Paul Manafort trial: Key takeaways as the prosecution prepares to rest
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The star witness at former Trump campaign chairman Paul Manafort’s fraud trial says he stole from his former boss because of personal struggles. AP’s Eric Tucker was in the court room and says it was “by far the most dramatic day of testimony.” (Aug. 7)
AP
ALEXANDRIA, Va. – Over the course of eight days, Paul Manafort’s criminal-fraud trial has featured testimony about extravagant wardrobes, secret offshore bank accounts, fake loan applications and doctored bank accounts, an ostrich jacket and a fall from wealth.
The trial has attracted packed galleries to the federal courthouse each day, with U.S. District Court Judge T.S. Ellis III setting a pretty brisk pace for the proceedings, the first case to come to trial as part of special counsel Robert Mueller’s investigation.
The prosecution is expected to rest its case against President Donald Trump’s former campaign manager as soon as Friday, the ninth day of the trial. As Manafort’s defense team gets ready to take over, here are some key takeaways:Â
The foreign bank accounts
Prosecutors have offered substantial evidence from documents and witnesses saying Manafort and his business partner Rick Gates – who is testifying under a grant of immunity – established a web of secret offshore accounts, based mostly in Cyprus. Prosecutors allege they stashed and moved millions of dollars in unreported income to the U.S. to support Manafort’s extravagant lifestyle.
An IRS revenue agent testified that, between 2010 and 2014, Manafort moved $16.4 million in untaxed income into the U.S. to pay bills for high-end clothing, cars and real estate.
More: Paul Manafort trial: Rick Gates admits padding expenses to pay for mistress, may have bilked inaugural committee
The bank loans
As Manafort’s lucrative consulting business in Ukraine began to dry up, his pursuit of bank loans took off. The government showed how Gates – at Manafort’s direction – dummied documents to support the loan applications. Prosecutors said the applications were full of fraudulent claims, including classifying a rental property as a second home, and a failure to disclose an existing mortgage on other property. In addition, Manafort’s income was allegedly inflated by as much as $4 million in documents submitted to the Banc of California, they said.
More: Paul Manafort trial: Scramble for cash led to false loan application, prosecutors say
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Six bombshells from Rick Gates’ testimony in the Paul Manafort trial
The judge
Ellis, known for his wit and his impatience, has set a torrid pace in the Virginia courtroom. That could present a double-edged sword for the jury of six men and six women. Is testimony coming at the jury too fast for the six men and six women to grasp a complex white-collar case involving complicated international financial dealings? Or does the speed benefit the government by saving the jury from hours of dry testimony about incremental financial transactions?
More: Paul Manafort trial: Judge T.S. Ellis III known as taskmaster, unafraid to speak his mind
The defense
Right now the defense is a big question mark. Lead Manafort attorney Kevin Downing engaged in an aggressive effort to discredit Gates, pointing out how he stole from his former boss to pay for the expenses of a mistress in London. But their questioning of other government witnesses has been uneven and spare. Now it’s their turn to present their case.
More: Paul Manafort trial: Judge blocks prosecution’s use of luxury images; bookkeeper denies knowing about foreign accounts
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