Trump Admits to Adjusting Property Valuations on the Stand

2023-11-06 19:42:26

On The Stand, Trump Admits To Adjusting Property Valuations

Former President Donald Trump made a significant admission during his civil fraud trial in New York City on Monday. When asked by Assistant Attorney General Kevin Wallace if he ever thought the values of his properties were off in his financial statements, Trump confessed, "Yes, on occasion, both high and low." Specifically, he acknowledged that he likely influenced the value stated for his penthouse apartment in Trump Tower in Manhattan in 2017, admitting that he believed it was too high. This revelation comes as the value of Trump's real estate holdings is under scrutiny in the case against him.

Exaggerated Square Footage and Distancing Himself from 2021 Statement

Trump's false claim that his penthouse apartment was over 30,000 square feet was also discussed. A Forbes magazine investigation revealed that the actual size of the property is less than 11,000 square feet. Additionally, during questioning, Trump distanced himself from a 2021 statement of financial condition, stating that he was focused on national security matters at the time and emphasizing his role in dealing with China and Russia.

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The Case Against Him and Claims of Responsibility

The case against Trump centers around allegations made by New York Attorney General Letitia James, who claims that he fraudulently inflated the value of his real estate holdings for decades. Trump's executives, including his two eldest sons, who testified last week, have attempted to distance themselves from the financial statements and place blame on the accounting firm responsible for drafting them. Trump has repeatedly claimed that a disclaimer clause in the statements absolves him of all responsibility, but the judge presiding over the trial, Judge Arthur Engoron, disagrees, stating that the clause does not render the statements worthless or insignificant.

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