New York attorney general files lawsuit against Trump for fraud

New York Attorney General Letitia James has filed a lawsuit against former President Donald Trump for fraud. The suit names Trump, the Trump Organization, and three of Trump's children — Donald Trump Jr., Ivanka Trump, and Eric Trump — and claims they have fraudulently overvalued their assets by billions of dollars. The suit is the result of James' years-long investigation into Trump's real estate dealings, Bloomberg reports, and the formal complaint states that the fraudulent activities were "approved at the highest levels of the Trump Organization — including by Mr. Trump himself."

The latest development comes just a week after James refused to settle with Trump's lawyers, The New York Times reports. The former president has continued to deny wrongdoing, accusing James of being politically motivated, CNBC reports.

James' lawsuit seeks $250 million in disgorgement from the defendants as well as to bar the Trump Organization from engaging in New York commercial real estate acquisitions for five years. Trump and his children would also not be allowed to serve as any corporate officers or directors in the state.

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The suit filed is a civil suit; however, criminal charges may come out of it as well. James has filed a criminal referral to federal prosecutors and a separate tax fraud referral to the IRS along with the lawsuit, Politico reports.

The former president has faced many legal struggles, including his Mar-a-Lago property being searched by the FBI and his involvement in the Jan. 6 insurrection being investigated by a House select committee.