Mr Trump, his two adult sons, and the Trump Organization, are accused of inflating the value of their properties by more than $2bn (£1.65bn).

Last week, a New York judge ruled Mr Trump was liable for business fraud.

Mr Trump’s legal team had tried and failed to delay the case.

Last Tuesday, Judge Arthur Engoron ruled that Mr Trump had misrepresented his wealth by hundreds of millions of dollars.

New York Attorney General Letitia James is now seeking a fine of $250m (£204m) and a ban on Mr Trump doing business in his home state.

As a result of the action, the Trump Organization could be forced to relinquish control of its properties to a court-appointed receiver, or ultimately sell some of its landmarks.