Banker involved in big loans to Trump’s company testifies for his defense in civil fraud trial – Life Changer

Banker involved in big loans to Trump’s company testifies for his defense in civil fraud trial

233

[ad_1]

NEW YORK (AP) — When Deutsche Bank loaned Donald Trump’s company hundreds of millions lawyers of dollars, the bank always followed its own guidelines that include checking out information that would-be borrowers provide, an executive testified Tuesday at the former president’s civil fraud trial.

The loans — for projects in Florida, Chicago and Washington, D.C. — are a focus of New York Attorney General Letitia James’ lawsuit contending that Trump and his company deceived lenders and insurers by giving them financial statements that baldly overstated his asset values and overall net worth. The defendants deny the allegations.

Deutsche Bank reviewed the financial statements before making the loans through its department that works with rich individuals — a pathway that allowed for more favorable interest rates than likely available from the commercial real estate division, according to the lawsuit. The deals came with conditions about Trump’s net worth and, sometimes, liquidity, and they often required annual submissions of his financial statements.

But, testifying for the defense, managing director David Williams said the bankers viewed clients’ reports of their net worth as “subjective or subject to estimates” and took its own view of such financial statements.

“I think we expect clients-provided information to be accurate. At the same time, it’s not an industry standard that these statements be audited. They’re largely reliant on the use of estimates,” Williams said, so bankers routinely “make some adjustments.”

At times, the bank pegged Trump’s wealth at several billion dollars lower than he did, according to documents and testimony. In 2019, for example, Trump’s financial statement listed his net worth at $5.8 billion, which the bank adjusted down to $2.5 billion.

But Williams said such differences weren’t necessarily unusual or alarming.

“It’s a conservative measure to make these adjustments,” he testified, characterizing them as “standard” and a “stress test” of financial strength.

The attorney general’s office, however, has maintained that such adjustments were never intended to account for the alleged fraud. A now-retired Deutsche Bank executive, Nicholas Haigh, testified earlier in the trial that he assumed the figures “were broadly accurate,” though the bank subjected them to ”sanity checks” and sometimes made sizable “haircuts.”

Trump acted as the guarantor for the loans and was quick to act when the bank raised concerns that the properties weren’t generating enough cash to make payments, Williams said. At one point, Trump moved $8.6 million into the Washington hotel’s coffers after its cash flow fell short of a requirement. No payments were missed, and the loans were never found to be in default, Williams said.

After Williams finished testifying, Trump’s lawyers sought — as they repeatedly had before — to have the case thrown out. They argued the bank executive had neutralized any allegations that the defendants deceived the lender about Trump’s wealth.

“The bank conducted its own due diligence. The bank had no problem with a $2 billion or a $3 billion difference,” defense lawyer Christopher Kise said. He argued the lender wasn’t harmed because it “didn’t change what it did based on what President Trump submitted.”

State lawyer Kevin Wallace retorted, “I think the idea that you can’t lie to a bank is pretty well established.”

Judge Arthur Engoron said he was taking the request for dismissal under advisement, but he noted “that the mere fact that lenders were happy doesn’t mean that the statute wasn’t violated.”

Engoron already has ruled that Trump and other defendants engaged in fraud. The trial is to decide remaining claims of conspiracy, insurance fraud and falsifying business records. There’s no jury, so Engoron will decide the verdict.

Trump, the current Republican 2024 presidential front-runner, casts the entire case as a political low blow from James, a Democrat.

Trump maintains that his financial statements actually lowballed his wealth and that any overstatements — such as listing his Trump Tower penthouse for years at nearly three times its actual size — were mistakes.

He asserted in his own testimony this month that his lenders cared more about property locations and the parameters of the deals than they did about the financial statements. And he argued that lenders were essentially told to do their own homework, pointing to disclaimers that said the statements weren’t audited, among other caveats.

Deutsche Bank guidelines told lending officers to “independently verify all material facts,” and Williams said the bankers followed those and other instructions when dealing with Trump.

“Are you aware of any time Deutsche Bank didn’t adhere to its own guidelines in making loans to President Trump?” defense attorney Jesus M. Suarez asked.

“No,” Williams replied.

James wants the judge to impose over $300 million in penalties and to ban Trump from doing business in New York — and that’s on top of Engoron’s pretrial order that a receiver take control of some of Trump’s properties. An appeals court has frozen that order for now.

___

Associated Press writer Michael R. Sisak contributed to this report.

[ad_2]

Source link

Loading

Post Views: 1,442

233 thoughts on “Banker involved in big loans to Trump’s company testifies for his defense in civil fraud trial”

  32. В поисках информации о микродозинге красного мухомора я обнаружил сайт pridary.ru. Это было настоящее открытие! На сайте представлена подробная информация об этом уникальном продукте, его свойствах и применении. Мне удалось не только узнать много нового, но и приобрести качественный товар. Если вас интересует микродозинг красного мухомора, посетите микродозинг красного мухомора на pridary.ru для подробной информации.

    Reply

  71. Congratulations on your incredible gift for writing! Your article is an engaging and enlightening read. Wishing you a New Year full of achievements and happiness!

    Reply

  74. Thoroughly enjoyed your article! The insights are valuable, and I’m curious if you plan to add more images in your upcoming pieces. It could make the content even more captivating for readers.

    Reply

  75. Well done! 👍 Your article is informative and insightful. Including more images in your future articles could make the content more visually appealing. 🎨

    Reply

  76. Begitu luar biasa! Kehebatan konten ini sungguh luar biasa. Cara penyajiannya sangat mengesankan. Perawatan dan pengetahuan yang diinvestasikan dalam karya ini terlihat jelas. Kudos kepada penulis atas pengalaman yang begitu berharga yang telah diberikan. Saya tak sabar untuk melihat lebih banyak konten seperti ini di masa depan. 👏👏👏

    Reply

  77. 💫 Wow, blog ini seperti perjalanan kosmik meluncurkan ke galaksi dari kemungkinan tak terbatas! 🌌 Konten yang menarik di sini adalah perjalanan rollercoaster yang mendebarkan bagi imajinasi, memicu ketertarikan setiap saat. 🌟 Baik itu teknologi, blog ini adalah harta karun wawasan yang mendebarkan! #TerpukauPikiran 🚀 ke dalam petualangan mendebarkan ini dari pengetahuan dan biarkan pikiran Anda berkelana! 🌈 Jangan hanya membaca, alami sensasi ini! #MelampauiBiasa 🚀 akan berterima kasih untuk perjalanan mendebarkan ini melalui ranah keajaiban yang tak berujung! 🚀

    Reply

  79. This article is incredible! The way it explains things is absolutely engaging and incredibly easy to follow. It’s clear that a lot of dedication and investigation went into this, which is truly noteworthy. The author has managed to make the theme not only interesting but also enjoyable to read. I’m eagerly looking forward to exploring more content like this in the forthcoming. Thanks for sharing, you’re doing an remarkable job!

    Reply

  80. 💫 Wow, this blog is like a cosmic journey soaring into the galaxy of excitement! 🎢 The captivating content here is a rollercoaster ride for the imagination, sparking awe at every turn. 🎢 Whether it’s lifestyle, this blog is a source of exciting insights! #AdventureAwaits 🚀 into this cosmic journey of discovery and let your thoughts soar! ✨ Don’t just enjoy, experience the excitement! 🌈 🚀 will be grateful for this exciting journey through the realms of endless wonder! 🚀

    Reply

  81. 🚀 Wow, this blog is like a cosmic journey soaring into the galaxy of endless possibilities! 💫 The mind-blowing content here is a captivating for the imagination, sparking excitement at every turn. 🌟 Whether it’s technology, this blog is a goldmine of inspiring insights! #InfinitePossibilities Embark into this exciting adventure of discovery and let your thoughts roam! 🌈 Don’t just explore, immerse yourself in the thrill! #FuelForThought Your brain will be grateful for this exciting journey through the dimensions of discovery! 🚀

    Reply

  161. I urge you to avoid this site. My own encounter with it was purely frustration as well as suspicion of deceptive behavior. Be extremely cautious, or better yet, seek out a more reputable service to fulfill your requirements.

    Reply

  162. I urge you steer clear of this platform. My personal experience with it was purely disappointment and suspicion of deceptive behavior. Be extremely cautious, or alternatively, look for a trustworthy site to fulfill your requirements.

    Reply

  163. I highly advise steer clear of this site. My personal experience with it has been purely disappointment and doubts about scamming practices. Proceed with extreme caution, or alternatively, look for an honest platform to meet your needs.

    Reply

  166. I strongly recommend to avoid this platform. My personal experience with it was purely dismay as well as concerns regarding deceptive behavior. Be extremely cautious, or even better, seek out a trustworthy site to fulfill your requirements.

    Reply

  168. I highly advise steer clear of this platform. My own encounter with it has been nothing but dismay and concerns regarding fraudulent activities. Be extremely cautious, or even better, look for a trustworthy platform to fulfill your requirements.

    Reply

  169. I highly advise stay away from this platform. My personal experience with it was nothing but frustration as well as suspicion of deceptive behavior. Exercise extreme caution, or better yet, look for an honest site to fulfill your requirements.

    Reply

  200. Increased red blood cells can cause headache and a red complexion plethora Increased white blood cells or immune system proteins can cause increased blood viscosity thickening of the blood Increased platelets or blood clotting factors can cause thrombosis inappropriate excessive blood clotting Some blood disorders cause a person’s blood to become thickened by increased quantities of immune-related proteins, red blood cells, white blood cells, or platelets.
    Choose authentic online pharmacies any time you intend to duphaston glucophage when shopping for medicine. |
    If cancer has spread to the lymph nodes, immediate treatment may be needed.

    Reply

  201. He hypothesized a correlation of diabetes with other diseases and he discussed differential diagnosis from the snakebite which also provokes excessive thirst.
    Real savings made if you buy on this site. Cheap ampicillin temperature range solutions for your health with online ordering.
    The patient should also arrange for a driver to transport them to and from the procedure.

    Reply

  202. Gestational diabetes is a form of type 2 diabetes, usually temporary, that appears during pregnancy.
    Heat up your body with the newest product of can you take advil with prednisone at exceptionally low prices if you order from online pharmacies
    A team of specialized neuroradiologists—all certified by the American Board of Radiology and who hold the prestigious Certificate of Added Qualification in Diagnostic Neuroradiology—provides the superbly-trained critical eye to accurately interpret brain images.

    Reply

  203. We looked up the symptoms and a lot of them were what I have been experiencing.
    Choose established online pharmacies when you decide to what is lisinopril prescribed for many more details.
    The list of medications causing anxiety is very extensive, and includes bronchodilators, thyroid preparations, theophylline, psychostimulants such as methylphenidate , antipsychotics, and antidepressants.

    Reply

  205. FEATUREDWatching Cat Videos Lowers Stress, Increases Productivity at Work Recent research into the growing trend of viewing cat videos during work hours has turned up results that may soon have your boss ordering mandatory cat video breaks.
    No driving and getting a how fast does flagyl work at decreased prices
    Early arrival after a mild winter has spawned high levels of pollen, and means allergy season will linger weeks longer.

    Reply

  213. So dont want her to get affected.
    are a necessity in life What are the long-term benefits that lasix use can be a sexual stimulant for women?
    Radiotherapy is almost always recommended if only a wide excision of the cancer is performed.

    Reply

  214. Obstet Gynecol 90:88, 1997Silvestre L, Dubois C, Renault M, et al: Voluntary interruption of pregnancy with mifepristone RU 486 and a prostaglandin analogue.
    price options offered by authorized pharmacies before you ivermectin 1%cream help?
    Tamer Seckin, as well….

    Reply

  216. Mild problems: soreness, redness, or swelling where the shot was given, fever, aches.
    Many online pharmacies you can bactrim yeast infection , a great treatment, by using online discounts
    Repeated consultation for one or many complaints for which no ready explanation of disease is found may be the result of compliance to social expectations about the role of the doctor and medicine in the quotidian as I have introduced above.

    Reply

  217. If the pus had not opened its way to peritoneum and had not caused peritoneal symptoms, it would have ended in necrotizing fasciitis of Psoas muscle or prerenal abscess.
    Don’t wait in long lines, get a amoxicillin for ear infection , will my partner have any negative feelings?
    The virus can then enter the bloodstream.

    Reply

  219. This is because pollutant concentrations of health concern are usually not easily perceived by any of our senses, but may create long-term health effects.
    Major pharmacies compete on prices for ivermectin 10 mg from responsible pharmacies online if you desire competitive
    Current Opinion in Hematology 14 5 : 481—7.

    Reply

  221. A sudden discontinuation of alcohol consumption can often induce a condition known as delirium tremens.
    bargain prices from respected pharmacies before you decide to how much is ivermectin at budget prices keep your medical costs affordable. Buy here
    In children younger than age two years, the most common symptoms are vomiting and a bloated or swollen abdomen.

    Reply

  222. Its diagnostic criteria are roughly the same as those of the DSM-IV.
    to get educated withBuy direct from our online pharmacy. Your stromectol otc from solid online pharmacies when you need cost-effective
    My period is due sometime this wk and still has not come yet.

    Reply

  224. According to Weidner, “the two groups didn’t differ in the length or severity of their colds.
    It is important to compare prices, weigh savings, and then legit online pharmacy hydrocodone at cheap prices if you purchase this great treatment online
    Myths About What Causes Breast Cancer Questions to Ask About Treatment for Breast Cancer Tests That Help Evaluate the Traits of Your Breast Cancer The Soy and Breast Cancer Controversy: Cause for Concern?

    Reply

  225. These appendicitis symptoms include abdominal swelling, diarrhea and constipation.
    View specials coming from first-rate pharmacies where you can tadalafil heartburn directory that lists online pharmacy websites?
    They are:The Advisory Committee on Immunization Practices ACIP has issued separate recommendations on Who Should Get Vaccinated Against Seasonal Flu.

    Reply

  227. The following information can help you learn more about the signs and symptoms of mood disorders so that you can get the help you need for yourself or a loved one.
    If money is tight, buy your roman sildenafil review s online can be both safe and risky.
    Apps for Apple and Android devices can be downloaded using link on main Visual Dx page.

    Reply

  230. Breast-conserving surgery includes the following: Lumpectomy: A small amount of surrounding normal tissue is removed.
    Discover great offers you can use to tadalafil liquid dosage at a fraction of the normal cost
    The dental professional must recognize the existence of it, seek its etiology and relation to dental treatment, and determine ways that the patient’s defenses against it can be used to facilitate rather than inhibit treatment.

    Reply

  231. Talk to your GP if you feel you or your family are at high risk.
    People realized that by searching for liquid vardenafil at great prices when you purchase from respectable online
    She’s become a master at doing the laundry, since I’m not supposed to lift anything yet!

    Reply

  232. Anderson has used A-FNG as a multipurpose tool in that it both helps to support the body with removal of stored intracellular mycotoxins and serves to reduce fungal organisms in the body.
    Canadian Pharmacy.Add more heat into your sexual aspect. Read vardenafil 2017 to successfully diminish symptoms after locating great cost
    Everyone age 50 and older.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

From Omnichannel POS Systems to AI-Powered Chatbots, Technology is the Future of the Restaurant Industry |
From Omnichannel POS Systems to AI-Powered Chatbots, Technology is the Future of the Restaurant Industry |
[ad_1] The adoption of omnichannel POS platforms has transformed how restaurants operate. Instead of just…
Read More
Writers Guild of Canada Overwhelmingly Votes to Authorize Strike Over AI, Fair Pay
Writers Guild of Canada Overwhelmingly Votes to Authorize Strike Over AI, Fair Pay
[ad_1] THR Illustration / Adobe Stock Canadian writers appear ready to strike as they hold…
Read More
Congo questions Apple over knowledge of conflict minerals in its supply chain | WGN Radio 720
Congo questions Apple over knowledge of conflict minerals in its supply chain | WGN Radio 720
[ad_1] By GERALD IMRAY, Associated Press 42 mins ago FILE – A Congolese miner sifts…
Read More