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New York’s attorney general is suing former President Trump and his three adult children, alleging business fraud.

The civil lawsuit, filed Wednesday in the State Supreme Court in Manhattan, is the culmination of a three-year investigation by the office of Attorney General Letitia James (D) into whether the former president’s company misled investors and tax authorities by inflating property values to get investments and subsequently deflating them to get tax and loan benefits.

The attorney general’s office is seeking $250 million in financial penalties and asking the court to, among other things, permanently bar Trump and his children — Donald Trump Jr., Ivanka Trump and Eric Trump — from serving as an officer or director in any corporation registered or licensed in the state.

The lawsuit also asks the court to bar Trump and the Trump Organization from entering into any real estate acquisition in New York or from applying for loans from any financial institution in the state for five years.

Trump “falsely inflated his net worth by billions of dollars to unjustly enrich himself and to cheat the system, thereby cheating all of us,” James said at a press conference Wednesday. 

Read more here.

More from The Hill:

• Trump and his sons immediately pushed back on the AG's lawsuit
  
  
• Five things we learned from the New York lawsuit against Trump 

Welcome to The Hill's Evening Report, catching you up on news from the afternoon and looking at the big stories likely to impact tomorrow.

President Biden warned that Moscow’s war in Ukraine is a threat to the foundations of the United Nations in an address to its General Assembly, hours after Russian President Vladimir Putin dramatically escalated his aggression toward Ukraine.

Russian President Vladimir Putin delivered a rare address to the nation on Wednesday, putting the West on nuclear notice and mobilizing hundreds of thousands of additional troops for his war in Ukraine. 

Former President Trump responded Wednesday to Russian President Vladimir Putin’s nod to nuclear weapons in Ukraine, saying that the conflict "could now end up being World War III."

Sen. Joe Manchin (D-W.Va.) has unveiled his highly anticipated proposed changes to the country’s process for approving energy projects, seeking to make his case to skeptical lawmakers on both sides of the aisle. 

The House has advanced legislation crafted by two members of the committee probing the Jan. 6 Capitol attack that seeks to protect elections from interference from lawmakers.

The Justice Department is investigating MyPillow CEO Mike Lindell over potential identity theft and damage to a protected computer in connection with a breach of a Colorado county’s voting system.

Two American soldiers who went missing in Ukraine earlier this year were freed in a prisoner swap between Russia and Ukraine on Wednesday.

The White House blasted Sen. Ted Cruz (R-Texas) on Twitter this week for highlighting his work advocating for a highway project he actually voted against in March.

Wisconsin Gov. Tony Evers (D) has called a special session of the state legislature for October in an effort to enable voters to repeal the state’s
1849 abortion ban through a referendum.

Greg Norman, the chairman and CEO of LIV Golf, got pushback from some Republican House members over backing from Saudi Arabia as he pitched his league to members of Congress this week.

TikTok has announced new policies for political accounts after a report last week found rampant misinformation on the social media platform.

YouTube will soon provide creators with a portion of advertising revenues earned from the company’s short-form video platform.

"To prevent a future [student debt] crisis, Congress must ensure that future grant and work-study funding outweigh funding for loans," writes Jared Bass, senior director for Higher Education at the Center for American Progress.

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