Michael Cohen testified that Trump overstated his wealth during a bid to buy the NFL's Buffalo Bills in 2014. Trump Organization didn’t immediately respond to requests for comment.
Michael Cohen, President Donald Trump's former personal lawyer, listens as he finishes a day of testimony to the House Oversight and Reform Committee, on Capitol Hill in Washington, Wednesday, Feb. 27, 2019.
Experts said a criminal case against Trump appears unlikely for several reasons. But Cohen’s latest assertions could affect the court of public opinion at a time when lawmakers are discussing the possibility of impeachment. The documents, which Trump provided to a House committee, said Trump’s net worth was $4.55 billion in 2012 and soared to $8.66 billion in 2013 because of the addition of a line item for $4 billion worth of “brand value”— essentially the value Trump placed on his name.
Duncan Levin, a former federal prosecutor, said Cohen is accusing Trump of a crime similar to mortgage fraud, a common offense in which a home buyer lies about his assets to get a loan. Banks are skeptical of estimates of personal wealth, and Trump was well known for inflating the value of his assets. Trump once admitted in a deposition that his net worth calculations depend partly on “my own feelings.”
The financial statement provided to Deutsche Bank said Trump’s “Seven Springs” mansion and estate north of New York City was worth $291 million in 2012. His 2018 government ethics filing said it was worth between $25 million and $50 million.
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