Former Trump Organization executive Jeffrey McConney took the stand in the New York civil fraud trial and declared he loved the company but left because it had come under so much scrutiny. “I’m very proud of the work I did for 35 years,” he said while appearing to choke with emotion.
McConney is a defendant in the trial, having served as financial controller for the Trump Organization, which is accused of misrepresenting assets to attract investment and loans and reduce tax bills. When asked why he resigned, Mr. McConney said, “I just wanted to relax and stop being accused of misrepresenting assets for the company that I loved working for.”
New York Attorney General Letitia James, a Democrat, filed the suit against the Trump Organization in 2022, saying it exaggerated its worth to banks and investors while downgrading it for tax purposes. Mr. Trump insists that nobody lost any money and the banks he dealt with were happy to have his business.
The state is formally accusing the Trump Organization of conspiracy, falsifying business records, issuing false financial statements, and insurance fraud. It seeks to impose a fine of up to $250 million and prevent the former President from conducting future business in his home state.
Trump’s daughter Ivanka, sons Donald Jr. and Eric, his former attorney Michael Cohen, and the former President himself have all testified in the trial.
In September, Judge Arthur Engoron ruled that the Trumps were liable for fraud and canceled the Trump Organization’s business certification, which some speculated could be the death knell for Donald Trump in New York. The ruling could also mean Trump losing control of several properties, including his Mar-a-Lago estate in Florida, Trump Tower and Trump Park Avenue in New York City, and 40 Wall Street in Manhattan.
The former President’s attorneys slammed the ruling, saying it “seeks to nationalize one of the most successful corporate empires in the United States and seize control of private property.”