Prosecution rests in Paul Manafort trial

Prosecutors rested their case Monday afternoon in the trial against former Trump campaign chairman Paul Mana...

Posted: Aug 14, 2018 10:16 AM
Updated: Aug 14, 2018 10:16 AM

Prosecutors rested their case Monday afternoon in the trial against former Trump campaign chairman Paul Manafort.

Prosecutor Greg Andres announced that the prosecution had finished witness presentation against Manafort after 10 days of testimony from 27 witnesses. The defense has not indicated if it will call any witnesses to the stand.

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Prior to the prosecution resting, a bank official testified that the Federal Savings Bank gave Manafort $16 million in loans and knew that he lied about his financial situation before they were approved by the bank's chairman.

James Brennan, a vice president of Federal Savings Bank, said he faced so much pressure from his bank's chairman about Manafort's ability to borrow the $16 million that he lied on a form reviewed by federal regulators and the bank's directors about the stability of the loan.

"If I had my recommendation ... the loan would not be made," Brennan said in court Monday.

Brennan, who wrote a memorandum about a second $6.5 million loan the bank extended to Manafort, said he had given the loan a rating of "4." But in court Monday, he said he shouldn't have done that.

A very stable, high-quality loan would get a rating of "1," and any rating less than "4" wouldn't get approved and would draw regulators' attention because of its instability, he said.

When asked by prosecutors why the loan received a 4 rating, Brennan said it was because of "Mr. Calk," referring to the bank's founder, Stephen Calk.

"It closed because Mr. Calk wanted it to close," Brennan said, referring to one of the loans.

Last week, the jury heard testimony that Calk approved the loans as he sought Manafort's help in getting a high-ranking position in the Trump administration.

Brennan also said he and his colleagues documented their concerns about Manafort's personal finances. Information about Manafort's company's income, his unpaid debts from his Yankees season ticket and undisclosed mortgages on his other properties in New York raised red flags internally at the bank, he added.

Brennan was the 27th prosecution witness to testify against Manafort in the first major test in court for special counsel Robert Mueller, who is currently leading an investigation into Russian interference in the 2016 election.

Manafort has been charged with 18 tax and banking crimes. He has pleaded not guilty to all charges.

Prosecutors pulled up an email that Brennan sent to colleagues who sat on the bank's loan-approving committee in September 2016. The email detailed some of "the issues we were having" regarding one of Manafort's loan applications, Brennan said.

Brennan also described how he asked Stephen Calk's brother, John Calk, another major Federal Savings Bank shareholder, to sign off on the loans to Manafort, but John Calk refused.

In all, the bank lost $11.8 million on the loans it made to Manafort, Brennan said.

The last testimony jurors heard in the prosecutors' case against Manafort came from financial crimes special agent Paula Liss of the Treasury Department's Financial Crimes Enforcement Network. Liss had testified briefly earlier in the trial.

Liss clarified for the jury Monday that no foreign bank account disclosures existed for Manafort's consulting companies from 2011 to 2014.

She previously testified that Manafort and his wife never disclosed foreign bank accounts they personally controlled, either.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 255125

Reported Deaths: 5574
CountyCasesDeaths
DeSoto17197175
Hinds16280322
Harrison13502193
Rankin10749211
Jackson10407183
Lee8819141
Madison8262162
Jones6375110
Forrest5992119
Lauderdale5873180
Lowndes5381116
Lafayette496692
Lamar487565
Washington4800123
Bolivar3978108
Oktibbeha393880
Panola370779
Pontotoc365353
Monroe3543105
Warren353498
Union344760
Marshall342665
Neshoba3383152
Pearl River329799
Leflore3004105
Lincoln297685
Sunflower284969
Hancock273459
Tate272462
Alcorn264053
Pike263577
Itawamba262959
Scott246645
Yazoo245955
Prentiss245652
Copiah241949
Tippah241750
Simpson235767
Coahoma233754
Leake231164
Grenada218470
Covington213071
Marion212072
Adams205870
Wayne201331
Winston200564
George199338
Attala193759
Newton192842
Tishomingo186359
Chickasaw183944
Jasper170835
Holmes168767
Clay159433
Stone143621
Tallahatchie141034
Clarke138960
Calhoun136121
Smith120823
Yalobusha117034
Walthall112336
Noxubee110522
Greene110229
Montgomery109634
Carroll104521
Lawrence102617
Perry102231
Amite98025
Webster92424
Tunica86721
Claiborne86625
Jefferson Davis84825
Humphreys83024
Benton81823
Kemper77220
Quitman6918
Franklin66615
Choctaw60513
Wilkinson58425
Jefferson54319
Sharkey43017
Issaquena1596
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Alabama Coronavirus Cases

Cases: 424028

Reported Deaths: 6121
CountyCasesDeaths
Jefferson62258921
Mobile30381549
Madison27160186
Tuscaloosa20779267
Montgomery19049305
Shelby18572114
Baldwin16346182
Lee12515101
Morgan12260113
Etowah11757168
Calhoun11161200
Marshall10199107
Houston8630148
Cullman8036105
Limestone802874
Elmore7849101
DeKalb768897
Lauderdale760083
St. Clair7555120
Talladega6180108
Walker5903174
Jackson581341
Colbert533573
Blount530883
Autauga519855
Coffee443956
Dale398581
Franklin367548
Chilton337665
Russell331710
Covington327768
Escambia319342
Dallas303396
Chambers284269
Clarke282133
Tallapoosa2617107
Pike249429
Marion246250
Lawrence244247
Winston227335
Bibb216247
Geneva202535
Marengo199729
Pickens197031
Hale176442
Barbour173036
Butler170258
Fayette169026
Cherokee160530
Henry154421
Monroe145617
Randolph140735
Washington137726
Clay126745
Crenshaw119544
Lamar118219
Cleburne117723
Macon115035
Lowndes110735
Wilcox103121
Bullock99128
Perry97719
Conecuh94420
Sumter89126
Greene76123
Coosa60515
Choctaw51524
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