Fake Mansions and Rent-Stabilized Units Emerge in Trump Trial

A longtime executive of Donald Trump’s real-estate company admitted that he regularly included fake mansions and valued rent-stabilized apartments as market rate when calculating the former president’s net worth, wrapping up the first week of the civil fraud trial in Manhattan.

Jeffrey McConney, who joined the Trump Organization in 1987 and is a defendant with Trump in the case, testified on Friday that he added tens of millions of dollars a year to the former president’s annual financial statements for the value of mansions on his Seven Springs New York estate that did not exist.

The unbuilt mansions, valued ...