Michael Cohen, Donald Trump’s former personal attorney, said the New York fraud case could financially ruin the former president.
“If you really want to get to Donald, you have to search his bank book,” he told CNN’s Kaitlan Collins. “That’s what really concerns him.”
And this case, he predicted, would have a massive impact on this banking book.
Judge Arthur Engoron ruled Tuesday that Trump committed years of fraud by overstating his assets and net worth to obtain loans and ordered the dissolution of some of the former president’s companies.
New York Attorney General Letitia James is seeking $250 million in damages from Trump in the civil case, but Cohen said the exact figure is up to the judge – and could be much higher.
He estimated it would be more than $600 million after interest and penalties.
And that will be a problem for the former president.
“He doesn’t have the liquid assets to pay this off,” he said, adding that Trump has “all but no inventory” of many of his assets and mortgages on his properties.
Combined with the taxes, Trump would likely not make much financial gain from selling many of his assets.
Watch his full discussion with Collins below:
Cohen, who served as Trump’s personal lawyer and fixer, eventually turned against his former boss, cooperated with investigators and testified before Congress.
Some of these statements were used in the fraud case.
Ultimately, he pleaded guilty to campaign finance violations, lying to Congress and other charges — all, he said, done on behalf of Trump — and was sentenced to three years in prison.