A retired bank official has testified that Donald Trump obtained hundreds of millions of dollars in loans using financial statements that a court has since deemed fraudulent
Former President Donald Trump addresses an audience during a campaign event, Monday, Oct. 9, 2023, in Wolfeboro, N.H. 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 the former president 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 rules required Trump to act as a guarantor for the Doral and Chicago loans, in addition to putting up the Miami-area resort and Wabash Avenue skyscraper as collateral.
The documents portrayed Trump as a wealthy businessman, heavily invested in golf courses and other real estate with strong cash flow and little debt, Haigh said. Deutsche Bank representatives also met with Trump Organization executives to go over the information, and the bankers looked at bank account and brokerage statements to verify his cash holdings, he said.
“Does this indicate that the bank had the ability to go review the cash holdings and adjust them?” Trump lawyer Jesus M. Suarez asked Haigh.
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