Michael Cohen confesses to stealing money from Trump’s company
Former Trump attorney Michael Cohen shook the courtroom with his stunning admission on Monday, confessing to stealing thousands of dollars from the Trump Organization through deceptive practices. Cohen revealed that he overinflated the payments made to a tech company that offered services to the Trump Organization, resulting in the fraudulent acquisition of funds from the organization.
Under intense questioning from Trump attorney Todd Blanche, Cohen acknowledged his wrongdoing, stating, “Yes, sir,” when asked if he had indeed stolen from the Trump Org.
The revelations emerged from Cohen’s recent testimony, where he detailed how he, along with former Trump Organization CFO Allen Weisselberg, concocted a plan to repay Cohen $420,000 for his $130,000 payment to adult film actress Stormy Daniels. Cohen’s hush money payment to Daniels, made prior to the 2016 election, aimed to silence her allegations of an alleged affair with Trump in 2006.
Cohen further elaborated that the repayment scheme was structured to inflate the amount to shield him from tax implications, while also encompassing reimbursement for purported payments to the tech company, Red Finch.
During Monday’s hearing, Cohen disclosed that he withdrew cash from TD Bank over several days, amassing around $20,000 in funds encased in a brown paper bag, which he delivered to Red Finch’s CEO. However, he clarified that he never dispensed the entire $50,000 as claimed.
In a pivotal moment during a 2017 meeting, Cohen admitted to duping Weisselberg by falsely asserting he had remitted $50,000 to Red Finch, pocketing a $30,000 discrepancy. Despite his deceptive tactics, Cohen revealed that the Trump Organization was under the impression that he had paid the full amount and subsequently reimbursed him, even though the payment was never made in its entirety.
When grilled about restitution for his ill-gotten gains, Cohen confessed that he had not repaid the Trump Organization for the misappropriated funds.
Later in the proceedings, Cohen attempted to justify his actions, attributing his misconduct to feeling aggrieved over a substantial reduction in his bonus. Characterizing his actions as a form of “self-help,” Cohen expressed his frustration over the diminished bonus he received, claiming it drove him to pilfer the funds.
As Cohen’s gripping testimony unfolded over four consecutive days, tension mounted at the NY v. Trump trial, with Trump’s legal team indicating their intent to conclude cross-examination by Monday. The case is poised for closing arguments the following week, post the Memorial Day holiday.
Detailing his financial machinations, Cohen disclosed that he utilized personal funds from a home equity line of credit to settle the payment to Stormy Daniels in 2016, following a directive from Trump to “handle it” to avert campaign repercussions.
In the face of the allegations, President Trump maintains his innocence, asserting his not guilty plea and steadfastly denying any involvement in an affair with Stormy Daniels.
Moreover, a key witness in the case, Robert Costello, a former legal advisor to Cohen, testified before Congress, branding Cohen as a chronic fabricator. Costello cited multiple encounters with Cohen during his appearance before Manhattan District Attorney Alvin Bragg’s grand jury, reinforcing the narrative of Cohen’s duplicitous nature.
