Donald Trump obtained hundreds of millions of dollars in loans using financial statements that a court has since deemed fraudulent, a retired bank official has testified at the former president’s New York civil fraud trial.
Former President Donald Trump addresses an audience during a campaign event, Monday, Oct. 9, 2023, in Wolfeboro, N.H. – Donald Trump 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 Trump 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 private wealth management unit, which handled the loans, wouldn’t have approved them without a “strong financial guarantee” from Trump, Haigh said.
“I assumed that the representations of the assets and liabilities were broadly accurate," Haigh said of Trump’s financial statements.
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