Significant developments have emerged in the ongoing Trump Organization trial in New York, shedding light on various aspects of the case. Here are the latest updates from the courtroom:
Patrick Birney's Testimony: Patrick Birney, an executive within the Trump Organization, testified that the responsibility for constructing Trump's financial statements rested primarily with Allen Weisselberg and controller Jeffrey McConney. Birney clarified that he did not hold the final decision-making authority as an assistant VP.
Presidential Property Premium Scrutiny: During the trial, executive Patrick Birney was questioned about including a "Presidential Property Premium" in Trump's financial statements. Birney stated when asked who directed this addition, "I don't really remember, but probably Allen Weisselberg." This premium, which ranged from 15% to 35%, was applied to Trump's properties, including Mar-a-Lago, as indicated by presented materials.
The origin of this premium dates back to a Forbes magazine article that raised concerns about the valuation of Trump's penthouse. This led to a $200 million gap between Trump's 2016 and 2017 financial statements. While initially included in the 2017 statement, the premium was later removed, with the reasons behind its removal remaining unclear.
Birney on Trump's Triplex: Birney recalled how a 2017 Forbes article alleging that Trump had misrepresented the size of his triplex prompted revisions to Trump's financial statement. This adjustment lowered the penthouse's value from $327 million in 2016 to $116 million in 2017 after verification by Trump Organization executives.
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Weisselberg's Severance Agreement: Weisselberg recently completed a prison sentence and signed a severance agreement with the Trump Organization. This agreement prohibited him from voluntarily cooperating with any investigations related to the company or its former leader. When questioned about the agreement, Weisselberg responded, "I didn't give it a lot of thought."
Deutsche Bank's Loans: Testimonies in court revealed that Deutsche Bank thoroughly evaluated Trump's financial data, personally visited Trump Organization offices to review banking and brokerage records, and conducted property appraisals. Despite disparities in property valuations compared to values provided by Trump, Deutsche Bank continued its working relationship with the Trump Organization.
These developments offer insight into various facets of the trial, including property valuations, financial statements, the roles of Trump's family members, and interactions with business associates. As the trial proceeds, further revelations and testimonies are expected to influence the case outcome.