Michael Cohen Says Trump Could Lose $1 Billion For Overstating Its Worth

Michael Cohen, former President Donald Trump’s ex-lawyer, says his old boss could end up losing up to $1 billion for allegedly misrepresenting his business assets.

Trump, along with three of his adult children and two former Trump Organization executives, were hit with a $250 million civil lawsuit by New York Attorney General Letitia James on Wednesday over alleged financial misrepresentations.

Cohen, who pleaded guilty in 2018 to multiple charges of campaign finance violations, bank fraud and tax fraud, said during an interview Thursday on MSNBC the beat that the former president’s true financial penalty could ultimately be four times greater than James’ “baseline” number.

“One of the things you talked about in the beginning is that [James is] Seeking $250 million isn’t accurate,” Cohen told host Ari Melber. “What she said was the baseline of $250 million. Knowing the documents as well as I do, and knowing the scam intimately, I see a number between $750 million and $1 billion.”

Michael Cohen Donald Trump Letitia James Lawsuit
Former President Donald Trump, left, during a rally in Youngstown, Ohio on September 17, 2022; Ex-Trump attorney Michael Cohen, right, on May 6, 2019 in New York City. Cohen said Thursday that Trump could be forced to pay up to $1 billion as a result of New York Attorney General Letitia James’ civil fraud lawsuit.
Left: Jeff Swensen, Right: TIMOTHY A.CLARY/AFP/Getty Images

Although James’ lawsuit did not place a cap on the amount for which Trump and his co-defendants could be held liable in court, the damage has been estimated at “at least” $250 million.

In addition to any fines, the lawsuit seeks to remove former President Donald Trump Jr., Eric Trump and Ivanka Trump from positions at the Trump Organization and permanently ban them from serving in similar capacities in New York.

The Trumps would also be banned from overseeing New York real estate acquisitions for at least five years.

James alleges the defendants were guilty of fraud by engaging in a scheme to make false and misleading statements to regulators for financial gain.

The scheme allegedly involved lying about the size of the former president’s New York City penthouse and misrepresenting the value of other real estate holdings, which Trump used as leverage to secure loans and other financial benefits.

Trump has denied the allegations, arguing that James’ lawsuit was politically motivated.

Cohen praised James on Thursday, saying he wished Alvin Bragg, the Manhattan District Attorney, could be more like her in his ability to potentially bring criminal charges against the former president.

“I think Tish James is fantastic,” said Cohen. “I think she is an incredible attorney general and an attorney general that I wish every single state in this country had. I actually wish Alvin Bragg had been a little bit more [like] Table James.”

In a separate criminal trial in August, co-defendant Allen Weisselberg, the former chief financial officer of the Trump Organization, pleaded guilty to 15 felonies and admitted conspiring with the Trump Organization to avoid taxes on corporate benefits.

news week has reached out to Trump’s office for comment.

https://www.newsweek.com/michael-cohen-says-trump-could-lose-1-billion-over-exaggerating-his-worth-1745577 Michael Cohen Says Trump Could Lose $1 Billion For Overstating Its Worth

Rick Schindler

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