Trump on trial for financial fraud: New York state requests $370 million

The state of New York, which filed a civil complaint for financial fraud against former President Donald Trump, his children and their real estate empire, the Trump Organization, is now seeking $370 million in damages from them, according to court documents on Friday.

That's far more than the $250 million requested by the state's attorney general (the equivalent of the territorial attorney general), Letitia James, in her fall 2022 complaint, which prompted an ongoing civil case for financial fraud to go to trial in a New York court. In front of the court, where Donald Trump and his sons Donald Jr. and Eric have testified since October.

In his immediate reaction to his social network Truth Social, the Republican billionaire who is campaigning for the presidential elections in November once again attacked M^I James, an African-American judge in New York State and an elected representative of the Democratic Party, accuses him of “corruption” and leading a “witch hunt.”

“I didn't do anything wrong. Donald Trump emphasized again on Friday that my financials are good and very prudent.

Along with his children and their family group, the Trump Organization, New York's civil judiciary accuses them of inflating the value of skyscrapers, luxury hotels and golf courses in the heart of their empire during the first decade of the 21st century, to obtain better loans from the United States. Banks and insurance terms are better.

“Banana Republic”

Since the trial began in Manhattan on October 2, the 77-year-old businessman has objected to justice every time he comes to court, denouncing a “witch hunt” or “a trial worthy of a banana republic.” Following the attacks on his clerk, Judge Arthur Engoron banned Donald Trump from speaking about his team and imposed two fines totaling $15,000 on him for violating the order.

His lawyers denounce the existence of a legally empty file.

Unlike the criminal trials awaiting him this year, including those related to his alleged maneuvers aimed at reversing the outcome of the November 2020 presidential election, Donald Trump is not risking prison time in this civil case.

But he's playing great and things are off to a bad start.

Even before the proceedings began, Judge Engoron estimated at the end of September that the prosecution had presented “conclusive evidence that between 2014 and 2021, the defendants overstated the assets” of the group by “$812 million.” [à] $2.2 billion” by year, in figures recorded in Donald Trump’s annual financial statements.

As a result of the “repeated fraud” he ordered the liquidation of companies that manage these assets, such as Trump Tower V5^H Manhattan Avenue or the 40 Wall Street skyscraper.

However, these measures were suspended by a decision of the Court of Appeal.

The trial concerns several other crimes, such as insurance fraud, and financial penalties sought by the New York State Attorney General's Office, which is now seeking $370 million, not $250 million, as in the initial complaint.

It remains for Judge Engoron to close the proceedings this month and determine the amount of damages and compensation.