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The Latest: Exec says bank lost $11.8 million on Manafort

The Latest: Exec says bank lost $11.8 million on Manafort

ALEXANDRIA, Va. (AP) — The Latest on Paul Manafort's financial fraud trial(all times local):

4:20 p.m.

A Chicago-based bank lost $11.8 million because it had to write off a significant portion of two loans it made to former Trump campaign chairman Paul Manafort.

That's according to the testimony of Federal Savings Bank executive James Brennan in Manafort's financial fraud trial.

Brennan says the losses stemmed from loans of $9.5 million and $6.5 million made to Manafort. He says they were the two largest loans the bank had made when they were issued in late 2016 and early 2017.

Other witnesses in the trial have said the loans were pushed through by bank chairman Stephen Calk because he wanted a job in the Trump administration.

Manafort is accused of fraudulently obtaining the loans by inflating his income and concealing other financial information. He is fighting the charges.

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3 p.m.

A bank executive said he found several red flags with Paul Manafort's finances while the former Trump campaign chairman was being considered for $16.5 million in bank loans.

The testimony, on the 10th day of Manafort's financial fraud trial, comes as the prosecution is expected to rest its case later Monday.

James Brennan, a vice president at Federal Savings Bank, says Manafort failed to disclose mortgages on his loan application. He says he also found several "inconsistencies" in the amount of income Manafort reported for his business.

That information led senior executives to reject one of the loans. But Brennan says that rejection was overruled by Federal Savings Bank chairman Stephen Calk.


Updated : 2020-12-01 13:22 GMT+08:00