NY v Trump: Michael Cohen admits to stealing tens of thousands from former president's business
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Former Trump attorney Michael Cohen admitted in testimony Monday that he stole thousands of dollars from the Trump Organization by overstating how much he paid a tech company that provided services for the Trump Organization.
"You stole from the Trump Org, right?" Trump attorney Todd Blanche asked Cohen Wednesday morning.
"Yes, sir," Cohen responded.
The testimony stems from his comments last week, when he detailed to the court that he and former Trump Organization CFO Allen Weisselberg calculated a $420,000 repayment to Cohen for his $130,000 payment to former pornography star Stormy Daniels. Cohen's payment to Daniels came ahead of the 2016 election to quiet her claims of an alleged affair with Trump in 2006.
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Cohen previously testified that the repayment was "grossed up" to prevent him from taking a tax hit, and also included reimbursement for paying tech company Red Finch an alleged $50,000.
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Cohen testified Monday that he went to TD Bank and withdrew cash over a couple of days to pay Red Finch for its services, which he stored in a brown paper bag. The cash ultimately totaled about $20,000, which he gave to Red Finch's CEO, according to Cohen, but he said he never gave the company the total $50,000.
During a 2017 meeting on the repayment plan, Cohen said he told Weisselberg he paid Red Finch $50,000 – meaning he pocketed a $30,000 difference.
"You lied to Weisselberg about how much you needed for Red Finch?" Blanche asked Cohen, and Cohen confirmed he had.
He testified that the Trump Organization thought he paid the full amount, for which he was still reimbursed despite not having actually paid it.
"Have you paid back the Trump Organization for the money you stole from them?" Blanche also asked Monday.
"No, sir," Cohen responded.
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Later Monday, Cohen said taking the $30,000 was "almost like self help," claiming he took the funds because he was "angry" about his bonus getting slashed.
"I was angry because of the reduction in the bonus and I just felt like it was almost like self help, Cohen said.
"To have my bonus cut by 2/3 was very upsetting to say the least," he later added.
Cohen's testimony marks the fourth day he has taken the stand. Trump's legal team last week said they anticipated wrapping up cross-examination with Cohen on Monday. Closing arguments for the case are anticipated next Tuesday, following the Memorial Day holiday.
Cohen's testimony last week included him describing that he used his personal funds to pay Daniels in 2016 through a home equity line of credit. Cohen testified he did this because Trump told him to "handle it" because the story could be damaging to the campaign.
Trump has pleaded not guilty in the case, and has also repeatedly denied ever having an affair with Stormy Daniels.
Last week, a lawyer who formerly advised Cohen, Robert Costello, testified before Congress that Cohen is a serial liar. Costello testified before Manhattan District Attorney Alvin Bragg's grand jury in March, before Trump was indicted, and recalled interactions with Cohen.
Fox News Digital's Brandon Gillespie contributed to this report.
Original article source: NY v Trump: Michael Cohen admits to stealing tens of thousands from former president's business
