Michael Cohen, former lawyer to Donald Trump, has raised concerns about the former president’s increasing financial liabilities, suggesting they could make him “thoroughly compromised.”
What Happened: Cohen voiced apprehensions about Trump’s potential return to the presidency, given his escalating financial burdens. “We need to be very careful about him as a potential president because he is for sale,” Cohen stated on MSNBC’s “The Weekend,” reported The Hill.
"He needs to figure out where he is going to raise $500-plus million over a short period of time," Cohen said on the program, according to the report.
Trump, the leading 2024 GOP presidential candidate, was recently found liable for nearly $355 million in penalties in a civil fraud case in New York. This lawsuit, brought by New York Attorney General Letitia James in 2022, alleged that Trump manipulated his net worth on key financial statements to gain tax and insurance benefits.
Furthermore, Trump was ordered to pay $83.3 million last month in a separate civil case for defaming E. Jean Carroll. This adds to a previous $5 million verdict for sexually abusing and defaming Carroll.
Trump is also facing four criminal cases, with the New York hush money case set to go to trial next month. Cohen is expected to testify in this case.
See Also: Trump In Trouble? Former President’s Lead Over Biden Shrinks In New 2024 Election Poll
Why It Matters: The credibility of Cohen’s testimony in the civil fraud trial was upheld by Judge Arthur Engoron, despite allegations of perjury. This trial concluded with a judgment against Trump, ordering him to pay over $355 million for conspiring to manipulate his company's value to gain tax and insurance benefits.
Engoron also banned Trump from serving as an officer or director in any New York corporation for three years. This ruling came after a lawsuit filed by James, accusing Trump and his family businesses of inflating his net worth by as much as $3.6 billion a year over a decade.
Eric Trump, the ex-President’s son, expressed outrage over the hefty fine, criticizing the court’s decision and lamenting the treatment his father received despite his contributions to New York City’s skyline.
Image via Shutterstock
Read Next: Trump Argues That Even If He’s Guilty In Hush Money Case, ‘There Is No Crime’
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