Topics

Saturday, August 4, 2018

Paul Manafort Was Deep in Debt. He Saw an Opportunity in Trump.

WASHINGTON — Paul Manafort’s services did not come cheap. His consulting work helped prop up foreign strongmen, who in turn kept him in $12,000 bespoke suits from Beverly Hills.

But by 2016, Mr. Manafort was broke. His longtime cash cow, the Ukrainian president Viktor F. Yanukovych, was out of office, living in exile. Mr. Manafort had $1 million in clothing debt alone, his business was hemorrhaging money and he was angling for bank loans to stay afloat.

He was in such bad shape that one of his accountants, Cynthia Laporta, who testified on Friday at Mr. Manafort’s fraud trial, said she had agreed in 2015 to fraudulently lower his reported income on a tax return because she had been told he was unable to pay what he owed. She saved him about a half-million dollars in taxes.

No comments:

Post a Comment