Published November 29, 2023
New York Attorney General Letitia James’s office responded to testimony by a Deutsche Bank executive that could have torpedoed her civil fraud case against Trump.
Radical Marxist New York Attorney General Letitia James is seeking $250 million in ‘damages’ when there is no victim in this fraud case and she is also seeking to uban Trump and his sons from operating any businesses in New York. She accused Trump of inflating his assets and defrauding lenders and insurance companies.
A Deutsche Bank executive who worked to approve at least one of Trump’s loans testified on Tuesday that it is “atypical, but not entirely unusual” to reduce a client’s asset values and still approve a loan.
“A Deutsche Bank AG executive gave testimony that could bolster Donald Trump’s defense in his civil fraud trial, telling a New York judge that prospective clients can get loans even after reporting a net worth far higher than the lender’s own calculations.” Bloomberg reported.
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SOURCE: www.thegatewaypundit.com
RELATED: Deutsche Bank saw Trump as ‘whale’ of a client, NY fraud trial documents show
Published November 29, 2023
Deutsche Bank eagerly pursued former President Trump as a “whale” of a client more than a decade ago, and their partnership became mutually beneficial over the years, according to documents introduced by Trump’s legal team Wednesday during his ongoing fraud trial.
Trump’s counsel introduced emails from 2011 between then-bank managing director Rosemary Vrablic and colleagues, in which Vrablic expressed significant interest in working with the Trumps.
“We are whale hunting,” she wrote after meeting Donald Trump Jr., before she had met his father. The bankers used “whale” to refer to very wealthy clients, she testified Wednesday.
Trump’s relationship with Deutsche Bank is a core component of New York Attorney General Letitia James’s lawsuit against the former president, his business and several executives — including his adult sons. The state claims the Trump Organization falsely inflated and deflated the value of its assets on key financial statements to receive lower taxes and better insurance coverage, deceiving lenders and insurers in the process.
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SOURCE: www.thehill.com
RELATED: Trump’s Bankers Say His Exaggerated Net Worth Did Not Affect Loans
The testimony of witnesses from Deutsche Bank lent support to a central plank of former President Donald Trump’s defense in the civil fraud case against him.
Mr. Trump is accused of inflating his net worth to obtain favorable terms from lenders, including Deutsche Bank.Credit…Spencer Platt/Getty Images
Published November 29, 2023
Bankers whom Donald J. Trump is accused of defrauding testified at his civil fraud trial this week that they did not rely on his embellished claims of wealth, lending support to the central plank of the former president’s defense.
The New York attorney general, Letitia James, sued Mr. Trump in 2022 for inflating his net worth on his annual financial statements to receive favorable loans from banks, notably including Deutsche Bank. Before the trial, the judge found that the statements were filled with examples of fraud; the trial will determine any consequences the former president may face.
Mr. Trump has protested the premise of the case, insisting that the banks did their own due diligence and that misstatements in the financial documents would not have affected the overall terms of the loans. It follows, his lawyers have argued, that the alleged fraud had no victim.
The bankers who testified this week supported that argument when asked about the loan process.
“We are expected to conduct some due diligence and verify the information provided, to the extent that is possible,” David Williams, a banker in the wealth management group at Deutsche Bank, said on Tuesday. He said repeatedly that the bank had performed that diligence and factored its own analysis into the relationship with Mr. Trump.
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SOURCE: www.nytimes.com
