New York Attorney General Letitia James has formally requested a court to prohibit former President Donald Trump from doing real estate business in the state for life.

According to CNBC, this move is part of a legal effort, which also seeks a lifetime ban for Trump from serving as an officer or director of any New York corporation and a fine of $370 million.

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MASON CITY, IOWA - JANUARY 05: Republican presidential candidate, former U.S. President Donald Trump speaks at a campaign rally on January 05, 2024 in Mason City, Iowa.

New York AG Seeks to Ban Donald Trump and His Sons

The New York attorney general's petition, filed Friday, extends to Donald Trump's sons, Donald Trump Jr. and Eric Trump, whom Letitia James also wanted to be banned from working in New York's real estate industry for five years.

This legal filing comes on the heels of the conclusion of testimony in the civil fraud case at the Manhattan Supreme Court. James has accused Trump, his two sons, and the Trump Organization of orchestrating an extensive scheme to manipulate the actual values of various real estate assets for financial gain, mainly to secure more favorable loan terms. 

The crux of the AG's allegations rests on the assertion that the former president knowingly misrepresented the actual net worth, inflating it by a significant margin ranging between $812 million and $2.2 billion. 

This alleged inflation played a pivotal role in securing better loan conditions. The sought-after fine of $370 million, plus 9% annual interest, is a sharp increase from James' initial request for disgorgement totaling roughly $250 million.

READ ALSO: Donald Trump Civil Fraud Trial: Here's What to Know as Case Nears End

Response of Donald Trump

Donald Trump refutes these accusations, categorizing them as politically motivated. Alina Habba, Trump's lawyer, condemned Letitia James' recent court filing as "absurd" and characterized it as a form of politically driven persecution against the prominent Republican figure. 

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

In counter filings by Trump's legal team Friday, they argued that the evidence presented in court failed to prove any intention on Trump's part to defraud lenders or any other parties.

Judge Arthur Engoron, who is also the judge in Trump's civil fraud trial, is expected to issue his ruling in the case in the coming weeks. 

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