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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

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Confirmed Cases: 110592

Reported Deaths: 3171
CountyConfirmedDeaths
Hinds7731171
DeSoto655177
Harrison478481
Jackson429178
Rankin380086
Madison371092
Lee339279
Forrest292777
Jones281682
Washington250697
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Lauderdale2329130
Lamar212038
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Oktibbeha194154
Neshoba1795111
Lowndes173662
Panola164736
Leflore158786
Sunflower156749
Warren151854
Monroe143672
Pontotoc143019
Pike135555
Lincoln133954
Copiah133336
Marshall130026
Coahoma122836
Scott122729
Grenada119637
Simpson117648
Yazoo116933
Union113825
Holmes113060
Tate112339
Leake111839
Itawamba108724
Pearl River107456
Adams104042
Prentiss100919
Wayne97921
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George93217
Marion92642
Covington90825
Tippah84820
Newton84227
Chickasaw81724
Tallahatchie81725
Winston81421
Tishomingo78640
Hancock76527
Attala76325
Clarke70948
Clay66621
Jasper66016
Walthall63427
Calhoun60912
Noxubee59516
Smith57716
Claiborne53016
Montgomery52723
Tunica51817
Lawrence48914
Yalobusha47914
Perry47522
Carroll45812
Greene44717
Stone44614
Amite41513
Quitman4096
Humphreys39916
Jefferson Davis39311
Webster36313
Wilkinson32920
Kemper31615
Benton3004
Sharkey27714
Jefferson26210
Franklin2283
Choctaw2036
Issaquena1063
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Alabama Coronavirus Cases

Confirmed Cases: 152272

Reported Deaths: 2621
CountyConfirmedDeaths
Jefferson22300372
Mobile14273314
Tuscaloosa9886132
Montgomery9615196
Madison895192
Shelby700260
Lee643066
Baldwin636967
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Houston362332
DeKalb313326
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St. Clair276742
Limestone268327
Walker264192
Talladega253634
Cullman223923
Lauderdale204340
Autauga198928
Franklin198131
Jackson197914
Russell18993
Colbert188927
Dallas184527
Blount182723
Chilton178731
Escambia170328
Covington164429
Coffee16299
Dale161551
Pike130112
Tallapoosa126986
Chambers126643
Clarke126116
Marion103929
Butler99640
Barbour9819
Marengo96421
Winston88613
Geneva8297
Pickens79317
Randolph79314
Lawrence78830
Bibb78513
Hale73729
Cherokee71414
Clay70312
Lowndes69827
Bullock63417
Henry6286
Monroe6259
Washington62012
Crenshaw58830
Perry5796
Conecuh55413
Wilcox55412
Fayette54012
Macon52819
Cleburne5207
Sumter46421
Lamar4555
Choctaw38612
Greene33316
Coosa1963
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