Trump civil fraud case: Judge fines Trump $354M, says frauds 'shock the conscience'

New York Attorney General Letitia James released a statement on Monday just hours before the first day of trial in her fraud case against former President Donald Trump.

"For years, Donald Trump falsely inflated his net worth to enrich himself and cheat the system," James said. "We won the foundation of our case last week and proved that his purported net worth has long been rooted in incredible fraud. In this country, there are consequences for this type of persistent fraud, and we look forward to demonstrating the full extent of his fraud and illegality during trial."

"No matter how rich or powerful you are, there are not two sets of laws for people in this country," she added. "The rule of law must apply equally to everyone, and it is my responsibility to make sure that it does."

The People of the State of New York v. Donald J. Trump, et al, is scheduled to get underway in lower Manhattan at 10 a.m. with opening statements.

If opening statements are completed before the end of the day, the New York attorney general plans to begin her case by calling Trump's former Mazars USA accountant Donald Bender to the stand.

Mazars severed its business relationship with the former president last year after learning of the attorney general's findings during the AG's probe.

Though Trump has denied all wrongdoing alleged by the attorney general, Judge Arthur Engoron has already decided the central allegation against Trump and his co-defendants, ruling in a pretrial hearing last week that the AG had provided "conclusive evidence" that Trump overvalued his assets between $812 million and $2.2 billion.

The judge then canceled the Trump Organization's business certificates in New York, severely restricting Trump's ability to conduct business in the state moving forward -- a move that Trump attorney Alina Habba called "nonsensical" and "outrageously overreaching."

"In defendants' world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air," Engoron wrote, citing multiple arguments made by defense to justify the allegedly inflated valuations of Trump's assets. "That is a fantasy world, not the real world."

Among the issues still to be determined at trial: What additional penalties Trump might face, and what might happen with the multiple causes of action included in the attorney general's suit.

Former President Donald Trump stepped up his attacks on the judge overseeing and deciding his case, writing on Truth Social overnight that Justice Arthur Engoron should resign and be sanctioned for "abuse of power."

Similar to an earlier post, Trump criticized allegations regarding the value of his Mar-a-Lago estate, in addition to an appellate court's ruling that his lawyers unsuccessfully tried to use to limit the timeframe of the case.