Trump's OWN Expert Witness Crushes Reliability of His Financials
An expert witness called by former President Donald Trump at his civil fraud trial in New York to rebut the State's against him, his fellow defendants, and the Trump Org. may have helped to sink his defense by pointing out "glaring" problems with Trump's financial statements, according to Business Insider.
According to Business Insider, the expert witness tried to also say the Trumps weren't to blame for them.
Business Insider's Laura Italiano reported the expert, Jason Flemmons.
"On Wednesday, an expert accountant took the stand in Trump's defense for a second day at the former President's Manhattan fraud trial and used these words to describe the creative math at the center of the case. 'It's certainly a red flag for me,' referring to an internal Trump Organization spreadsheet from 2016 displayed on overhead screens in the lower Manhattan courtroom. "
"'I'd want to know more,' Flemmons said of the spreadsheet, in which Trump claimed some $200 million in ready cash. State officials say those millions were locked in a partnership that Trump did not have sole authority to withdraw from."
Flemmons added that he believed the Trump Organization's accountants were responsible, not Trump himself, which will only serve to reinforce the earlier testimony that nothing gets done at the Trump Org. without the approval of the former disgraced rapist who is now facing 91 felonies in four different jurisdictions and is still being investigated by a Washington D.C. Grand Jury for additional felonies.
Business Insider's Laura Italiano went on to report that Flemmons was.
"Led through a decade of statements and underlying internal Trump Org. spreadsheets by defense lawyer Jesus Suarez, Flemmons described numerous 'discrepancies' and 'inconsistencies,'
"These included Trump tripling the actual square footage of his Manhattan penthouse, his secretly adding a Trump 'brand premium' to his total worth, and his inflating the value of Trump Park Avenue by valuing rent-stabilized condo units at market rate."
Flemmons also told the court that lenders for the Trump Organization should have gotten a buyer beware warning.
In the suit, New York Attorney General Letitia James alleges that Trump, his two adult sons, and the Trump CFO Alan Weisselberg and his accounting staff have systematically inflated and deflated the valuation of assets to get at the of the former President more favorable loan and tax arrangements. NY AG Letitia James' office is seeking hundreds of millions in fines and the dissolution of the Trump Organization. Judge Arthur Engoron has already ruled against Trump on most of the merits in summary judgment, making the remainder of the trial primarily about assessing quantified damages.
Flemmon's testimony is triggering many legal experts observing the trial as digging deeper into Trump's and all the defendants' legal black holes.
Judge Arthur Engoron is letting Trump's legal defense team further incriminate Trump so that they reduce the risk of having his final verdict and damages. He and many legal scholars recognize the witnesses being presented by the Trump Defense team are just giving Judge Engoron evidence of Trump et al. financially defrauding the banks, financial institutions, insurance companies, and NY Tax authorities.
Many media sources, including Newsweek, report that Trump and his lawyers are trying to negotiate a settlement with the New York Attorney General's office.
Most legal observers don't believe NY AG Letitia James will approve any settlement that doesn't disgorge much more than the $250M sought. Trump et al. would likely have to agree and pay over $750M and agree never to operate or do business in the State of New York for the remainder of their lives.
The bigger problem for Trump and the rest of the defendents is being charged criminally for the fraud they committed after the case. The reason is that Eric Trump and Donald Trump took the 5th Amendment more than 400 times when they were deposed. A settlement would likely not include any assurance that either the Manhattan DA or the NY Attorney General will not seek to indict and prosecute Trump and his current civil defendents in this fraud case underway.