Retirement from the Trump Organization
During the ongoing civil fraud trial in New York, Jeffrey McConney, the former controller of the Trump Organization, revealed the reason behind his retirement after nearly four decades with the company. McConney became emotional as he explained that he left the company he "loved" due to the numerous investigations that have targeted it.
On the stand, McConney expressed his pride in the work he had done for 35 years. However, he highlighted the various agencies that had subpoenaed him in recent years, including federal investigators from the Southern District of New York and the state's attorney general. Although he mentioned testifying before a grand jury, he failed to disclose his participation in the company's 2022 criminal fraud trial.
McConney is currently a defendant in the state's civil suit, which accuses him, former President Donald Trump, two of Trump's sons, and the Trump Organization of a decade-long fraud scheme that resulted in $250 million in benefits. McConney retired from his position in February, citing a desire to relax and escape the accusations of misrepresenting assets for the company he had dedicated his career to.
The Trumps and their company have blamed their accountants for any alleged misrepresentations of Trump's net worth and the value of their properties, figures that the judge in the case has already determined were fraudulent. McConney described their lead outside accountant as a "friend."
"When I worked with Mr. Bender of Mazars, it was like working with family," he said, describing regularly meeting him for meals during their decades-long business relationship. He said he regarded the company similarly.
"The Trump Organization was the same family setting," McConney said. "It was a little different, we didn't go out to lunch together, but you'd see them get married, start a family."
"I feel proud of what I did, I feel justified. Numbers don't represent fully what these assets are worth," said McConney.
During the first day of his testimony Monday, McConney was shown paragraphs from the financial statements related to generally accepted accounting principles and valuation methodologies. He said Bender's accounting firm was responsible for those paragraphs.
Under cross-examination by the state on Tuesday, he was shown several examples in which his handwritten notes were incorporated into the paragraphs, and asked if it was correct to attribute them to the accountants.
"My recollection was incorrect," McConney said, referring to his prior testimony.
McConney and the Trumps have denied committing fraud in the case. Trump, the leading Republican presidential candidate, has accused James, a Democrat, of pursuing him and his company for political benefit.
The trial, which started on October 2nd, is projected to carry on until mid-December.
