AG wants Trump banned from New York real estate business for life, fined $370 million

The New York attorney general on Friday asked a judge to ban former President Donald Trump from the state’s real estate industry for life, ban him from serving as an officer or director of a New York corporation and for him to be fined $370 million.

Attorney General Letitia James is also seeking a five-year ban on Donald Trump Jr. and Eric Trump, Donald Trump’s sons, from working in New York’s real estate industry, according to a new court filing.

The filing comes weeks after the conclusion of testimony in the civil fraud case in Manhattan Supreme Court.

James accuses Donald Trump, his two sons and the Trump Organization of a broad scheme to misstate the true values of various real estate assets for financial benefit, including better loan terms.

The attorney general alleges that Donald Trump falsely inflated his statements of net worth by anywhere between $812 million and $2.2 billion because of those false valuations.

The fine James seeks includes $168 million in interest payments the former president allegedly avoided through fraud.

Donald Trump denies the claims, and says they are politically motivated.

Alina Habba, a lawyer for Trump, in a statement Friday called James’ new filing “absurd” and that it “can be described as nothing less than a form of politically motivated persecution of the leading Republican presidential candidate.”

“My clients did nothing wrong, there were no victims and the case presented has proven that his statements were under valued,” Habba said.

In their own filings Friday, Trump’s attorney argue that the evidence at trial does not support a finding that he intended to defraud lenders or others.

Judge Arthur Engoron is expected to issue his ruling in the case in the coming weeks.

This is breaking news. Check back for updates.

Don’t miss these stories from CNBC PRO: