Michael Cohen’s former banker, Gary Farro, returned to the stand, where he was asked by prosecutor Becky Mangold about Cohen’s frantic effort to create a bank account for a new company he created called Essential Consultants LLC on October 26, 2016.
Referring to Stormy Daniels, Farro told jurors that Cohen did not disclose the account would be used to send money to an adult film actress, adding that his bank, First Republic, avoided financing the adult-entertainment sector.
Farro said that Cohen added $131,000 to an account for Essential Consultants LLC using a home equity line of credit.
Farro then began walking jurors through a wire transfer authorization form that was filled out on October 27, 2016, using information provided by Michael Cohen.
The form — which was signed by Cohen — listed that $130,000 was being wired to Keith Davidson’s attorney-client trust account. The money would be held in the account for Davidson’s client.
According to the form, the purpose of the wire was a “retainer” payment.
Cohen completed the $130,000 payment to Stormy Daniels on October 27, 2016, which was 12 days before the presidential election.
Source Agencies
