Trump Hotels accountant admits 'overstating' when he said company had $290 million in cash

Mark Hawthorn, the chief accounting officer of the Trump Hotels division of the Trump Organization, testified at former President Donald Trump's civil fraud trial in New York that he "overstated" the value of the company's assets in 2018, reported ABC News on Monday.

According to the report, when a third-party accounting agency asked for the total amount of Trump's liquid assets, "Hawthorn said he consulted the financial statement that listed 'cash equivalents in excess of $290 million.'" But New York Attorney General Letitia James alleges that 30 percent of those liquid assets were actually owned by Vornado Partnerships, a company with whom Trump had a partnership interest but was distinct from the Trump Organization, which was not disclosed on the statement.

"It appears to have been overstated," Hawthorn admitted, adding that he had only viewed the statement once during a 20-minute session on Google Meet and hadn't examined it closely.

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James is arguing that Trump and his two adult sons systematically overstated the value of their assets in order to fraudulently obtain more favorable loans and other agreements. Trump has argued that his asset valuations were subjective, and that he repaid the loans in full so no actual injury was done as a result of the false information.

However, Judge Arthur Engoron has already ruled in favor of James on the merits in summary judgment, and the current trial is solely about determining the damages Trump is on the hook for.

James is seeking a fine of $250 million and the dissolution of the Trump Organization within New York State.