Trump's Testimony Reveals Intent Behind Financial Statements in Bank Fraud Trial

Trump's Testimony Unveils Intent Behind Financial Statements in Bank Fraud Trial. Get the Latest Updates on the Trial Here.

Nov 7, 2023 - 10:00
Nov 7, 2023 - 10:01
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Trump's Testimony Reveals Intent Behind Financial Statements in Bank Fraud Trial
Trump's Testimony Reveals Intent Behind Financial Statements in Bank Fraud Trial

In the middle of Donald Trump's trial over a $250 million New York bank fraud, something significant came to light. Lawyers showed documents proving that Trump knowingly signed papers to try and convince banks to give him loans.

This might not sound like a big deal, but it's crucial for the case. The New York attorney general's team wants to prove that Trump tricked banks and insurance companies by saying he was worth way more than he actually was. Trump basically admitted that these financial papers were made with the clear goal of getting loans. Because of this, Trump's company might have gotten loans at lower interest rates, thanks to the exaggerated numbers.

Earlier, Trump had said it was his accountants' job to make the financial statements. He even claimed he could have put any number he wanted for his net worth.

When asked about his role in making sure the statements were right, Trump said, "Accountants... They charged me a lot of money for this, a lot of money. I could have just put a number down. But I got expensive lawyers."

Most of Trump's time in the courtroom was spent talking about different deeds and values for his properties all over the world. This included a special paper for Mar-a-Lago, which said it was a club, not his main home.

The judge, Arthur Engoron, already said that New York Attorney General Letitia James had proven that Trump and his two sons, Donald Jr. and Eric, did something wrong. This trial could end up costing Trump a big part of his real estate business, which he often says is his biggest achievement, even more important than his family.

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