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

A day after New York Attorney General Letitia James cited a ruling involving "Pharma Bro" Martin Shkreli to support a lifetime real estate ban for Donald Trump, a defense lawyer responded in a letter to the court calling the comparison "misplaced and irresponsible."

The New York AG said Tuesday that a federal appeals court decision upholding a lifetime industry ban for Shkreli should convince Judge Arthur Engoron to impose a lifetime real estate ban on Trump.

Defense attorney Clifford Robert, in response, wrote Wednesday that "the absurdity of the Attorney General's latest effort would be almost comical but for the sobering future consequences of her shameless abuse of power."

Robert argued that Trump's fraud case lacks witnesses, complaints, and victims compared to Shkreli's case.

In a statement to ABC News, Trump attorney Chris Kise said the ruling in Trump's case could have far-reaching implications for the New York business community.

"This is not just about President Trump. Every major bank CEO and every Wall Street participant should speak out now before the Attorney General's shocking and tyrannical interference in the capital markets places all New York business transactions at risk," Kise said.

The New York attorney general's office says a federal appeals court decision upholding a lifetime industry ban for disgraced "Pharma Bro" Martin Shkreli should convince Judge Arthur Engoron to impose a lifetime real estate ban on Donald Trump.

In a letter to Judge Engoron, state attorney Colleen Faherty cited Tuesday's decision in the Shkreli case to justify the NY AG's request to ban the former president from the New York real estate industry for life.

According to Faherty, New York State Executive Law 63(12) -- which was used in the NY AG's lawsuits against both Trump and Shkreli -- gives the court the ability to "issue a permanent and plenary ban in a particular industry."

"63(12) is the Swiss Army knife of the AG's Office," said Tristan Snell, a former lawyer with the New York attorney General's office who used the law to sue Trump over the now-defunct real estate seminar called Trump University. "If you don't have laws like this in place, that you basically allow lies and misrepresentations to be endemic."

A final decision in Trump's civil fraud case is expected later this month.

New York Attorney General Letitia James on Friday released video of former President Trump's April 2023 deposition in the case.

Video of the deposition, the transcript of which was released by the attorney general in August 2023, was released as part of a public records request.

As ABC News reported in August, Trump in the deposition called his real estate portfolio "the Mona Lisa of properties" and suggested his assets were worth far more than what appeared in his statements of financial condition that are at the center of the New York AG's case.

The videotaped deposition proved to be a preview of Trump's testimony at trial earlier this month, in which he bragged about his finances and declared himself "an innocent man."

New York's highest court has upheld the limited gag order in Donald Trump's civil fraud trial.

"On the Court's own motion, appeal dismissed, without costs, upon the ground that no substantial constitutional question is directly involved. Motion for a stay dismissed as academic," New York's Court of Appeals said in a two-sentence ruling issued Tuesday.

The gag order barred Trump and his lawyers from commenting on Judge Arthur Engoron's staff during the former president's 11-week civil fraud trial.

A decision in the case is expected later this month, after closing arguments wrapped up last week.