Global Courant
Michael Cohenformer personal attorney of Donald Trumpsaid the New York fraud case could financially devastate the former president.
“If you really want to reach Donald, you can do it through his bank book,” he told CNN’s Kaitlan Collins. “That’s what really gets to him.”
And this case, he predicted, will have a huge impact on that banking book.
Judge Arthur Engoron ruled this on Tuesday Trump has committed fraud for years by overvaluing his assets and net worth to obtain loans, and ordered the dissolution of some of the former president’s companies.
Attorney General of New York Letitia James is seeking $250 million in damages from Trump in the civil case, but Cohen said the exact amount will depend on the judge — and could be much higher.
He estimated it would amount to more than $600 million after interest and penalties.
And that will be a problem for the former president.
“He doesn’t have that liquid cash to pay that off,” he said, adding that Trump has “no basis in fact” in many of his assets and mortgages on his properties.
Combined with taxes, Trump would likely not get a major financial windfall if he sold many of his assets.
See his full discussion with Collins below:
Cohen, who served as Trump’s personal lawyer and fixer, eventually turned on his former boss, cooperated with investigators and testified before Congress.
Some of those testimonials was used in the fraud case.
He ultimately pleaded guilty to campaign finance violations, lying to Congress and other charges — all of which, he said, were made on Trump’s behalf — and sentenced to three years in jail.
