New York Attorney General Letitia James is seeking a significant financial penalty against former President Donald Trump in a lawsuit alleging inflated asset values in his real estate portfolio. According to court documents filed Friday, James is requesting $370 million in restitution, significantly exceeding the $250 million previously mentioned.
The lawsuit accuses Trump, the current frontrunner for the 2024 Republican presidential nomination and his two eldest sons of manipulating financial statements to secure favourable loan and insurance terms. James argues, “The evidence supports disgorgement of $370 million, plus prejudgment interest,” citing extensive documentation of alleged deceptive practices.
Trump, predictably, vehemently denies the accusations, calling James “totally corrupt” and stating, “I did nothing wrong.” His lawyers maintain that real estate valuations are inherently subjective and no financial harm occurred to lenders.
This legal battle adds to a growing list of challenges for Trump, who faces four separate criminal trials in the coming months. The most immediate trial, scheduled for March in Washington, centres on allegations of attempting to overturn the 2020 election results, culminating in the January 6th Capitol attack. Further investigations into alleged document mishandling and racketeering charges in Georgia also loom large.
Meanwhile, controversy continues to swirl around Trump’s business dealings. A recent congressional report claims his companies received at least $7.8 million from foreign governments during his presidency, potentially violating the Constitution’s “foreign emoluments” clause.