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New York Attorney General Letitia James was arraigned at a federal court in Norfolk, Virginia, Friday, where she pleaded not guilty to two felony charges of bank fraud and making false statements to a financial institution.

The charges against James stem from her 2020 purchase of a home in Norfolk, Virginia. Prosecutors allege that James misled a bank about the nature of the residence in order to obtain more favorable loan conditions.

The indictment states that James misrepresented the financial institution in claiming it would be her secondary residence, and instead rented it out to a family.

According to the indictment, the lower interest rate would allow James to save nearly $19,000 over the course of the 30-year loan.

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