Cohen admits he stole money from Trump organization
Michael Cohen on Monday admitted that he stole from Donald Trump's company when he pocketed tens of thousands of dollars that was earmarked as a reimbursement for money he said he shelled out to a technology firm.
The Trump Organization reimbursed Cohen for the costs under the same arrangement as his repayment for the hush money payment he made to porn actor Stormy Daniels.
Cohen had claimed he shelled out $50,000 to the tech firm, Red Finch, but during cross-examination in Trump's criminal trial he testified that he gave a company executive just $20,000 in cash and never forked over the other $30,000 that was owed.
The Trump Organization repaid Cohen $50,000 and then doubled that payment in a practice known as "grossing up" to cover taxes he'd incur by declaring the money as income rather than a tax-free reimbursement.
Defense lawyer Todd Blanche noted that despite Cohen's guilty pleas in 2018 to federal charges including a campaign finance violation for the hush money payment and unrelated tax evasion and bank fraud crimes, he'd never been charged with stealing from Trump's company.
"Have you paid back the Trump Organization the money you stole from them?"
"No, sir," Cohen responded.
Trump, who had been slouched back in his seat with his eyes closed for much of the testimony, looked directly at the witness stand as Cohen made the admission about stealing.
Eric Trump, Trump's son, who is in court, posted on X: "This just got interesting: Michael Cohen is now admitting to stealing money from our company."