By Jack Queen

(Reuters) – Donald Trump engaged in “outrageous” fraud and overstated his net worth by billions of dollars, the New York Attorney’s office said in a court filing on Friday ahead of closing arguments in a civil fraud case against the former U.S. president.

The final briefs for both sides will be followed by closing arguments on Thursday and the judge presiding over the case, Justice Arthur Engoron, will hand down a verdict at a later date.

The case threatens to strip Trump of prized real estate assets, and Engoron has already found the frontrunner for the 2024 Republican presidential nomination liable for fraudulently overstating his wealth by billions of dollars to secure better loan terms.

The three-month trial last year largely concerned damages. New York Attorney General Letitia James, an elected Democrat, is seeking at least $250 million in penalties and sharp restrictions on Trump’s ability to do business in the state.

Trump has denied wrongdoing and called the case a political witch hunt.

The case is part of a maelstrom of legal troubles Trump faces as he campaigns to square off against President Joe Biden in the November 2024 election, though none have yet diminished his commanding lead over Republican rivals.

During defiant and meandering testimony in October, Trump boasted about his business acumen and railed against what he said was political bias against him by James and Engoron.

Donald Jr., Eric and Ivanka Trump also testified. They said they had little to no involvement with their father’s financial statements while running the Trump Organization, an umbrella company for his wide-ranging business ventures.

Unlike her brothers, Ivanka Trump is not a defendant.

The future of Trump’s empire hangs in the balance after Engoron in September ordered the dissolution of companies controlling crown jewels of his New York portfolio, including Trump Tower and 40 Wall Street in Manhattan.

That order is on hold while Trump appeals, and some legal experts say Engoron may lack the authority to issue such a sweeping order.

Trump is under indictment in Washington and Georgia for his efforts to overturn his 2020 election loss, in Florida for his handling of classified documents upon leaving office, and in New York over hush money payments to a porn star ahead of the 2016 election.

Trump has pleaded not guilty and denied wrongdoing in all the cases.

The first of his criminal trials is set to begin in New York in March, but that is subject to change as Trump’s crowded legal calendar complicates court schedules.

(Reporting by Jack Queen; Editing by Noeleen Walder and Daniel Wallis)