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Newly released video obtained by CBS News provides the first look at former President Donald Trump’s deposition last summer in the New York attorney general’s civil fraud investigation.
Trump sat down for questioning under oath on August 10, and the video shows him politely answering opening questions from state Attorney General Letitia James.
Dressed in a dark blue suit, red tie and American flag lapel pin, seated in front of a camera in a conference room in downtown Manhattan, Trump answered “yes” when James asked if he was familiar with the rules for giving a deposition. But as the questioning about his finances began in earnest, the former president—and now a candidate for the same office—invoked the Fifth Amendment and proceeded to do so for nearly four hours.
Former President Donald Trump during his deposition in a fraud investigation in New York, Aug. 10, 2022. New York Attorney General’s Office / Acquired by CBS News
Transcripts of parts of Trump’s deposition were included as an exhibit filed by the New York Attorney General’s Office on Oct. 13 in its $250 million lawsuit against Trump, three of his children and his company. Those sections of Trump’s deposition were no longer confidential once the exhibit was filed. That office initially denied CBS News’ request, under New York’s Freedom of Information Law, for video aligned with portions of that transcript. An appeals officer overturned that decision.
“Anything you say in this review may be used in a civil proceeding, and that may include a civil enforcement proceeding or a criminal action. Do you understand that?” asked James.
“I think so,” Trump replied.
“Is that so?” asked James.
“I don’t know what I did wrong, but the answer is yes, I understand,” Trump said.
“You have the right to refuse to answer any question if a truthful answer to the question is likely to implicate you. Do you understand that?” James continued.
“Yes,” Trump replied.
“And any intentional false statement you make can be perjury. Do you understand that, sir?”
“Yes.”
Once the preliminary questions were over, Trump was given the opportunity to read a prepared statement on the record.
He began with a familiar refrain: “This is the greatest witch hunt in the history of our country.” He called James “a renegade and out of control prosecutor” and accused him of having political motives for his office’s investigation into his financial practices.
Just over a month later, on September 21, James announced his office’s lawsuit against Trump, three of his children and their companies, accusing them of a long-running scheme to inflate the value of their assets. . The Trumps have denied wrongdoing.
“This whole thing is very unfair,” Trump said in the deposition video.
“Anybody in my position who doesn’t take the Fifth Amendment would be a fool, an absolute fool,” Trump said, adding that on the advice of counsel, “I respectfully decline to answer questions under rights and privileges which is given to every citizen under the United States Constitution.
“This will be my answer to any further questions.”
Excerpts of Donald Trump’s deposition in the New York attorney general’s fraud investigation 37:36
Senior enforcement counsel Kevin Wallace, of the attorney general’s office, said “for the record” that the statement was “long,” and that “obviously, we disagree with many of the features.” Wallace then began his questioning, which would constitute the bulk of the deposition.
Initially, Trump responded to the three questions by saying, “For all the reasons given in my answer, which is included here in its entirety, I decline to answer the question.”
Wallace then told Trump he could only say, “same answer” — “to speed things up.”
Trump did this more than 400 times throughout the interview, according to a New York attorney general court filing. After the deposition, Trump issued a public statement saying he had exercised his Fifth Amendment right and refused to answer.
A lawyer for Trump declined to comment on Tuesday’s release of the video.
In a questioning section, Wallace asked Trump about his Statements of Financial Condition, which have been submitted every year since 2011. In February 2022, the accounting firm that prepared them retracted its work and said those reports is “no longer to be hoped for.”
“The valuations contained in this document present false and misleading valuation statements; is that correct?” asked Wallace.
“Both answers,” Trump replied.
Was he “aware” that they “contain false and misleading statements”?
“Same answer.”
The video of the Trump deposition shows the former president pleading with the Fifth 02:32
Even as he gave “the same answer” to question after question, Trump appeared to study the financial documents Wallace showed him, arms crossed, leaning back and staring.
Wallace also questioned the involvement of former Trump Organization chief financial officer Allen Weisselberg — now serving five months in prison for tax fraud — and current company comptroller Jeffrey McConney.
The two executives are among those named as defendants in the New York attorney general’s $250 million lawsuit, which seeks to bring the company’s operations in the state to its knees. The lawsuit accuses the Trumps and their company of engaging in a year-long widespread fraud scheme that revolved around property value manipulations. In addition to financial penalties, the attorney general’s office is seeking to end the company’s operations in New York and sanctions four Trumps.
“From at least 2005 to the present, you had a continuing agreement with Mr. Weisselberg and Mr. McConney that they would prepare the Statement of Financial Condition in a manner that included valuations that depended on false and misleading assumptions as a means of inflating the reported values; is that correct?” Wallace asked at the deposition. The company has denied the New York Attorney General’s allegations against it and any of its executives.
“Both answers,” Trump said.
McConney and Weisselberg are key witnesses in a separate criminal case against two Trump Organization companies, brought by the Manhattan district attorney. A jury last month convicted the companies of 17 counts related to tax fraud, stemming from various schemes to reduce payroll liability while giving executives large tax-free bonuses and high-end non-taxable perks. Weisselberg entered a separate guilty plea in the case.
The New York attorney general’s civil case is set to go to trial on October 2. The judge in that case has rejected repeated attempts by Trump’s lawyers to push that date back.
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Graham Kates
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