Former Trump attorney Michael Cohen admitted on Monday that he stole thousands of dollars from the Trump Organization by inflating the amount he paid a tech company that provided services for the organization. “You stole from the Trump Org, right?” Trump attorney Todd Blanche asked Cohen on Wednesday morning. “Yes, sir,” Cohen responded.
This testimony follows Cohen’s comments last week when he explained to the court how he and former Trump Organization CFO Allen Weisselberg calculated a $420,000 repayment to Cohen for his $130,000 payment to former adult film star Stormy Daniels. Cohen made the payment to Daniels ahead of the 2016 election to silence her claims of an alleged affair with Trump in 2006. Cohen previously testified that the repayment was “grossed up” to prevent him from incurring a tax hit and also included reimbursement for allegedly paying tech company Red Finch $50,000.
On Monday, Cohen testified that he withdrew cash over several days from TD Bank to pay Red Finch for its services, storing the money in a brown paper bag. The total amount he withdrew was about $20,000, which he handed to Red Finch’s CEO. However, Cohen admitted he never gave the company the entire $50,000. During a 2017 meeting about the repayment plan, Cohen told Weisselberg he had paid Red Finch $50,000, thereby pocketing the $30,000 difference.
“You lied to Weisselberg about how much you needed for Red Finch?” Blanche asked Cohen, who confirmed he had. Cohen testified that the Trump Organization believed he had paid the full amount and reimbursed him accordingly, despite not actually paying it. “Have you paid back the Trump Organization for the money you stole from them?” Blanche asked on Monday. “No, sir,” Cohen responded.
Later, Cohen described taking the $30,000 as “almost like self-help,” claiming he did so because he was “angry” about his bonus being slashed. “I was angry because of the reduction in the bonus and I just felt like it was almost like self-help,” Cohen said. “To have my bonus cut by two-thirds was very upsetting, to say the least.”
Cohen’s testimony on Monday marked the fourth day he has taken the stand. Trump’s legal team indicated last week that they expected to conclude cross-examination of Cohen on Monday. Closing arguments for the case are expected next Tuesday, following the Memorial Day holiday. Last week, Cohen also testified that he used his personal funds to pay Daniels in 2016 through a home equity line of credit, following Trump’s directive to “handle it” to avoid damaging the campaign. Robert Costello, a lawyer who formerly advised Cohen, testified before Congress last week, describing Cohen as a serial liar.