A company executive testified in court that the “premiums” would have boosted the former president’s wealth by $145 million.
An executive at Donald Trump’s company testified on Friday that his Trump Tower penthouse, Mar-a-Lago resort, and other assets would have received a” presidential premium” during his term in office, boosting his net worth by almost$ 145 million. In his testimony at the Trump Organization’s New York legal fraud trial, Assistant Vice President Patrick Birney claimed that the idea was ultimately scrapped. However, state attorneys claim that just going through the exercise shows how determined Trump and his aides were to improve his bottom line. Next week, Trump is anticipated to appear in court for the trial. # 13 of the advertisement
In 2017, his first year in office, according to Birney, Trump executives considered adding 25 % to the listed value of the Trump Tower apartment as a” premium for presidential personal residence.” According to Birney, they considered doing the same for Trump’s winter and summer residences at Mar-a-Lago and his Bedminster, New Jersey, golf club. According to Birney, a 25 %” presidential summer residence” premium would have increased the Bedminster golf club’s price tag by$ 18.9 million, raising its listed value to about$ 145 million. For other properties where Trump didn’t spend much time, Trump executives gamed out adding 15 % premiums. They once debated adding a 35 %” Ex – President” premium to specific assets. In the fraud case brought by New York Attorney General Letitia James, Birney was testifying at the end of the following week of a non-jury trial. He will return on Monday. Following lifelong Chief Financial Officer Allen Weisselberg and Senior Vice President and Controller Jeffrey McConney, he is the second Trump Organization executive to testify. They have both since retired and are both defendants in the case. A judge ruled in a preliminary ruling last month that Trump and his company had lied about their financial statements for years by exaggerating their assets and net worth. These documents were provided to banks, insurers, and other parties so they could complete transactions and obtain funding. # 13 of the advertisement
Judge Arthur Engoron ordered that a court-appointed receiver seize control of some Trump companies as punishment, casting doubt on the future of Trump Tower and another properties. However, an appeals court postponed that order from going into effect for the time being. Allegations of conspiracy, insurance fraud, and falsifying business records are all involved in the trial. Democrat James wants Trump and other defendants barred from conducting business in New York and is seeking$ 250 million in penalties. The only witness to testify on Friday, Birney, claimed that Trump executives began thinking about a possible” political premium” as they looked for ways to make up for the value loss caused by correcting the size of Trump’s 10, 996 square foot Manhattan penthouse, which had been misvalued for years at almost three times that square footage. Following the publication of an article by Forbes magazine revealing the actual size of the Trump Tower apartment, that correction was made in Trump’s 2017 economic statement. The Trump Organization was undergoing what McConney previously referred to as a” clean up” of some pay practices and financial arrangements in the wake of Trump’s election at the same time. Was it something you would have done on your own to apply the political premium to a group of assets? Attorney for the state Eric Haren enquired. # 13 of the advertisement
” No ,” Birney retorted. Who directed you, exactly? The attorney enquired. Birney retorted,” I don’t really remember, but perhaps Allen Weisselberg.” He claimed that a Trump Tower bathroom served as the setting for one of his discussions with Weisselberg regarding the value of Trump’s properties. Weisselberg testified on Tuesday that he had previously given McConney instructions to increase the values listed for Trump’s golf courses on his financial statements by 30 %. McConney testified last week that, years before Trump was elected president, he increased the value of Trump’s penthouse by$ 20 million annually, in part due to his notoriety. Regarding the” presidential premiums” exercise, Birney said he understood they were taken out of consideration in October 2017 and weren’t included in any of Trump’s financial statements. At the same time, a provision in his financial disclosures stated that they did not include any bonuses based on his” worldwide reputation.” Donald Trump’s Legal Fraud Trial Resuming With Ex-CFO Allen Weisselberg On Witness StandTrump Loses Bid To Postpone New York Civil Trial, Will Continue Second WeekTwo Trumps Penthouse Value Estimate Has Been Boosted Over His Fame, According To Eyewitness The” premium ,” according to a company executive, would have increased the former president’s net worth by almost$ 145 million.
A company executive testified in court that the “premiums” would have boosted the former president’s wealth by $145 million.
LOADINGERROR LOADING. NEW YORK (AP) — Donald Trump’s top corporate deputies considered adding a “presidential premium” to his Trump Tower penthouse, Mar-a-Lago resort and other assets during his White House years, a gambit that would’ve padded his net worth by nearly $145 million, an executive at the former president’s company testified Friday.. Trump Organization Assistant Vice President Patrick Birney told Trump’s New York civil fraud trial that they ended up scrapping the idea, but state lawyers contend that merely going through the exercise underscores how Trump and his underlings were intent on finding ways to beef up his bottom line. Trump is expected to return to court for the trial next week.. Advertisement. Birney said Trump executives considered tacking 25% onto the Trump Tower apartment’s listed value as a “premium for presidential personal residence” in 2017, his first year in office. They weighed doing the same for Trump’s winter and summer homes at Mar-a-Lago and his Bedminster, New Jersey, golf club, Birney said.. A 25% “presidential summer residence” premium would’ve added $18.9 million to the Bedminster golf club’s price tag on Trump’s annual financial statements, Birney said, increasing its listed value to about $145 million. Trump executives gamed out adding 15% premiums for other properties where Trump didn’t spend much time. At one point, they considered adding a 35% “Ex-President” premium to certain assets.. Birney was testifying at the end of the second week of a non-jury trial in New York Attorney General Letitia James’ fraud lawsuit and will return on Monday. He is the third Trump Organization executive to take the witness stand, following longtime Chief Financial Officer Allen Weisselberg and Senior Vice President and Controller Jeffrey McConney. Both of them are defendants in the case and have since retired.. In a pretrial decision last month, a judge ruled that Trump and his company committed years of fraud by exaggerating the value of Trump’s assets and net worth on his financial statements. Those documents were given to banks, insurers and others to make deals and secure financing.. Advertisement. As punishment, Judge Arthur Engoron ordered that a court-appointed receiver take control of some Trump companies, putting the future of Trump Tower and other properties in doubt, but an appeals court paused that from taking effect, for now.. The trial concerns related allegations of conspiracy, insurance fraud and falsifying business records. James, a Democrat, is seeking $250 million in penalties and wants Trump and other defendants banned from doing business in New York.. Birney, the only witness to testify Friday, indicated Trump executives started pondering a potential “presidential premium” as they sought ways to recoup a loss in value incurred from correcting the size of Trump’s 10,996 square foot Manhattan penthouse, which had been wrongly valued for years at nearly three times that square footage.. That fix was made in Trump’s 2017 financial statement, after Forbes magazine published an article revealing the true size of the Trump Tower apartment. At the same time, the Trump Organization was going through what McConney previously dubbed a financial “clean up,” scrubbing some pay practices and financial arrangements in the wake of Trump’s election.. “Was applying a presidential premium to a series of assets something you would have done on your own?” state lawyer Eric Haren asked.. Advertisement. “No,” Birney said.. “Who directed you?” the lawyer asked.. “I don’t really remember, but probably Allen Weisselberg,” Birney responded.. He said one of the discussions he had with Weisselberg about valuing Trump’s properties happened in a Trump Tower bathroom.. Weisselberg testified Tuesday that, in some years, he instructed McConney to add a 30% premium to the values listed for Trump’s golf courses on his financial statements. McConney testified last week that, years before Trump became president, he increased the value of Trump’s penthouse one year by $20 million partly because of his celebrity.. At the same time, Trump’s financial statements included a clause professing that they did not include any premiums based on his “worldwide reputation.”. As for the “presidential premiums” exercise, Birney said he understood they were removed from consideration in October 2017 and weren’t included in any of Trump’s financial statements.. Related. New YorkTrumpNew Jerseytrump towertrump organization. Trump’s Tax Records Finally Turned Over For New York Investigation. Donald Trump’s Civil Fraud Trial Resuming With Ex-CFO Allen Weisselberg On Witness Stand. Trump Loses Bid To Postpone New York Civil Trial, Will Continue Next Week. Trump’s Penthouse Value Estimate Boosted Over His Fame, Witnesses Say
