New York Attorney General Letitia James argues that Donald Trump and his associates should pay nearly $370 million in “ill-gotten gains” obtained through fraudulent financial statements.
She seeks a permanent ban on Trump and his associates from serving as officers or directors of New York corporations, and additional penalties such as lifetime injunctions, creation of internal controls, and loan application bans.
“Lifetime injunctions barring Trump, Weisselberg and McConney from participating in the real estate industry in New York State or from serving as an officer or director of any New York corporation or other legal entity are necessary and appropriate,” attorney general assistant Kevin Wallace said. (Trending: Sports Icon Dies Suddenly At 56)
“Trump, Weisselberg and McConney worked together for years to inflate Trump’s net worth while concealing the fraud from counterparties.”
The attorney general also requests lesser penalties for two of Trump’s adult children.
The state’s evidence, compiled over 11 weeks and 44 days of courtroom sessions, is deemed conclusive.
“Here, there is conclusive evidence of numerous overt acts by Weisselberg, McConney, Trump, Donald Trump, Jr., and Eric Trump in furtherance of the conspiracy to falsify business records and the conspiracy to issue false financial statements,” the brief reads.
“Errors or misstatements happen all the time in accounting, if there are no indicia of fraud such as concealment, forgery, or deceit, then there is no basis to determine that these [statements of financial condition] are fraudulent, and any misstatements are just accidental errors,” the defense brief said.
The attorney general seeks to impose significant financial penalties, while Trump’s defense argues that no fraud occurred.
The lawsuit involves seven counts, and closing arguments are scheduled for January 11, 2024.
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