Former Trump Organization controller Jeffrey McConney wept after dismantling former President Donald Trump’s claims about the value of Mar-a-Lago in court Tuesday.
McConney took the stand to testify for the defense in the former president’s civil business fraud case. New York Attorney General Letitia James is suing Trump for $250 million, accusing him of inflating his net worth by billions of dollars to obtain benefits such as better bank loans and lower taxes between 2011 and 2021. Trump maintains his innocence in the case, accusing prosecutors of targeting him for political purposes. He has pleaded not guilty in that case as well as the three other indictments he faces.
During his testimony, McConney said the Trump Organization considered Trump’s Mar-a-Lago estate a residence and not a social club, the Messenger’s Adam Klasfeld reported.
James accused Trump of overvaluing the estate, and Trump said the estate was valued at $1.5 billion. James says the estate is run as a social club but has been upgraded as a private residence to escape restrictions and taxes.
David Dee Delgado/Getty Images
McConney said his intention was to “always reflect the value of these properties as best we can.” He also said he did not remember how the estate was valued as a private residence rather than a club.
Soon after, McConney cried about the number of legal investigations he faces after he was asked why he no longer worked at the Trump Organization, Klasfeld said.
“I just want to relax and stop being accused of misrepresenting the assets of the company I worked for,” he said. “Receiving a negative comment every time is really very frustrating.”
ABC News reported that McConney “collapsed on the stand” after questioning his job. He said he feels proud of his work at the Trump Organization and that the numbers do not “fully represent the value of these assets.”
Judge Arthur Engoron, who is overseeing the case, ruled in September that Trump, his adult sons, their businesses and their executives committed fraud and will now rule on six other charges, including falsifying business records, fraud insurance and conspiracy allegations during the trial.
The lawsuit is civil, not criminal, meaning Trump does not face prison time. It started in October, with Trump’s testimony earlier this month. Now, after weeks of work from James’ office, Engoron has heard the defense’s arguments over the past two weeks.
Updated 11/21/23, 1:51 p.m. ET: This article has been updated with additional information.
Uncommon knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Gn En Hd