Bank Valuations Differed From Trump Organization Statements: Witness

Former Deutsche Bank risk management officer Nicholas Haigh took the witness stand on Wednesday, testifying on the Statements of Financial Condition (SFC) at the center of a civil fraud case against former President Donald Trump.

Last September, New York Attorney General Letitia James sued the former president for defrauding the state by artificially inflating his net worth in order to obtain more favorable terms from banks and insurers.

She argued that he inflated his net worth by anywhere between $812 million and $2.2 billion each year on his SFCs between 2011 and 2021, and New York Supreme Court Judge Arthur Engoron ruled in a pretrial summary judgment on Sept. 26 that President Trump was liable for fraud and had inflated his net worth.