Gary Farro, a former senior managing director at First Republic Bank, appeared in court on Friday to testify about his experiences working with Michael Cohen, Donald Trump’s former personal lawyer. Farro’s testimony focused on the $130,000 payment to Stormy Daniels, which was made using Cohen’s home equity line from the bank and is a key part of the hush money case.
During Farro’s testimony, it was revealed that a bank employee who worked under him confirmed the deposit to Cohen. This testimony is expected to shed light on the paper trail tied to the 34 counts of falsifying business records that Trump is facing. Trump has pleaded not guilty to all charges and denies having any affairs.
Farro’s testimony on Friday focused on a shell company and bank account that Cohen created in Delaware to pay American Media Inc. for the rights to Karen McDougal’s story. However, according to Farro’s testimony, the account was never funded. He also discussed how Cohen changed tactics in October 2016 by opening an account for Essential Consultants, a company used to pay Daniels in the hush money scheme to keep her alleged affair with Trump quiet. The testimony provided insights into the details of the financial transactions at the center of the case. CNN contributor Kaanita Iyer contributed to the reporting of this story.
