Staring down an angry investor, Baltimore real estate developer Brandon Chasen testified on Thursday that his childhood friend and former business partner Paul Davis doctored bank statements that were required as part of a $13 million loan.

Chasen made the allegations during a hearing in his personal Chapter 7 liquidation bankruptcy case, during which he was questioned by Tony Bobulinski, a former business partner of Hunter Biden.

At one point, Chasen testified that he had repaid Bobulinski, who repeatedly reminded him that he was under oath.

“You did not pay back those funds,” Bobulinski said. “You owe me well over $10 million currently. That’s why I’m in Baltimore asking you these questions.”

Davis, who met Chasen at the prestigious Bullis School in Potomac, did not respond to a request for comment.

The exchange took place during the latest in a string of court appearances for Chasen, 39, who came to the Edward A. Garmatz U.S. Courthouse outfitted in a dark, textured velvet blazer with floral patterns. The bankruptcy case is set to continue on Jan. 28, 2026.

U.S. Bankruptcy Judge Nancy V. Alquist in April forced his business, Chasen Construction LLC, into Chapter 11 reorganization bankruptcy. The next hearing in that case is set for Dec. 16.

The implosion of Chasen Cos. has been playing out publicly since mid-2024, after the startup housing firm that once claimed to own about 1,800 housing units in Baltimore laid off staff and scrapped national expansion plans.

In a June 2024 interview with The Banner, Chasen said he had entered a more introspective, spiritual “cold-plunge” era after a wild few years of lavish spending during the company’s heyday.

His attorney Adam Freiman has said Chasen Cos. was at no point financially mismanaged. The lawyer blamed its demise on a combination of factors including the COVID-19 pandemic, rising mortgage interest rates and the collapse of the Francis Scott Key Bridge.

The crumbling of Chasen’s real estate empire has accelerated over the last few months.

Foreclosure actions have been filed on at least 14 properties, court records show. Two of the buildings have been sold.

Mira Properties LLC on Nov. 6 purchased One Calvert Plaza at 201 E. Baltimore St. in downtown Baltimore for $5.1 million, according to court records. Chasen said he was shocked that the building sold for that amount, adding that it ought to be worth more.

On Thursday, Bobulinski pressed Chasen about when he became aware of the bank statements.

“I don’t know the exact time,” Chasen responded.

“Do you have a general time?” Bobulinski asked.

April 2024, Chasen replied.

The bankruptcy cases have opened a window into Chasen’s personal life.

During the hearings, he has testified to using company funds to take international trips, buy artwork and furniture and pay a boat captain described only as “Capt. Jacques” $161,000.

He’s stated that he no longer maintains an address in Baltimore and has not earned income since last year. He also said he was spending time with his girlfriend in Costa Rica, where he consulted for other entrepreneurs and gave surfing lessons.

Chasen also testified that, on the advice of an accountant, he used $100,000 from a company tax return to fund his girlfriend’s health and wellness business, which hosts women’s wellness retreats. He said he considered it a 10-year loan.

Later in the hearing, Chasen said he invested $25,000 in a company that bought a stake in Burnley F.C., an English soccer team.

“How do I find somebody to say, ‘Hey, I own this something, would you like to buy it from me?’” bankruptcy trustee Zvi Guttman asked.

“Uh,” Chasen replied, “I guess at a cocktail party.”

At one point, Guttman misspoke and stated that Chasen owned 25% of the team.

If he owned a 25% stake, Chasen quipped, then he would not be sitting in bankruptcy court.