Former CFO Allen Weisselberg Testifies in Trump Organization Trial

On October 10, 2023, former Chief Financial Officer of the Trump Organization, Allen Weisselberg, took the stand in a New York courtroom to testify in a trial involving allegations of fraud. Weisselberg’s role was crucial as he had been involved in creating financial statements for former President Donald Trump over the years. However, his testimony was marked by a frequent refrain of “I don’t recall” in response to many questions.

Weisselberg’s memory lapses extended to not remembering conversations with key figures like Donald Trump, Donald Trump Jr., Eric Trump, and their former fixer and attorney regarding the financial documents. These documents played a pivotal role in the company’s interactions with banks and insurers. He also drew blanks on essential accounting terminology, such as “estimated current value” and “generally accepted accounting principles,” stating that he was not a certified public accountant.

One noteworthy detail that did emerge from his testimony was that at some point, Weisselberg learned that Trump’s New York City apartment, spanning around 10,000 square feet, was being valued as if it were 30,000 square feet. However, he couldn’t provide specific details about when or with whom he discussed this matter. Additionally, he acknowledged receiving periodic comments from Trump about the financial statements but couldn’t recall the specifics of any changes Trump may have requested.

The stakes in this trial were significantly different from Weisselberg’s previous courtroom appearance. In December 2022, a jury found two Trump Organization companies guilty of 17 criminal counts related to tax fraud, resulting in fines of $1.6 million. This time, Weisselberg and Trump faced a civil trial initiated by the New York attorney general. The attorney general sought to recover $250 million from the company for alleged systematic fraud and impose restrictions on many of its businesses in the state. Weisselberg, who previously entered a guilty plea to fraud and tax evasion, was portrayed by company lawyers as the one responsible for the fraud in the 2022 trial, with the phrase “Weisselberg did it for Weisselberg” often repeated. However, in this fraud trial, the attorney general aimed to show that Trump was the one ultimately responsible.

Weisselberg described his interactions with Trump about the financial statements as limited, with him often handing the documents to Trump, who would take them to his apartment, possibly read them, and make notations before returning them.

The defendants were accused of orchestrating a decade-long fraud scheme that aimed to inflate Trump’s wealth and the valuations of certain Trump properties. New York Attorney General Letitia James argued that the objective was to secure more favorable loan terms than they deserved, benefiting themselves by hundreds of millions of dollars.

Weisselberg’s connection to the Trump Organization spanned nearly 50 years, reaching back to the era when Trump’s father was in charge. In January of that year, he signed a severance agreement with the company, entitling him to $2 million paid in installments over two years.

Former President Trump also reflected on his long-standing relationship with Weisselberg during his own deposition in April. He expressed sympathy for Weisselberg, who he said had gone through difficult times.

Throughout the trial, Trump maintained his denial of any wrongdoing and criticized the case as politically motivated. However, he was not present during Weisselberg’s testimony.

The outcome of this trial will undoubtedly have significant implications for the Trump Organization and its former key figures.