Cohen tells lawmakers Trump lied about wealth
WASHINGTON (AP) - The president's former personal lawyer says Donald Trump lied about his wealth to look richer to Forbes magazine and less wealthy for tax authorities.
Michael Cohen is testifying under oath before the House Oversight and Reform Committee. Cohen says financial documents show Trump inflated his assets to rank higher on the Forbes world's billionaires list.
Trump ranked 766th on the publication's latest list, which was released last March. Cohen claims Trump would also deflate his assets to pay lower real estate taxes.
Democrats have promised an aggressive effort to investigate the president since they regained control of the House in January. For more than a decade, Cohen was a key power player in the Trump Organization and a fixture in Trump's political life.
Cohen is set to begin a three-year prison sentence in May after pleading guilty to lying to Congress in 2017 and committing campaign finance violations while he was working for Trump.