Did Donald Trump Inflate His Net Worth? Michael Cohen Testifies in Civil Fraud Trial

Michael Cohen, former lawyer for Donald Trump, testified in a civil fraud trial on Tuesday, alleging that Trump inflated his net worth in order to secure favorable loans. Cohen claimed that he was tasked by Trump to increase the total assets based on an arbitrary number chosen by Trump himself. Cohen, along with Allen Weisselberg, Trump Organization ex-CFO, worked to "reverse engineer" the value of Trump Organization assets in order to achieve the desired number. This testimony places Trump at the top of a conspiracy to defraud banks and insurers about his worth.

The civil fraud trial, brought by New York Attorney General Letitia James, seeks a fine of $250 million and a ban on Trump doing business in his home state. The trial has already ruled that Trump overestimated the value of his properties to secure loans. Trump has repeatedly denied any wrongdoing and claims that his assets were undervalued.

This dramatic day in court saw Trump and Cohen face-to-face for the first time in five years. Trump watched intently from the defense table as Cohen testified against him. Throughout the day, Trump used court recesses to discredit Cohen, referring to him as a "proven liar" and a "felon." The trial is expected to continue in the coming weeks, with Trump potentially testifying at some point.

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Lawyers spar over positive Covid tests and trial delay

From CNN's Lauren del Valle and Jeremy Herb

During Tuesday's proceedings in Donald Trump's civil fraud trial, lawyers sparred over positive Covid tests within the New York attorney general's office. Trump attorney Chris Kise objected to the court proceedings, citing that four members of the attorney general's staff had tested positive and accused the office of not disclosing the information earlier. Judge Arthur Engoron decided to proceed with the trial, noting that masks are available and that the attorney general's office had followed CDC guidelines. Trump and his legal team were not wearing masks during the proceedings, and only a few people in the gallery were wearing masks. The trial will continue as scheduled.

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