Judge's ruling in Donald Trump's $370M N.Y. fraud case could come at any time

Jan. 31 (UPI) -- New York state Judge Arthur Engoron is poised to possibly rule as soon as Wednesday on how much Trump and co-defendants have to pay in a civil fraud case and if the former president can continue doing business in New York.

Engoron previously had announced that he wants to rule by Wednesday on as much as $370 million in penalties after he earlier found the former president and co-defendants guilty of fraud by inflating the value of business properties owned by the Trump Organization when applying for business loans and obtaining business insurance.

New York Attorney General Letitia James prosecuted the case in which she accused Trump and his co-defendants of inflating the value of business assets, including 40 Wall Street, Trump Tower and the Mar-a-Lago resort in Florida.

Engoron on Sept. 25 ruled against Trump and co-defendants, revoked the Trump Organization's New York business license and ordered a receiver to take charge of its New York properties and oversee their dissolution.

"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; a disclaimer by one party casting responsibility on another party exonerates the other party's lies," Engoron saying in his summary judgment, according to a CNN report.

Closing arguments for the damages phase were made in the case on Jan. 11 following 11 weeks of arguments.

During the trial, Trump accused James of initiating a politically motivated civil lawsuit against him and the Trump Organization. His lead attorney, Alina Habba, said the trial's outcome never was in question and the case was lost before it went to trial.

James said the case wasn't politically motivated.