Trump makes a reappearance at civil fraud trial amid testimonies
Date
10/19/2023 8:30:03 AM
(MENAFN) Donald trump made a return to his civil fraud trial, which poses a threat to his real estate business, as an employee and an external appraiser testified against him. The trial centers on allegations that Trump's company manipulated property values, potentially endangering his iconic holdings such as Trump Tower. Trump, infuriated by the case, plans to testify later in the trial but was present for the first three days and returned on Tuesday to observe and express his grievances to the media gathered outside the Manhattan courtroom.
The star witness, Michael Cohen, a former Trump confidant turned adversary, had to postpone his testimony due to health issues. During the trial, the Trump company's accountant, Donna Kidder, testified that she was instructed to make favorable assumptions for the firm on internal financial documents. External appraiser Doug Larson, on the other hand, disavowed the valuation methods used by a former Trump Organization comptroller in determining property values. He found the ex-controller's valuation of a prominent Trump-owned retail space in 2013 to be nonsensical.
Outside the courtroom, Trump reiterated his claim of innocence, stating that New York Attorney General Letitia James' lawsuit is politically motivated, aimed at undermining his 2024 presidential campaign as he leads the Republican field. He emphasized the financial strength of his company and the quality of its real estate assets. Trump derided the case as a disgrace, the legal system as corrupt, and the Democratic attorney general as a radical lunatic.
James' lawsuit alleges that Trump and his company deceived banks, insurers, and others by inflating the value of his assets and exaggerating his net worth on financial statements. She maintained that while Trump may lie, the numbers do not. Trump argued that his assets were actually undervalued and contended that disclaimers on his financial statements amounted to an invitation for banks and others to verify the numbers themselves.
Larson, a certified appraiser and real estate brokerage executive, evaluated Trump's properties for lenders. He expressed surprise when informed during his testimony that he had been repeatedly cited as an outside expert in the former Trump Organization controller Jeffrey McConney's valuation spreadsheets.
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