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America October 10, 2023 3 mins read

Trump’s NY Civil Fraud update :

America ı By Rihem Akkouche

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Trumps NY Civil Fraud update

12:43 p.m.: When pressed about the Trump Organization's financial representations, Weisselberg admits, "We leaned on the Mazars firm for guidance with GAAP." Solomon, seemingly taken aback, questions, "So, when presenting to Mazars, you were expecting Mazars to mirror your information back to itself?" Weisselberg, in a terse reply, states, "No."

Digging deeper, Solomon queries about Weisselberg's conversations with Trump regarding his financial conditions. Weisselberg's memory becomes fuzzy, "I can't recall," he murmurs. Solomon, persistent, probes further about discussions with both Trump and ex-Trump lawyer, Michael Cohen. Weisselberg offers a vague response, hinting at the possibility of no such discussions.

Painting a grander picture, Weisselberg compares his review of the organization's financials to gazing at them "from a 30,000-foot altitude", focusing on the overall outlook rather than the nitty-gritty details.

Adding a layer of intrigue, last week’s courtroom revelations uncovered the Trump Organization's practice of adding a 30-50% "brand premium" on Trump's assets, attributing additional value to his fame. However, when quizzed if Mazars was privy to this information, Weisselberg admits, "No."

 Square Footage Controversy and Valuation Under the Microscope

12:15 p.m.: In a dramatic twist, Solomon brandishes an October 2011 letter from Weisselberg to Mazars, connected with Trump's financial statements. The bone of contention? The certified accuracy of the financial data the Trump Organization supplied.

Linking back to the Generally Accepted Accounting Principles (GAAP), Solomon grills Weisselberg about Trump's 2011 asset valuation. Weisselberg, clutching at straws, declares, "There are myriad ways to value assets."

Cornered, when asked if Trump Organization's financial statements aligned with GAAP, Weisselberg hesitates before admitting a glaring "No."

11:00 a.m.: Solomon hones in on Trump's extravagant Manhattan apartment, revealing a discrepancy in its value based on exaggerated square footage claims. Following a tense exchange, Weisselberg acknowledges the overstatement.

Probing further into Weisselberg's early 2017 interactions with a Forbes journalist regarding Trump's net worth, Solomon attempts to pin him down on the apartment's square footage controversy. Weisselberg, however, remains elusive.

Trump's NY Civil Fraud Update : Kickstarting Week Two of the Trial

10:20 a.m.: The electric atmosphere in Manhattan charges the air as the civil fraud trial enters its second week. The New York Attorney General, Letitia James, alleges that Trump bloated his net worth to deceive banks and insurers.

In a stunning move, an appeals court dismissed Trump's plea to temporarily suspend the trial. This comes after New York Supreme Court Justice Arthur Engoron's judgment deemed Trump and his associates culpable of fraud.

However, Justice Peter Moulton from the appellate division, provided a temporary reprieve, halting the enforcement of the decision that revoked business licenses for Trump's enterprises in New York.

James's staggering $250 million lawsuit encompasses Trump, his sons, the Trump Organization, and its executives. The trial thus far has unveiled potentially misleading financial statements, with more explosive testimonies anticipated, especially from the former CFO, Allen Weisselberg.

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Rihem Akkouche

Rihem Akkouche is a passionate journalist dedicated to shedding light on compelling stories, sparking conversations, and fostering a more informed world.

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