTE” FOR THIS BEFORE, I WAS NOT ALLOWED A JURY, THERE WAS NO VICTIM, NO DEFAULT, NO DAMAGES, NO “NOTHING,” ONLY A VERY HAPPY BANK THAT GOT ALL OF ITS MONEY BACK, WITH BIG PROFITS. THE HIGHLY RESPECTED EXPERT WITNESS SAID IT WAS THE BEST FINANCIAL STATEMENT HE HAD EVER SEEN. THIS CASE SHOULD NEVER HAVE BEEN BROUGHT, SHOULD BE IN THE COMMERCIAL DIVISION (THE RIGGED JUDGE WOULD NOT LET GO OF IT!), & I SHOULD NEVER HAVE BEEN GAGGED. NOW THE CORRUPT A.G. WANTS $370,000,000 AS BUSINESSES FLEE NEW YORK. THEY SHOULD PAY ME. THIS IS PROSECUTORIAL MISCONDUCT—A DOJ WITCH HUNT!"
Trump's lawyers said in a filing that the state had failed to show any "real-world impact" from Trump's financial statements to banks, which according to a judge overstated his net worth by billions of dollars.
The final briefs for both sides will be followed by closing arguments on Thursday and the judge presiding over the case, Justice Arthur Engoron, will hand down a verdict at a later date.
The case threatens to strip Trump of prized real estate assets, and Engoron has already found the front-runner for the 2024 Republican presidential nomination liable for fraudulently overstating his wealth by billions of dollars to secure better loan terms.
The three-month trial last year largely concerned damages. James, an elected Democrat, originally sought at least $250 million in penalties and sharp restrictions on Trump's ability to do business in the state.
However, the new $370 million total reflects new evidence of "ill-gotten gains," she wrote.
Trump has denied wrongdoing and called the case a political witch hunt.
The case is part of a maelstrom of legal troubles Trump faces as he campaigns to square off against President Joe Biden in the November 2024 election, though none have yet diminished his commanding lead over Republican rivals.
During defiant and meandering testimony in October, Trump boasted about his business acumen and railed against what he said was political bias against him by James and Engoron.
Donald Jr., Eric, and Ivanka Trump also testified. They said they had little to no involvement with their father's financial statements while running the Trump Organization, an umbrella company for his wide-ranging business ventures.
Unlike her brothers, Ivanka Trump is not a defendant.
The future of Trump's empire hangs in the balance after Engoron in September ordered the dissolution of companies controlling crown jewels of his New York portfolio, including Trump Tower and 40 Wall Street in Manhattan.
That order is on hold while Trump appeals, and some legal experts say Engoron may lack the authority to issue such a sweeping order.
Trump is under indictment in Washington and Georgia for his efforts to overturn his 2020 election loss, in Florida for his handling of classified documents upon leaving office, and in New York over hush money payments to a porn star ahead of the 2016 election.
Trump has pleaded not guilty and denied wrongdoing in all the cases.
The first of his criminal trials is set to begin in New York in March, but that is subject to change as Trump's crowded legal calendar complicates court schedules.