The judge in former President Trump's civil fraud case in New York ordered the court to monitor the Trump Organization's finances for three years.
Judge Arthur Engoron, who ruled on the civil fraud case that ultimately slapped Trump with his $464 million judgment, issued the order to monitor the Trump Organization on Thursday.
“Based on the Court's findings in its February 16 Order, the Court ordered ongoing monitoring of Defendants' financial and accounting practices and disclosures, including an enhanced role for the Monitor, for a period of no less than three years, as well as the appointment of an Independent Director of Compliance,” Engoron wrote in Thursday's order.
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Judge Arthur Engoron presides over the Trump Organization's civil fraud trial in New York State Supreme Court in New York City. (Erin Schaff/Pool/AFP via Getty Images)
Retired federal judge Barbara Jones, who has overseen the Trump Organization's finances as part of a preliminary injunction in 2022, will continue in her role for the next three years.
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The monitor will allow for reviews of the organization's internal accounting records, record keeping, financial reporting policies, and more.
The Trump Organization will be required to provide the supervisor with monthly bank statements, notify the supervisor at least five business days in advance of major transfers of cash or assets, and inform the supervisor of debt restructuring or repayment.
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Most relevant to the case is that the organization must also disclose its efforts to obtain bail.
Quarterly reports on these and other financial data points will be prepared for the court.
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Former President Trump leaves the courtroom after testifying in his civil fraud trial in New York State Supreme Court in New York City. (Michael M. Santiago/Getty Images)
“Defendants will not circumvent the terms of this Supervision Order by transferring assets, reincorporating existing business entities in other forms or jurisdictions, modifying the ownership of the entity, or any other form of restructuring or change in corporate form,” Engoron's order states. .
Jones will also be able to advise the court on orders to change operations within the Trump Organization.
