Published: Thu, May 17, 2018
Money | By Bruce West

President Trump discloses payment to lawyer in financial report

President Trump discloses payment to lawyer in financial report

But Trump's lawyers have said that the Trump reimbursed Cohen for a $130,000 hush money payment made to adult film actress Stormy Daniels in exchange for her silence over her alleged affair with Trump.

Trump had previously denied knowing anything about the payment, but his lawyer, Rudy Giuliani, recently revealed that Trump knew about the payment and had reimbursed Cohen through monthly retainer payments.

Rudy Giuliani, who represents Trump in the Russian Federation probe, has said the president "was unaware" Cohen solicited payments from those companies.

The acting director of the Office of Government Ethics, David Apol, has written to the Justice Department pointing out that he considers Trump's payment to Cohen to be a repayment on a loan. According to a note at the bottom of one of the 92 pages filed with ethics officials, Cohen sought reimbursement for expenses in 2016, which Trump "fully reimbursed" Cohen for a year ago. "Cover-ups should always matter". Mr. Cohen sought reimbursement of those expenses and Mr. Trump fully reimbursed Mr. Cohen in 2017.

The filing also offers a lens into the Trump Organization's debts, beyond the money he owed, and then repaid, to Cohen.

The report also disclosed the income Trump collected from several of his marquee properties, including what he has described as the "Winter White House" in Palm Beach, Fla.

In the wake of the remarks, critics said that Trump had still broken campaign finance laws because he had not declared the payment to the Federal Election Commission (FEC).

His Doral golf course and resort in Miami took in 75 million dollars (£55.3m). Avenatti's argument is that because Trump was not involved in the 2016 arrangement that makes it not valid, and he has been on a media tour in the past few months, criticizing the Trump administration.

Mr Apol's letter was released with the Trump disclosures.

Trump's hotel in the U.S. capital, which opened in late 2016, took in $40.4 million during 2017 while the Florida resort had revenues of $25.1 million previous year. One of his biggest lenders is Ladder Capital, which has lent more than $100 million.

Shaub noted that Trump's lawyer had attempted to get an exemption allowing Trump to file without signing that the disclosure was "complete and correct" and said "it is pretty hard to believe this was not intentional". Under ethics rules, officials report the value of their assets and the amount of their income in broad ranges. "It is good that in the face of overwhelming evidence and public pressure, the president came clean about this liability on this year's form, but we now have to wonder how many other liabilities for similar payments he has that he still has not disclosed because he has not been publicly called out on them", Bookbinder said.

Before taking office, Trump said he shifted day-to-day control of his business to his sons, primarily Eric Trump.

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