Donald Trump obtained hundreds of millions of dollars in loans using financial statements that a court has since deemed fraudulent, a retired bank official has testified at the former president’s New York civil fraud trial
Former President Donald Trump addresses an audience during a campaign event, Monday, Oct. 9, 2023, in Wolfeboro, N.H. NEW YORK — — Donald Trump obtained hundreds of millions of dollars in loans using financial statements that a court has since deemed fraudulent, a retired bank official testified Wednesday at the former president’s New York civil fraud trial.
A judge last month ruled that Trump and his company, the Trump Organization, committed years of fraud by exaggerating the value of Trump’s assets and net worth on the financial statements he gave to banks, insurers and others to make deals and secure loans. Deutsche Bank’s private wealth management unit, which handled the loans, wouldn’t have approved them without a “strong financial guarantee” from Trump, Haigh said.
“I assumed that the representations of the assets and liabilities were broadly accurate," Haigh said of Trump’s financial statements. Trump, the Republican front-runner in next year’s election, attended the trial's first three days last week, watching testimony, consulting with lawyers and griping about the case to TV cameras outside the courtroom. He's expected back in court as a witness later in the trial.As punishment, Engoron ordered that a court-appointed receiver take control of some Trump companies, putting the future oversight of Trump Tower and other marquee properties in doubt.
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