Donald Trump and the Trump Organization last week agreed to “enhanced monitoring” of the company’s finances after the independent monitor requested by New York Attorney General Letitia James flagged roughly $40 million in cash transfers over the last ten months, ABC News reported.
Former judge Barbara Jones, the independent monitor assigned in the civil fraud case, said in a letter to Judge Arthur Engoron that she found three separate unreported cash transfers exceeding $5 million that totaled around $40 million, including $29 million in tax payments and about $10 million for insurance premiums.
Jones informed the judge that her team discussed with Trump and the Trump Organization why the transfers were not disclosed. She said she clarified to the Defendants that all transfers of assets from the Trust that exceed $5 million “must be reported” to the Monitor and the “Defendants have agreed.”
Jones also flagged the delayed disclosure of tax returns for six Trump entities which the Trump Organization conceded was its mistake. She also asked for any information related to an intercompany loan.
In her letter, Jones told the judge that Trump and the Trump Organization were continuing to cooperate with her monitoring and have been “generally in compliance with the Court’s orders.” She said the defendants committed to ensuring that all of the information required, including cash transfers and tax information, “are promptly disclosed to the Monitor.”
Jones also noted that the Trump Organization took steps to remedy the incomplete financial disclosures she reported in August and disclosed the necessary information.
Trump and his business are on trial in a $250 million civil lawsuit brought by New York Attorney General Letitia James who has accused Trump and other top executives, including his sons Eric and Don Junior, of engaging in fraud by inflating Trump’s net worth to obtain favorable loan terms.
The former president was back in a New York courtroom on Thursday to attend the trial as the case approaches its conclusion.
