Prosecutors rest case against Manafort on trial's 10th day
By Nathan Layne and Karen Freifeld
ALEXANDRIA, Va. (Reuters) - U.S. prosecutors on Monday rested their case against former Trump campaign chairman Paul Manafort after 10 days of testimony alleging how he avoided taxes on at least $16 million of income and lied to banks to maintain an extravagant lifestyle once his work for pro-Kremlin politicians in Ukraine dried up.
More than two dozen witnesses painted a picture of Manafort, 69, as a lavish spender with little regard for the law. A political consultant in the Ukraine, Manafort stashed his money in 31 undisclosed offshore bank accounts, and skirted taxes on that income by wiring it directly to vendors to snap up real estate, bespoke suits, cars and antique rugs, the witnesses said.
It is unclear whether Manafort's lawyers will call any witnesses, and legal experts say it is highly unlikely that Manafort himself will take the stand. Closing statements could take place as early as Tuesday, after which the 12-person jury will begin deliberations.
If found guilty on all charges, Manafort could face eight to 10 years in prison based on federal sentencing guidelines, according to sentencing expert Justin Paperny.
The trial is in its 10th day in federal court in Alexandria, Virginia. The case arose from U.S. Special Counsel Robert Mueller's investigation of Russian meddling in the 2016 U.S. presidential election.
One of the last witnesses for the prosecution was James Brennan, an executive at Federal Savings Bank, which extended $16 million in loans to Manafort.
Brennan said bank president Javier Ubarri made an initial decision to reject a $9.5 million loan on Manafort’s Hampton estate, but bank CEO Steve Calk overruled it. "It closed because Mr. Calk wanted it to close," Brennan said about the loan.
On Friday, a former salesman at Federal testified that Calk personally approved loans to Manafort while seeking Manafort's help getting a job in President Donald Trump's campaign and his cabinet.
Federal Savings Bank has not returned calls seeking comment, and has said it will make no comment during Manafort's trial.
Brennan, asked about whether the bank made money from lending to Manafort, said the bank has written off the loans and "took a hit" of $11.8 million.
Prosecutors contend Manafort hid a significant portion of the approximately $60 million he earned as a consultant for pro-Russian politicians in Ukraine, then lied to borrow millions more.
(Reporting by Nathan Layne and Karen Freifeld in Alexandria, Virginia; Writing by Warren Strobel; Editing by Bill Trott and James Dalgleish)
