The judge overseeing the civil fraud case against former President Donald Trump in New York has mandated a three-year monitoring period for the finances of the Trump Organization.
Arthur Engoron, the New York judge overseeing the civil fraud case involving Trump, instructed a third party to oversee the finances of the Trump Organization for the next three years. Additionally, they must notify this financial monitor in advance of any attempts to secure a bond for the case. Engoron, who recently ruled against Trump in the civil suit, imposed a $464 million judgment on the Trump Organization for fraudulently inflating Trump’s asset values to gain financially.
Barbara Jones, a former federal judge, has been overseeing the financial affairs of the Trump Organization since 2022 and has now been tasked with continuing this role for an additional three years. As per Engoron’s arrangement, the Trump Organization is obligated to provide full access to its financial records to Jones. Despite complaints lodged by Trump’s attorneys and members of his organization in court filings, Judge Engoron has thus far declined to replace her.
Trump’s legal team asserts that despite contacting more than 30 surety companies to secure a bond for him, all have declined their requests. They maintain that attempts to leverage Trump’s real estate holdings as collateral have been rebuffed by all these companies. Trump himself posted on Truth Social, his social media platform, on Thursday, March 21st, stating that surety companies cited the high cost and their inability to handle such substantial sums as reasons for their inability to assist him.
Fortunately for Trump, an appeals court reduced his bond amount to $175 million on March 25. Without the ability to obtain the court-mandated bond, the court would have been authorized to seize his assets. This task would have been challenging, though, as the former president has organized all his properties and assets into more than 300 limited liability companies.
