Trump trial Day 5 highlights: Ex-Trump executive says Allen Weisselberg asked for help in committing tax fraud
"As expected: Divert blame, move to cancel and/or delay ALL -- Trump fraud trial Day 4 highlights: Ex-Trump executive grilled in court as former president skips"
Jeffrey McConney, a former Trump Org. official, said he kept engaging in this illegal conduct because Weisselberg was his boss and if he refused, he would probably have lost his job.
VIDEO 6:38
Updated Oct. 7, 2023, 3:58 AM AEDT By NBC News
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5h ago / 3:52 AM AEDT
McConney admits Weisselberg asked for help in committing tax fraud
Lisa Rubin
Amer goes in for the kill, asking whether Weisselberg asked McConney on more than one occasion to assist him in committing tax fraud, McConney says yes.
McConney also admitted he was directed by Weisselberg to process a payroll check to Weisselberg’s wife, who was not an employee, so she could qualify for Social Security benefits.
McConney said he kept engaging in this illegal conduct because Weisselberg was his boss and if he refused, he would probably have lost his job. And with that, we are not only breaking for the day, but also McConney’s questioning is finished in dramatic fashion.
5h ago / 3:34 AM AEDT
McConney denies he knew Mar-a-Lago's deed limited its value
Lisa Rubin
On valuations of Mar-a-Lago, backup data in 2011 and 2012 said the property could be sold as a private residence for $426.5 million and $531.9 million, respectively.
McConney confirmed that until around the 2016--2017 time frame, he understood the premise of the valuation to be that it could be sold as a private residence, but he also knew Trump’s purchase was subject to a deed with “some rules.”
But he denied that he knew the details of the deed with the National Trust for Historic Preservation, saying he never saw the document and therefore was not aware that Trump had deeded away the right to use the property for any purpose other than as a social club.
5h ago / 3:20 AM AEDT
Financial statements contradict golf course valuations, including 'brand value' of 'Trump name'
Lisa Rubin
The statements of financial conditions included that at least through 2016 and 2017, the “goodwill attached to the Trump name has significant value that has not been reflected in the preparation of this financial statement.”
McConney, however, has conceded that the golf course valuations routinely included a “brand premium” of 30% and later 50%, beginning in 2013.
6h ago / 3:01 AM AEDT
AG urges court to deny Trump stay but says it's willing to postpone dissolving his companies
Dareh Gregorian, Adam Reiss and Lisa Rubin
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6h ago / 2:08 AM AEDT
AG's office grills McConney about Trump's Westchester estate
Lisa Rubin
We are beginning to discuss a particularly egregious example of fraudulent valuations. At one point, Trump’s Seven Springs estate reflected a plan to build seven mansions on the property valued at $23 million each.
McConney confirmed that in 2012, he understood Eric Trump was involved with the development of the Westchester, New York, property and that he assumed, but was never told, that all necessary approvals had been obtained to build the seven homes. But he said he also understood the concept of the time value of money and that discounts should be applied to arrive at a present value if money is going to be paid in the future.
The $161 million for the seven planned homes, which was baked into the Seven Springs valuation, was never discounted for the years it would take to build them, the cost of marketing and building them, etc.
Instead, McConney treated the profit of $23 million per home as if it were immediately realizable in 2012.
In 2013 and 2014, the valuation for the seven homes was done exactly the same way. He also wrote in his spreadsheets that the valuations were based on telephone calls in each of 2013 and 2014 with Eric Trump, who confirmed he should continue to value the planned homes at Seven Springs in the same way.
Engoron has given both sides in the case until the end of the month to suggest potential receivers to oversee the dissolution of the canceled LLCs.
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7h ago / 1:42 AM AEDT
Trump allegedly revealed sensitive info about nuclear submarines, according to reports
Rebecca Shabad
After he left the White House, former President Donald Trump allegedly shared sensitive information about U.S. nuclear submarines with an Australian billionaire who is a member of his Mar-a-Lago club, according to a pair of reports published on Thursday.
The revelation was reported to special counsel Jack Smith’s office, which charged Trump this year with mishandling classified documents, and prosecutors and FBI agents have twice interviewed Pratt this year about the discussion, ABC reported.
Trump’s 2024 presidential campaign spokesman, Steven Cheung, said in response to questions about the report, “President Trump did nothing wrong, has always insisted on truth and transparency, and acted in a proper manner, according to the law.”
[How do people like Cheung sleep at night after uttering that sort of clear-cut garbage. Uh, everybody it's clear to any objective and rational person the sun rises in the West. Why? Because West is best so it's first in the sun's path. Yup. Sure, Steven.]
NBC News has also reached out to Pratt’s company for comment.
McConney is discussing the Trump Organization's relationship with Vornado, the real estate company. Trump lawyer Alina Habba objects to the questioning, which she says is leading.
Andrew Amer, a lawyer for the attorney general's office, calls McConney a hostile witness. Habba says he is not a hostile witness and Engoron wryly says, "he is the defendant." The objection is overruled.
[LOLOL]
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8h ago / 12:56 AM AEDT
What to expect in court in the coming days
Adam Reiss
McConney will be back on the stand today followed by Allen Weisselberg on Tuesday after a holiday break Monday. After that, we'll hear from Nick Haigh, a risk manager with Deutsche Bank who has been traveling overseas, and possibly more from Weisselberg.
Then comes Patrick Birney of the Trump Organization, and possibly Michael Cohen by the end of next week.
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