A professional appraiser cited in five years of Trump Organization documents told the New York judge overseeing a fraud trial that he actually never evaluated several of the buildings in question, reported ABC News.
Doug Larson, who works for the real estate firm Newmark, was listed in a series of Trump Organization documents as having appraised properties like 40 Wall Street, Trump Tower, and the retail space adjoining Trump Tower known as "Niketown."
But under questioning by state attorney Mark Ladov, Larson denied having done the appraisal work.
"Is it fair to say that Mr. Trump valued Trump Tower at $526 million in conjunction with you?" said Ladov. "No, that is incorrect," Larson replied.
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"Were you aware that Mr. McConney was citing you as a valuation source in his work papers?" Ladov followed up. "No, I was not," said Larson, clarifying he did not assess Trump Tower, Niketown, or 40 Wall Street.
Trump and his two adult sons are being accused by Attorney General Letitia James of systematically misstating the value of properties in order to fraudulently obtain loans at better rates. Trump has denied this, saying that his valuations were good faith assessments of subjective value and that he repaid all the loans anyway.
Judge Arthur Engoron has already ruled for James on the merits in summary judgment, holding Trump liable for civil fraud, and the ongoing trial is purely to assess damages. James is seeking $250 million in fines, and a complete dissolution of the Trump Organization within New York State.
