Excerpts of Donald Trump's deposition in New York attorney general's fraud investigation

Good morning, it will record at 9:38 a.m. Eastern Daylight Time on August 10, 2022. Please note that the microphones are sensitive and may pick up whispers and private conversations. Silence your phones right now. Audio and video recording will continue to take place unless all parties agree to go off the record This is media unit one of Donald J. Trump's videotaped

deposition

taken by the Financial Statements and Investigation Council for the office of the Attorney General of the State of New York the location of the

deposition

is 28 Liberty Street New York New York my name is zef Coda representing veritex and I am the videographer the court reporter is Linda Greenstein of The Firm veritex I am not authorized to provide sworn I am not related to any party in this action nor am I financially interested in the outcome

attorney

and everyone present included, including those remotely, have been noted for the record the court reporter please swear the witness and then the council can proceed.

Thank you, good morning, Mr. Trump, my name is Leticia James. and I'm the Attorney General of the great state of New York before we begin, if everyone would please silence your cell phones, we appreciate that I wanted to start with some preliminary news, some background, if you don't mind, and then I'm going to Hand it over to Kevin Wallace, who will carry out this exam. Mr. Trump, you have testified under oath many times, that is correct, yes, and I assume you are familiar with the basic rules of how testimony proceeds, that is correct, yes. so I'm going to skip that part of the introduction, it's okay, sure, okay and you're okay right now, okay, okay, what I'm going to do is explain some differences between the procedures in a civil deposition and the testimony that we're taking today. , uh, because this is an investigative proceeding, you do not have the right to have an

attorney

with you in this

investigation

, but I have agreed that your assistant, your attorney, will be present today;

However, this examination is not the same as a deposition in ordinary civil litigation and the Your role will be limited to consulting with you to provide you with legal advice on privileged matters, if any, or you have the right not to incriminate yourself despite any objection. from your attorneys, you must still answer any questions unless your attorney specifically tells you to do so. Failure to answer anything you say in this exam may be used in a civil proceeding and that could include a civil enforcement proceeding or a criminal action. Understands? I think it's a yes, I don't know what I did wrong, but the answer is yes, I understand, thank you, you have the right to refuse to answer any question if a truthful answer to the question would tend to incriminate you, do you understand that?

That's fine and any misstatement on your part can constitute perjury, you understand? Sir yes, okay, finally this

investigation

is confidential, we ask that you do not discuss this matter, your testimony here today and any documents you have presented or may present in connection with today's testimony with anyone other than your attorneys. Do you understand that sir no when you say? confidential we cannot talk about this with the press or correct I think what she means is what happens in this room the details of what happened in this room yes, it happened well, neither you nor anyone acting on your behalf has the right to obtain a copy of the transcript of your testimony here today from the reporter and neither you nor Vertex may disclose copies of the transcript to anyone other than representatives of this office, the Attorney General's Office, extensive note taking or any attempt.

Creating a transcript of the proceedings herein conducted by you or your attorneys is not authorized and will not be permitted. Are you taking any medication or drug of any kind that makes it difficult for you to understand or answer any of today's questions? Lord, yes, and you are feeling well today yes sick today is not well and do you have any condition that could prevent you from giving complete and truthful answers to any questions today is not well um and is there any other reason why you cannot give a complete testimony and precise here today? I will yes, no, nothing more than what I'm saying, okay, I'm not going to turn it over to Kevin Wallace, thank you sir, thank you, good morning, Mr.

Trump, since the Attorney General mentioned that my name is Kevin Wallace sitting next to him. For me it's Alex Finkelstein from our office and sitting next to him is Samantha Stern, who is a paralegal. In our office, they will help me during the day today. I'm going to take a moment just to correct one thing from the What you read is that we go off the registry not when both parties agree, but when the Attorney General indicates that we are off the registry during these proceedings, the Attorney General controls the registry, So Mr. Trump, what did you do to prepare for today's exam? a little bit, if you wanted, I could read the statement, but very little, um, well, excuse me, can we go?

Yes, now I'll use my moment to get off the record, thanks, sorry, I'm just reading this to you, you're going off the record at 9:44 AM. m., we return to registration at 9:45 a.m. m. Mr. Trump, I understand you have a statement you wish to read into the record. Yes, could I start with freedom? Thank you very much, this is the biggest witch hunt in the world. In the history of our country there has never been another president or perhaps even another politician who has been persecuted, harassed, and treated unfairly in every way like President Donald J.

Trump. What Leticia James has attempted to do over the past few years is an embarrassment to the legal system. system an affront to the taxpayers of the state of New York and a violation of the solemn rights and protections afforded by the Constitution of the United States, she developed a political platform and made a career of maliciously attacking me and my business before I even understood it, be chosen or reviewed. one of the millions of pages of documents that we voluntarily produced, we voluntarily produced these documents, James proclaimed that she, quote, hopes to go to the Attorney General's office every day, sue me and then return home, this was during her campaign, she announced that I was obsessed. with a quote that leads me to confront and that her eyes were on Trump Tower, a quote from Trump Tower, she even assured her followers as a very strong election promise that we will definitely sue him before she knows anything about me.

It's going to be a real headache, he will know my name personally and she claimed that I was in an illegitimate and that I was an illegitimate president. I quote the illegitimate president in our AG speech, she promised to quote, shine a bright light in every darkness. In a corner of Trump's real estate, soon after she promised to use all areas of the law to investigate President Trump and his business dealings and that his family also knows nothing about us, this is when he knew absolutely nothing about we. Leticia James relied on the testimony of Michael Cohen, a convicted felon and liar, the Southern District of New York astutely described Cohen as a man who, quoting repeatedly, used his power and influence to deceive Ends by engaging in extensive, deliberate and serious criminal conduct consistent with a pattern of deception that permeated his professional life this was in a long, many-page statement his only gets worse this is the witness a stone called Loser a real loser that she used to justify her obsessive work her obsessive investigation into me even though he got into civil and criminal trouble for representing himself in a taxi company he owned and other things and also other things as a lawyer once he I asked if innocent, why are you taking the Fifth Amendment?

I was asking that question now. I know the answer to that question when your family, your company, and everyone in your orbit has become the target of a baseless, politically motivated witch hunt, supported by lawyers, prosecutors, and even the fake news media. other option, we cannot allow a renegade and out of control prosecutor to use this investigation as a means to advance her political career. New York deserves better in this country deserves better being a prosecutor is something very important. a vengeful and selfish fishing expedition the likes of which this country has perhaps never seen before if I had any doubt about the fee at my home two days ago at Mar-A-Lago Palm Beach Florida by the FBI just two days prior to this statement I believe It eliminated all that uncertainty.

I have absolutely no choice because the current administration and many prosecutors in this country have lost all moral and ethical boundaries of decency. Anyone in my position who didn't accept the Fifth Amendment would be a fool. Completely silly, a statement or answer that is slightly wrong, slightly by accident, by mistake, such as that it was a sunny day, a beautiful day when in fact it was slightly cloudy, would be responded to by authorities to a level rarely seen in this country because I have experienced that the Constitution of the United States exists for this very purpose and I will use it to the fullest and defend myself against this malicious attack by this Administration, this Attorney General's office and all other attacks on my family, my business and our country accordingly.

Under the advice of my Council and for all of the above reasons, I respectfully declined to answer questions regarding the rights and privileges afforded to every citizen under the Constitution of the United States. This will be my answer to any additional questions regarding rights and privileges. which is granted to all citizens under the United States Constitution, does that include the Fifth Amendment right to avoid incrimination? Yes, so your Council yes, okay, okay. I'll just note for the record that it was a long statement. Obviously we don't agree with all the characterizations, but to keep today's proceedings moving forward.

I'm going to move on to my interrogation. So, Mr. Trump, I guess he's not going to answer any questions about your preparation today with advice from him. Is it that correct? So should they say this or should I respond? to that I just read that for all the reasons provided in my response, which is incorporated here in its entirety, I declined to answer the question, Mr. Trump, the focus of our investigation and what we are going to primarily cover today involves a presentation of your statements. of the financial situation between 2011 and the present. I assume that you are

general

ly familiar with those statements.

It is that correct for all the reasons provided in my answer, which is incorporated here in its entirety. I refused to answer the question. Did you review any of those statements from the period 2011 to 2021 during your preparation for today's testimony. For all the reasons provided in my response, which is incorporated here in its entirety, I declined to answer the Council's question. I think we can all stipulate that if he says the same answer, we will all understand that it is the same invocation to speed things up there is no problem uh with that note sir um he is currently the president of the Trump organization the same answer is correct and when I I mean the Trump organization is it fair to describe that as the trade name of an umbrella organization that has assets that it owns itself answer uh is it fair to say that the Trump organization sits on top of several hundred different legal entities?

The same answer is the assets of the Trump organization that are currently held in an irrevocable trust. The answer is that revocable trust, the Donald J. Trump revocable trust dated April 7, 2014. The same answer, uh, and you are the donor of the Assets in that trust, is correct. The same answer, uh, and you are the sole beneficiary of the Assets in that trust, is that. correct, why did you form that trust in April 2014? Same answer: who were the trustees when the trust was first founded? At one time Alan Weisselberg and his son Don Jr were the trustees.

That's right. Have you ever considered hiring independent trustees to oversee the trust? Hello sir, at this time his son Don Jr is the sole administrator. That's right, the same answer is fine, thank you, thank you Trump, the court reporters handed him a document. It's a printout of an Excel spreadsheet, so it doesn't have a document number. in it, but I will tell you that it is the supporting spreadsheet for your statement of financial position for the year June 30, 2011. Do you recognize the form of this document? The same answer is the supporting data spreadsheet used to prepare your 2011 statement of financial position is the same correct answer the spreadsheet is used to calculate the valuations contained in the statement of financial position is the same answer correct you reviewed this document with Alan Weisselberg before it was finalized as part of the 2011 statement of financial position The condition that you reviewed this document with Jeff McConnie before the 2011 statement of financial position was issued is that the same answer is correct.

You reviewed and approved theevaluations and valuation methods contained in this document before it was finalized. The same age is correct. And you approved the assessments and The assessment methods contained in this document before completion are the same correct answer. The reviews contained in this document reflect false and misleading valuation statements. The same answer is correct. By the end of this, you know that the statement of financial position for 2011 contained false information. and misleading statements is the same correct answer when preparing the 2011 statement of financial condition. Alan Weisselberg and Jeff McConney worked under his direction and followed his instructions.

Inflated asset valuations in the statement of financial condition using false or misleading assumptions are the same. response from at least 2005 to the present has had an agreement in place with Mr. Weisselberg and Mr. McConny that they would prepare the statement of financial position in a manner that included valuations that relied on false and misleading assumptions as a means of inflating reported values . Is the same answer correct since at least 2005? to the present has had a continuing agreement with Mr. Weisselberg and Mr. McConny and others that they would prepare the statement of financial position in a manner that included intentional overvaluations.

Is the same answer correct from at least 2005 to the present? The agreement with Mr. Weiselberg and Mr. McConney and others that they would prepare the statement of financial position in a manner that included false and misleading valuation statements is the same correct and quick answer off the record for a second, let's get out of the record at a time. We're at 29, right, we're back at registration at 1 53 p.m. um Mr. Trump, uh, we don't have a hard copy of the following document, but I'm going to designate the document that's on the screen as exhibit 29. This is an electronic copy of the supporting spreadsheet of your statement of financial position.

It has the production number. Let me say that the document bears the production number. Mazar's nyag00161836. Do you recognize the form of this document? The same answer. This is the supporting data spreadsheet. for the 2019 statement of financial position is the same correct answer this spreadsheet was used to calculate the valuations contained in the statement of financial position is the same correct answer reviewed this document with Alan Weisselberg and his son Don Trump Jr before that was finalized as part of the 2019 statement of financial position is that same correct answer you reviewed and approved the valuations and valuation methods contained in this document before it was finalized is that correct answer the 2019 statement of financial position contained valuations and false and misleading statements is that correct The same answer that you knew at the time the 2019 statement of financial position was finalized contained false and misleading statements is the same correct answer when preparing the 2019 statement of financial position.

Mr. Weisselberg and Mr. McConnie worked under his direction and followed his instructions. Inflating asset valuations on the statement of financial position using false and misleading assumptions is the same correct answer. Others in the accounting department also worked with Mr. Weisselberg and Mr. McConny to follow their instructions and inflate asset valuations on the statement of financial position using false or misleading assumptions that the same answer is correct. Mr. Trump, the court reporter handed you a document that has been designated Exhibit 30. It bears the production number DB nyag 2 4 8537 and has a title Statement of Financial Condition of Donald J.

Trump June 30, 2020. This is your statement of financial situation for the year 2020 is correct the same answer you approved this document before its issuance is the same correct answer you reviewed the valuations and valuation methods contained in this document before its issuance is the same correct answer this is um actually we'll stop there and let me get another document. Oh Samantha, could you put it on? Samantha has put on the screen a document that has the production number nyag00162291 from Mazar. Do you recognize the shape of this document? The same answer. This is the supporting data spreadsheet. for the 2020 statement of financial position is the same correct answer this spreadsheet was used to calculate the valuations contained in the statement of financial position is the same correct answer reviewed this document with Alan Weisselberg before it was finalized as part of the 2020 statement of financial position financial condition is the same correct answer you reviewed and approved the valuations and valuation methods contained in this document prior to its completion is the same correct answer then the 2020 statement of financial position contained false valuations and statements and misleading is the same correct answer you knew at the time the 2020 statement of financial position was concluded to contain false and misleading statements is the same correct answer when preparing the 2020 statement of financial position Alan weisselberg Jeff mcconnie and others worked under your address and followed your instructions to inflate asset valuations on the financial statement using false or misleading assumptions is correct, the same answer is 31, yes, okay Mr.

Trump, the court reporter gave you a document that has been designated as Exhibit 32. It has the production number DB nyag 405-109. is titled Statement of Financial Condition of Donald J Trump June 30, 2021 this is his statement of financial condition for two and 2021 is the same correct answer that approved this document before it was issued is the same correct answer that reviewed the valuations and the valuation methods contained in this The document before it was issued is correct. Amen Sue um Sam, could you open the following document please, yes Mr. Trump. Samantha appeared on the screen, uh, document that has production number tto zero six one six six four zero seven and we will designate this as exhibit 33.

This is the supporting data spreadsheet for the statement of financial position for the year 2021 .It is the same correct answer that this spreadsheet was used to calculate the valuations contained in the statement of financial position. It is the same correct answer that you reviewed this document with. Alan Weisselberg and his son Don Trump Jr before it was finalized as part of the 2021 statement of financial position is the same Correct Answer that you reviewed and approved the valuations and valuation methods contained herein before it was finalized is the same correct answer that the 2021 2021 statement of financial position contained false and misleading valuations and statements.

The same correct answer that you knew at the time it was completed. The 2021 statement of financial position contained false and misleading statements. The same correct answer when preparing the 2021 statement of financial position. Mr. Weisselberg Mr. McConny and others worked under his direction and followed his instructions to inflate the valuations of assets in the statement of financial position by employing false and misleading assumptions. That's right, so here we assume we can get out of the Registry. We're back at registration at 204 p.m. m., Mr. Trump, for each year from 2011 to 2021, did you or anyone who acted on his direction signal?

Actually, let's ask that question. Mr. Trump, for each year from 2011 to 2020, you or someone who acted on your direction signal. a letter of commitment with the mazarus firm to prepare the statement of financial position the same answer in 2021 did you or someone who acted at your direction sign a letter of commitment with Whitley Penn to prepare your statement of financial position the same answer thank you For the Years 2011 to 2020, did you or someone acting at your direction sign a letter of representation to the Mazar firm regarding the accuracy of the statements in the statement of financial position?

Same answer for the year 2021, did you or someone acting at your direction sign a certification letter? When attesting to the accuracy of the Whitley Penn firm's financial disclosure statement, the same response created a question: Do we want to do it overseas? Thank you, Mr. Trump, the court reporter gave you a document that has been designated as exhibit 34. It is a certification to Deutsche Bank from you Donald J. Trump updated on November 11, 2014, if you could take a look at the second page of this document, your signature on page two is the same answer if you look at the first bullet under point number one, it says attached here two is the guarantor's statement of financial position as of June 30, 2014.

Did you know that this presentation of your financial statement was an important term of your loan with Deutsche Bank? The same answer if you turn to the second page in 0.6 says all representations and warranties made by the guarantor under section 9 bit I to nine bit four six and sections false assumptions is the same correct answer that you knew at the time you the appraisal was submitted to the IRS that the Seven Springs appraisal incorporated intentionally false assumptions about the site's development schedule is the same correct answer that you knew at the time the appraisal was submitted to the IRS that protective appraisers adopted these assumptions to intentionally inflate the value of the easement gift is the same correct answer you knew that inflating the appraisal value would increase the tax deduction available to you is the same correct answer you knew your attorney Sherry Dillon asked Cushman appraisers and Wakefield inflating the value of the easement is the same correct answer.

Did he instruct them to reach a higher value? rate the same response, you are aware of the approvals you would receive from the City of Bedford. Let us write that you were aware of the assessments you had received from the City of Bedford and its agencies for the development of the Seven Springs site. It's right? The answer that you were aware of the restrictions these approvals incorporated is correct. Amen. You are aware that the approvals restricted the number of lots that could be accessed from the Town of Bedford. The same answer is correct. You knew the assessment submitted to the IRS. incorporating assumptions that did not recognize the development restrictions imposed by the city of Bedford is the same correct answer as you submitted the Seven Springs easement assessment to the IRS knowing that the devaluation was dependent on an inflated number of lots is the same correct answer as you knew that Ms.

Dillon would seek to conceal communications related to her work on the Seven Springs appraisal is that the same correct answer appears that when we were transcribing she may have discussed approvals from the City of Bedford. I may have confused you and said Bedford town appraisals. that's right, I meant approvals, okay, thank you, um, Trump, getting back to your Doral loan, is it correct that by using the inflated balance sheet to get a favorable interest rate you can save about six percent annual? interest payments due on its $125 million in loans from Deutsche Bank. Same answer regarding your property in Chicago, is it correct that by using the inflated balance sheet you were able to save at least four percent annually on loan interest payments? from Deutsche Bank originating in 2012 regarding the Trump International Hotel and Tower Chicago, the same response regarding their former post office property, is it correct that by using an inflated statement of financial position to obtain a rate favorable interest rate was able to save at least five percent annually in interest payments on the construction loan of up to $170 million from Deutsche Bank.

The same answer is correct: without the $170 million construction loan from Deutsche Bank I would not have obtained the land lease on the Old Post Office Property or been able to carry out the property renovation that occurred with the same answer . The next question is about the apartments her daughter has at 502 Park Avenue. Do you know if the next market rent she had was in her rental apartments at 502? Park Avenue were provided in exchange for work performed as part of her responsibilities to the Trump organization. Same answer, do you know if the following market options you provided to her daughter at 502 Park Avenue Apartments were in exchange for work performed as part of her?

I work at the Trump organizations, do you know if the profits from any below market rent were reflected on any tax forms at the Trump organization? Same answer, do you know if the below market value of any call option was reflected as a gift or offset on any taxes? forms at the Trump organization, same answer, we can get off the record, okay, they'll get off the record at3:12 p.m. m., well we're off the record, we're back on the record at 3:12 p.m. m., uh, Mr. Trump just came back to the we recorded and we are sorry as I said, we record again to confirm that we have completed Our Testimony today thank you for your appearance, thank you, thank you Kevin records at 3 30 3 13 p.m. and this concludes that today's testimony given by Support for Donald J.

Trump