Trump Requested His “Net Worth” on Financial Statement “To Go Up” Testifies Employee in Court

Jo ShawOct 23, 2023

Minute Read

According to an executive from the Trump Organization, former President Trump purportedly directed his former CFO, Allen Weisselberg, to exaggerate his net worth on financial documents as part of a broader plan to inflate his net worth and secure more advantageous business deals.

Patrick Birney’s Testimony Supports the Prosecutor’s Argument

Patrick Birney’s testimony supports the prosecutors’ claim that Trump and his associates deliberately inflated valuations for personal gain.

Trump Allegedly Wanted to Increase His Net Worth Between 2017 and 2019

The company’s CFO, Weisselberg, allegedly communicated to Birney that Trump aimed to boost his net worth between 2017 and 2019. This testimony may further strengthen the $250 million civil fraud case brought by New York Attorney General Letitia James against the former President.

Prosecutors Questioned Birney in Court

Prosecutors questioned Birney if Weisselberg “ever told you that Mr. Trump wanted his net worth on the statement of financial condition to go up.” “Yes,” Birney replied.

Multiple Witnesses Provided Evidence of How Documents Were Prepared

The ongoing fraud trial asserts that Trump and his colleagues used deceptive practices by inaccurately representing valuations on financial documents. Multiple witnesses have presented evidence detailing the preparation, authorization, and calculation of these valuations.

A Magazine Article Prompted Birney to Change Trump’s Financial Statement

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According to the executive’s testimony, Patrick Birney altered Trump’s financial statement after reading a 2017 Forbes magazine article that accused Trump of providing false information about the size of his residence. “There was an article written that stated that Mr. Trump’s triplex was actually 10,900 or so square feet,” said Birney.

The Triplex Size Was “Misrepresented,” Engoron Decided in Partial Summary Judgement

Judge Engoron concluded in his partial summary judgment last month that there had been misrepresentation regarding the property’s size.

Patrick Birney Verified and Adjusted the Following Year’s Financial Statement

Birney stated that Trump Organization executives, including former CFO Allen Weisselberg, had “verified” the size and adjusted the following year’s statement of financial condition.

Penthouse, Valued at $327 Million in 2016, Dropped to $116 Million the Following Year

Consequently, the penthouse was valued at $116 million in 2017, which marked a substantial decrease from the 2016 valuation of $327 million. Birney testified that he researched comparable properties to determine future values.

Weisselberg, Ex-CFO, Has Acknowledged Assets Were Overvalued

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Weisselberg, the long-serving CFO, has admitted that certain Trump assets, such as his Trump Tower penthouse apartment, were excessively valued in the company’s financial records.

Weisselberg Released From Jail for Tax Fraud

The 75-year-old, incarcerated at New York’s Rikers Island jail complex for over three months due to tax fraud, was released in April.

Weisselberg Evaded Tax on $1.76 Million in Income

Last year, Weisselberg pleaded guilty in connection with an extensive scheme where he and other executives received bonuses and benefits designed to circumvent tax authorities and save the company money. He evaded taxes on $1.76 million of income, pleading guilty to 15 felony charges linked to his compensation while employed by Trump.

Weisselberg’s Son’s Testimony

Weisselberg’s son, also a defendant in the case, testified that he frequently worked with his father on a 2015 deal to refinance the Trump Organization’s $160 million mortgage for its 40 Wall Street office building.

Trump Organization Executives Wanted to Protect Sensitive Information

Weisselberg’s son also detailed his interactions with Trump Organization executives who made great efforts to safeguard the confidentiality of Trump’s financial data. “I think they were concerned about confidentiality and wanted to make sure it got into my hands,” said Jack Weisselberg.

How Much Did Gucci Pay in Rent at Trump Tower?

He also testified how, in 2012, Trump Organization executives showed a keen sensitivity toward disclosing specific financial documents publicly. This included details such as the rent the fashion brand Gucci paid for its space in Trump Tower. “He is also nervous about Gucci’s rent becoming public knowledge, as he tends to embellish from time to time,” Jack Weisselberg wrote in an email in 2012 that was entered into evidence. “I recall it being public was a concern,” Jack Weisselberg said when questioned about the email.

Michael Cohen First Testified Against Trump in 2019

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The ongoing testimonies in New York echo prior statements made by former Trump attorney Michael Cohen to Congress in 2019 and to prosecutors in the fraud case. In those statements, Cohen asserted that Trump instructed both him and Weisselberg to inflate asset values, aiming to boost his net worth annually, partly to enhance his standing on Forbes’ list of billionaires.

Michael Cohen Testified in 2019 That President Donald Trump Inflated His Net Worth by $4 Billion

During a 2019 hearing before the House Oversight Committee, Michael Cohen, who had served as President Donald Trump’s personal attorney for over a decade, testified that Trump had inflated his net worth by $4 billion in financial documents submitted during his unsuccessful bid in 2014 to purchase the Buffalo Bills.

Cohen Provided Trump’s “Statement of Financial Condition.”

Cohen presented the committee with documents titled “STATEMENT OF FINANCIAL CONDITION,” which had been sent to Deutsche Bank for a proposed loan. These documents covered a three-year span during which Trump substantially increased his net worth.

Trump’s Brand Value Was Listed at $4 Billion by Cohen

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In March 2013, as he prepared to bid for the Buffalo Bills, Trump reported a net worth of $8.66 billion. This increase was attributed to an additional line on the financial statement labeled “Brand Value,” which he valued at $4 billion.