In the ongoing $250 million fraud trial against Donald Trump, former Deutsche Bank risk manager Nicholas Haigh testified on Thursday, providing insights into the bank's decision to sanction a $125 million loan to Trump. The loan, which used Miami's Doral Golf Resort as collateral, was reportedly sanctioned based on Trump's wealth claims.
New York Attorney General Letitia James presented Haigh's testimony as evidence of fraudulent financial statements influencing banks, including Deutsche Bank, which was a major lender to Trump from 2011 to 2021. James has accused Trump of persistent fraud, alleging that inflated valuations helped him and his company gain $250 million in "illegal profit" through cheaper loans and insurance policies over a decade.
Co-defendant Allen Weisselberg confirmed that Trump reviewed these financial statements, although he struggled with many questions during his testimony. Both Haigh and Weisselberg are expected to continue their testimonies.
In response to the allegations, defense lawyer Jesus Suarez presented Deutsche Bank’s conservative asset valuations and highlighted the successful property repayment. Suarez also pointed to a disclaimer on Trump's financial statements.
Meanwhile, Trump maintains that the banks profited from his business deals and asserts that the trials are part of a "witch hunt" against him as he seeks a return to presidency in 2024.
The trial is one among six faced by Trump after Deutsche Bank cut ties with him following the US Capitol riots. The bank has six current and former employees as potential witnesses in the case, including former Managing Director Rosemary Vrablic. Additionally, Trump's two sons are slated to testify in the trial. However, Ivanka Trump has been dismissed from the suit.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.