Bank Fraud? Trump Lied About His Net Worth To Receive Loans From Deutsche Bank
During sworn testimony before Congress last year, President Donald Trump’s former personal attorney and “fixer” Michael Cohen indicated that his boss had inflated asset values in an attempt to secure loans from Deutsche Bank.
According to The New York Times, Deutsche Bank officials reached the same conclusion.
In a March 2019 report, the Times detailed Trump’s relationship with the German bank — the only financial institution willing to do business with the real estate mogul for decades — along with the sizable loans Deutsche Bank approved for him despite numerous red flags.
The Daily Beast noted:
[Trump] reportedly claimed he was worth around $3 billion when the bank found he was actually worth about $788 million in 2005. In 2010, a Deutsche Bank team also reportedly concluded he was likely inflating some of his real estate assets by up to 70 percent. Despite the alleged lying found in both instances, the bank approved his requested loans.
The president’s relationship with Deutsche Bank, an institution that has come under scrutiny for shady lending practices in the past, received renewed attention after Democrats took control over the House of Representatives — particularly following Cohen’s congressional testimony, which raised the possibility of both bank and insurance fraud.
The bank reportedly was to provide congressional committees with “extensive internal documents and communications” related to Trump in April of last year.
Rosemary Vrablic, a Deutsche Bank private banker who worked closely with the president and attempted to help him secure a loan as recently as early 2016, also was expected to testify before Congress.