Judge Rules Trump Org Will Report To Financial Monitor For 3 Years

A judge in former President Trump's civil fraud case has ordered the court to monitor the Trump Organization's finances for the next three years. This comes after Judge Arthur Engoron's ruling on the case, which resulted in a $464 million judgment against Trump.

In his order, Engoron stated that the court would continue to monitor the organization's financial and accounting practices and disclosures, with an enhanced role for the monitor. He also added that an independent director of compliance would be appointed. The ruling came after the court's findings in its February 16th order.

Retired federal Judge Barbara Jones, who has been monitoring the Trump Organization's finances since 2020, will continue in her role for the next three years. According to Engoron's order, the monitor will be able to review the organization's internal accounting records, recordkeeping, financial reporting policies, and more.

Furthermore, the Trump Organization will be required to provide the monitor with monthly bank statements and notify them at least five business days before major cash or asset transfers. They must also inform the monitor about any efforts to obtain surety bonds and provide quarterly reports on these and other financial data points.

One of the most crucial points in the order is that the Trump Organization "shall not evade the terms of this Monitorship Order." This means that they are not allowed to transfer assets, reincorporate existing business entities in other forms or jurisdictions, modify entity ownership, or make any other changes that could avoid the monitoring set forth by the court.

Jones will also be able to advise the court on orders to change operations within the Trump Organization. This could include recommendations for restructuring or reorganizing the organization.

The civil fraud case against Trump began in 2020 after the New York Attorney General's office accused him of misleading investors in the Trump SoHo hotel building. The organization was accused of inflating its financial statements to secure loans, costing investors millions of dollars.

The Trump Organization has denied any wrongdoing, with Trump himself calling the lawsuit a "witch hunt." However, Engoron's ruling in February stated that there was "overwhelming" evidence to show that Trump "engaged in persistently fraudulent, illegal, and deceptive conduct" in the Trump SoHo project.

The judge's order to monitor the organization's finances for the next three years is seen as a significant blow to Trump and his business empire. As a former President, his businesses have come under increased scrutiny, with some accusing him of using his government position for personal gain.

However, Engoron's order has been hailed by some as a step towards holding Trump accountable for his business practices. "This order sends a clear message to the Trump Organization and any other business engaging in fraudulent and deceptive practices," said a spokesperson for the New York Attorney General's office.

It remains to be seen how the Trump Organization will respond to the court's order and the extended monitoring of its finances. But one thing is for sure - the organization will have to operate under much closer scrutiny for the next three years.

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