Former Trump Organization controller Jeffrey McConney took the stand on Tuesday for the fourth day of testimony in the former president’s civil fraud trial in New York. When asked by defense attorney Jesus Suarez why he no longer works at the company, McConney explained that he became worn out by the organization’s constant legal woes.
McConney, who had worked at the Trump Organization for over 35 years, reflected on his time at the company before testifying about investigations and legal proceedings in which he had been subpoenaed or called to testify. He became emotional as he stated his love for the company and his pride in his work, but also expressed frustration at being continuously accused of misrepresenting the organization’s assets.
His exit from the company came in February 2023, just months after being granted immunity to testify for the prosecution at the Trump Organization’s criminal tax fraud trial. There, he admitted breaking the law to help fellow executives avoid taxes on company-paid perks. The Trump Organization was convicted and is currently appealing the verdict.
McConney is among the defendants in the current civil fraud trial, in which New York Attorney General Letitia James alleges that Donald Trump and executives at his company fraudulently inflated his wealth on his financial statements. These statements were then used to secure loans and insurance, according to the attorney general. Trump, who is the current Republican presidential front-runner, has refuted these claims, stating that the documents actually underestimated his net worth. He argues that the disclaimers on the statements meant that recipients should vet the numbers themselves.
The trial, which is being decided by Judge Arthur Engoron, has already ruled that Trump and other defendants engaged in fraud. It is now determining the remaining claims of conspiracy, insurance fraud, and falsifying business records. James is seeking over $300 million in penalties and a ban on Trump doing business in New York, on top of Judge Engoron’s pretrial order for a receiver to take control of some of Trump’s properties. However, an appeals court has currently frozen this order.
In his testimony, McConney has detailed how he and other executives arrived at the asset values that the attorney general’s office claims were wildly inflated. He has also disclosed that Trump’s Trump Tower penthouse was given a $20 million increase partly due to the value of the former president’s celebrity. Additionally, he revealed that the value of Trump’s Mar-a-Lago club in Florida was calculated as if it could be sold as a private home, rather than its actual designation as a club.
McConney also testified that he never intended to mislead anyone or be inaccurate in his valuations. He maintained that the numbers were justified and that the outside accountants who prepared the financial statements were fully informed about the organization’s operations. However, one of these accountants, Donald Bender, testified last month that the Trump Organization did not always provide all the necessary information.
McConney’s emotional testimony shed light on the toll that the ongoing legal battles have taken on the former president’s organization and its employees. The trial will continue as the defense presents its case, and a verdict from Judge Engoron is still pending.
