In a stunning turn of events, New York Attorney General Letitia James has escalated her pursuit of justice, urging a state judge on Friday to claw back a staggering $370 million, plus interest, from former President Donald Trump. James alleges an "outrageous" conspiracy to defraud banks and insurers through the inflation of Trump's wealth on financial statements.

Dramatic Increase in Disgorgement Total

The state's new disgorgement total, soaring nearly 50% from James' initial estimate, is based on a post-trial brief. This calculation relies on a banking expert's assessment of "lost interest," adding a new layer of complexity to the already convoluted legal battle.

NY AG Seeks $370M From Trump : Justice Engoron's Decisive Rulings

Justice Arthur F. Engoron, presiding over the case, has unequivocally found Trump, his eldest sons, companies, and financial officers liable for persistent fraud. The judge's pre-trial decision highlights the use of false statements in business, with the banking expert's testimony deemed to "credibly support" the claim that lenders suffered damage. Trump's defense experts have been summarily rejected.

Deliberate Deception Unveiled

The state contends that evidence from the exhaustive 11-week civil trial reveals a deliberate effort by the defendants to mislead financial institutions. This misinformation aimed to secure lower interest rates on massive loans for real estate projects, depriving lenders of hundreds of millions of dollars.

Weisselberg and McConney Accused

Longtime Trump Organization financial officers Allen Weisselberg and Jeffrey McConney are specifically targeted by the state for conspiracy insurance fraud. James asserts, "the myriad deceptive schemes they employed to inflate asset values and conceal facts were so outrageous that they belie innocent explanation."

Comprehensive $370 Million Claim

The $370 million sought includes lost interest, profits from deals closed with the contentious loans, and "bonuses" paid to Weisselberg and McConney in their resignation deals for their alleged "participation in the defendants' fraudulent schemes."

Ongoing Efforts to Oust Trump Defendants

The state remains relentless in its pursuit of justice, pushing for the Trump defendants' eviction from the New York business world. The court is urged to ban them from corporate officer roles, as well as halt any acquisitions and loans for a five-year period.

NY AG Seeks $370M From Trump : Defendants Assert Vindication

In response, the defendants issued separate briefs on Friday, maintaining they were vindicated by trial testimony. Trump's brief reiterates arguments around claims being time-barred, lack of real-world impact, and adherence to accounting standards. The defendants also argue the state failed to demonstrate material losses or an intent to defraud.

NY AG Seeks $370M From Trump : Closing Arguments Set for January 11

With tensions escalating, the parties are scheduled to return to court on January 11 for closing arguments. Judge Engoron has indicated an expedited ruling within a few weeks after the hearing.