Trump controller weeps at NYC fraud trial, says he quit amid mounting probes - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Regulation News
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Regulation News RSS Get our newsletter
Order Prints
November 22, 2023 Regulation News
Share
Share
Post
Email

Trump controller weeps at NYC fraud trial, says he quit amid mounting probes

Rockdale Citizen, The (Conyers, GA)

NEW YORK — Tears were shed at the Trump Organization's fraud trial Tuesday when longtime company controller Jeffrey McConney fell to pieces on the witness stand testifying about the dramatic conclusion to his storied career working for Donald Trump.

McConney, who for decades worked in the accounting department at the Trump Organization under convicted ex-finance chief Allen Weisselberg, wept in response to a question posed by Trump lawyer Jesus Suarez regarding his reasons for departure.

"I got to do a lot of things that a normal accountant wouldn't be able to do," a nostalgic McConney said in Manhattan Supreme Court after a long pause, dabbing his eyes with a tissue handed to him by a court officer.

The loyal controller, who retired in February and is yet to receive his $500,000 severance in full, said he threw in the towel when he became overwhelmed by a labyrinth of state and federal investigations.

"I'm very proud of the work I did for 35 years," McConney said through tears, his voice high-pitched at times, adding he "just couldn't deal with" the legal scrutiny anymore.

"I just wanted to relax and stop being accused of misrepresenting assets."

McConney received immunity in the Manhattan district attorney's 2022 criminal tax fraud case against Trump's company and Weisselberg, which ended in their convictions for failing to pay taxes on plush work benefits. He testified before the grand jury and at the trial, detailing brazen bookkeeping practices in Trump's accounting department.

The 68-year-old is one of four high-ranking execs accused alongside Trump in the New York attorney general's unrelated $250 million civil lawsuit. He's described in the suit as playing a pivotal role by putting together the fraudulent figures in the statements at the heart of the case.

Trump and his codefendants have already been found liable on the top fraud claim, with Justice Arthur Engoron determining before the trial that they habitually exaggerated Trump's net worth by billions in deals with banks and lenders to reap profits they didn't deserve.

Depending on the outcome of the trial heading into its ninth week, they may soon be on the hook for more than $300 million and barred as businessmen in the Empire State.

The waterworks Tuesday came as McConney finished his direct examination as a witness for the defense. He testified last month for the AG.

Asked by Suarez whether he ever got the numbers wrong intentionally, McConney said, "Not purposely, no." He continued placing responsibility on the company's outside accountants at Mazars USA for any inaccuracies in the yearly statements they formatted. During the AG's probe, the firm cut ties with the Trump Organization, citing mistrust of Trump's figures.

On cross-examination, state lawyer Andrew Amer ran through several bogus valuations McConney worked on. He also pulled up his handwritten notes from 2021, including one about having Eric Trump review that year's statement, which McConney didn't dispute. Eric denied having anything to do with the paperwork when he testified.

After McConney wrapped, Engoron adjourned proceedings for the holiday. The ex-controller and his lawyers had no comment. The defense case is expected to pick up on Monday.

Trump, leading the polls as the Republican presidential front-runner, denies all allegations, as do his associates. In a video posted to Truth Social Tuesday, the paler-than-usual former president decried the case.

"The fraud is by the judge and the AG, not by me!"

_____

Older

Director of Ohio teachers pension fund placed on leave

Newer

Monmouth man convicted for tax evasion from $39M fraud scheme

Advisor News

  • Advisors await SEC decision on Vanguard fair fund distribution
  • What to do when adult children become the client
  • Judge rules insurers not liable for Newport Group’s AME Church pension lawsuit
  • Why vacation homes are becoming a major blind spot for advisors
  • The rise of the ‘gray divorce’ insurance client
More Advisor News

Annuity News

  • Best’s Market Segment Report: Global Life/Annuity Reinsurers Remained Poised for Steady Growth
  • When technology becomes easy to rent, what still separates life and annuity carriers?
  • Legacy Marketing Group® and Malibu Life USA Announce Distribution Partnership for New Fixed Indexed Annuity Platform
  • Empower Annuity Insurance Company of America Trademark Application for “EMPOWER WHAT’S NEXT” Filed: Empower Annuity Insurance Company of America
  • Industry pushes back on linking ‘financial strength’ to annuity illustrations
More Annuity News

Health/Employee Benefits News

  • Study Data from University of Minnesota Update Knowledge of Public Health (The Effects of Financial Structures To Increase Social Drivers of Health Investments In Medicaid: a Simulation Approach): Health and Medicine – Public Health
  • New Mycoplasma pneumoniae Study Findings Have Been Reported from Seoul National University (Changes in Pediatric Tetracycline Prescribing Patterns During the 2024 Mycoplasma pneumoniae Pneumonia Epidemic in the Republic of Korea): Gram-Negative Bacteria – Mycoplasma pneumoniae
  • Findings from Tianyi Wang and Co-Researchers Advance Knowledge in Personalized Medicine (Payer coverage principles for precision medicine biomarker testing in oncology): Drugs and Therapies – Personalized Medicine
  • Deadlock on steep health insurance cost increases for school staffs
  • Franklin County Hiring Compliance and Quality Director
Sponsor
More Health/Employee Benefits News

Life Insurance News

  • AM Best Affirms Credit Ratings of Life Insurance Company Centras Life JSC
  • AM Best Withdraws Credit Ratings of New Providence Life Insurance Company
  • When technology becomes easy to rent, what still separates life and annuity carriers?
  • St. Paul & Minnesota Foundation invests $15M to help revive downtown St. Paul
  • Legacy Marketing Group® and Malibu Life USA Announce Distribution Partnership for New Fixed Indexed Annuity Platform
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Press Releases

  • Classic Car Insurer OpenRoad Insurance Expands to 40 U.S. States in Two Years
  • How Aspire General Turned an Early Technology Bet Into Claims Automation at Scale with Kyber
  • Adjusto launches AI-Native contents claims services powered by its technology platform
  • URL Insurance Group Celebrates 40 Years of Service, Growth, and Industry Leadership
  • MassMutual Ascend Surpasses $2 Billion in Lifetime Advisory Annuity Sales, Reflecting Continued Momentum in RIA Channel
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet