Thread by @BBuchman_CNS

#ManafortTrial Thread - More from Dennis Raico direct examination -
In another email from Raico’s assistant to Tom Horn, an underwriter who sits on the credit committee at Federal Savings Bank, the assistant wrote that she “spoke to Paul” and got info for Manafort loan app.
(1/8)

According to Raico, there were “discrepancies” in Manafort’s income and tax returns.
“What do you mean by discrepancies?” Andres asked.
“A plus B didn’t equal C all the time,” Raico said.
(2/8)

A $300,000 outstanding balance on Manafort’s American Express card for season tickets to the New York Yankees was one of the “discrepancies,” Raico said. Raico said in February 2016, it was Manafort who told him he had lent the card to Richard Gates.
(3/8)

Gates disputed this during testimony earlier this week.
Manafort told Raico he anticipated repayment on the American Express balance by the end of May of that year but by September, the balance was still outstanding.
(4/8)

Raico testified that Calk and Manafort had met on several occasions by that point, often for lunch.
By October 5, 2016, Raico told prosecutors he and Federal Savings Bank president Javier Ubarri met with Calk to submit Manafort’s loan application but it hit a snag.
(5/8)

In an email from Calk to Manafort, where Raico was blind copied, Calk wrote in the subject line: “Major issue.”
The “major issue,” Calk said was that instead of a $2.5 million outstanding mortgage for the Bridgehampton property, it was actually $3.5 million.
(6/8)

Manafort hadn’t told Federal Savings Bank about the discrepancy before. When Calk inquired, Manafort chalked it up to forgetting, calling it a “blackout.”
(7/8)

Raico told prosecutors Calk emailed him after the exchange, looking for a way to make the income fit the application.
“I look to your cleverness to understand the underwriting,” Calk wrote.
(8/8)