Donald Trump inflated his net worth as a vanity project — to boost the Forbes billionaire list — and also so he could save millions on loan terms and insurance, the New York Attorney General’s Office alleged in the former president’s $250 million startup. civil fraud hearing Monday.
Trump, 77, stared intently — occasionally shaking his head — as attorneys from the AG’s office Letitia James played what they called a damning video clip from former presidential “fixer” Michael Cohen, who said Trump coached him and former Trump Organization chief financial officer Allen Weisselberg lied about the value of Trump’s real estate empire in order to cover his preferred amount.
“The goal is to use every asset and increase its value to get the final result number,” Cohen said in an April 23 deposition clip that was played during AG attorney Kevin Wallace’s opening remarks in a packed Manhattan courtroom. .
“It basically props up the numbers to each asset class to get to the number that Mr. Trump wants.”
Trump and his co-defendants — including the Trump Org and his sons Eric and Don Jr. – lied “year after year” about financial statements to inflate the value of their assets – both to prop up Trump’s ego and to get favorable interest rates with banks, Wallace said.
“Beyond just a spot on the Forbes billionaires list, the defendant knows that a high net worth is necessary to obtain and maintain certain financial benefits,” the AG’s attorney said.
In a brief clip of Cohen’s deposition played for Manhattan Supreme Court Justice Arthur Engoron — who decided the trial rather than a jury — the convicted felon, who is expected to be a key witness in the trial, described how Trump called him and Weisselberg into his office and complained about his position on the list. Forbes had previously casually asked the couple to increase the numbers on the financial statements to achieve the higher net worth total it was asking for.
The Attorney General’s Office claims that Trump inflated his assets for nothing and for financial gain.REUTERS
“Let’s say it says he’s worth $6 billion. Well, he wanted to be higher on the Forbes list, and he then said, ‘I’m not actually worth $6 billion. I’m worth seven. In fact, I think it’s actually worth eight now, with everything that’s going on,’” Cohen said in the clip, as Trump, wearing a navy blue suit, light blue shirt and royal blue tie, looked on from his seat in the defense row. table.
“Allen and I were tasked with taking assets, increasing each of those asset classes to cover that $8 billion,” Cohen added.
In one instance, the defendant allegedly lied about the size of the former president’s triplex apartment in Trump Tower, saying it was 30,000 square feet when it actually measured only 11,000, Wallace said.
The AG’s office also showed evidence of what they said was the Trump camp inflated the value of the Trump Building at 40 Wall Street in its 2015 financial statements to $795 million – $195 million over the appraised value.
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Deposition clips from Trump and his son were also played in court where they all claimed they had no direct involvement in the financial filings the AG alleges were falsified from 2011 to 2021.
“The defendant is left to answer the classic question, are you lying now or were you lying then?” Wallace told the court. “We have direct evidence that people involved in the scheme conspired to increase the defendant’s wealth.”
Trump sat in the courtroom next to his attorney, grimacing and shaking his head as part of Michael Cohen’s video deposition played.AP
James, sitting in the front row of the gallery, looked on as the opening was delivered. He and Trump – who could be seen frowning as he sat at a table flanked by his lawyers – did not appear to see eye to eye. Eric Trump, executive vice president of the Trump Org, watched from the second row.
In one 2011 letter cited by Wallace, Trump sent a Deutsche Bank employee a record of his financial position and wrote, “Hopefully, you’ll be impressed.”
The lawyer said the letter was proof of the real estate mogul’s arrogance — and also helped ensure he could join a special program at the bank for people worth $3 billion or more that comes with special interest rates.
Others in the Trump Org are aware that the pressure Trump is putting on those around him to constantly portray his net worth is increasing, Wallace said, citing the company’s assistant vice president of financial operations, Patrick Birney.
“He likes to go up,” Birney said of Trump’s net worth in the August 2022 deposition.
Attorney AG Kevin Wallace claimed that Trump and his co-defendants lied “year after year after year.” APtrump accused James of being a racist before he entered the courtroom. Reuters
Wallace concluded his speech by emphasizing to the judge that “this is not a victimless crime.”
Trump lawyer Christopher Kise, in his opening statement, was quick to take aim at Cohen’s credibility.
“The government is relying for its conspiracy evidence on serial liars,” Kise claimed.
Wallace tried in his speech to address the Trump camp’s main defense that Cohen can’t be trusted, telling the judge “his testimony is corroborated by other evidence in the case.”
Trump’s lawyers also challenged the Attorney General’s claim that the former president inflated his worth by $3.6 billion a year – and denied that any of the financial statements in question included lies.
AG Letitia James said outside court that no one is above the law.REUTERSThe trial is expected to last three months.Getty Images
“President Trump has made billions of dollars building one of the most successful real estate empires in the world,” Kise said. “He has made a fortune by being right about real estate investing.”
Kise tried to refute arguments that the crime was not without victims by claiming that the bank obtained “over $100 million” from its customers’ accounts and adding that all loans have been repaid.
Trump lawyer Alina Habba echoed Kise’s message in her opening remarks, loudly declaring: “This is a sophisticated bank.”
Protesters showed up for the start of the hearing and even blocked the street outside the courthouse at one point.REUTERSTrump’s lawyer claims that the bank made a lot of money from him and that he paid back all the loans he took out.AP
“These banks make money. They were not deceived,” Habba told the court. “That’s not cheating. That is real estate.”
The trial – which is expected to last until December 27 – began with Engoron refusing media requests to broadcast the proceedings live.
In a major ruling from last week, Engoron ruled out the AG’s main claim by finding Trump liable for fraud and revoking his New York business license.
The case is expected to see witnesses including Trump, Eric, Don Jr., Ivanka Trump, Weisselberg and Cohen as the judge considers the Attorney General’s remaining claims, which require proof that Trump and his team intended to make the allegedly false statements.
Cohen’s testimony could be crucial to James’ office’s efforts to make its case.
Eric Trump, another defendant in the case, sat in the second row as opening statements were delivered.REUTERSJudge Arthur Engoron was deciding the trial, not the jury.AP
The 45th president and James gave dueling statements before the hearing began around 10:30 a.m. Monday.
“We have a racist attorney general who is a horror show run on the basis that he’s going to ‘get Trump’ before he knows anything about me,” Trump said of James, who is black, as he stood outside the courtroom. It’s a fraud, it’s a fraud. Just so you know, my financial statements are phenomenal.”
Trump also called Engoron a “rogue judge” and said the trial “is the continuation of the greatest witch hunt.”
Upon entering court, James said, “My message is simple – no matter how powerful you are, no matter how much money you think you might have, no one is above the law.”
“It is my responsibility and my duty and my duty to enforce it. The law is both strong and fragile and today in court we will prove our case.”
Trump protesters showed up in force on Monday holding signs and even blocking the road outside the courthouse.
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Source: thtrangdai.edu.vn/en/
