A New York judge has allowed independent oversight of Donald Trump’s business interests and imposed restrictions on the Trump Organization’s assets pending trial on widespread fraud allegations. .
“Given the [the] Judge Arthur Engolon said in an order issued in New York state court in Manhattan on Thursday that the defendants have shown a propensity to engage in relentless fraud and that if they fail to grant such an injunction, the people of New York will be killed. can be extremely detrimental to
The New York Attorney General’s office, which filed a broad lawsuit against the Trump Organization and the Trump family in September, demanded the installation of monitors and told the court that Trump companies were trying to move funds. State jurisdiction.
On the day the lawsuit was filed, the Trump Organization formed another company called Trump Organization II, which was incorporated in Delaware, lawyers for New York Attorney General Letitia James said in court that it was the country’s capital. Claimed to be an attempt to move assets beyond their grasp.
“Today’s decision ensures that Donald Trump and his company cannot continue with the massive fraud that we uncovered,” James said after the verdict. No amount of money can stop us from pursuing justice.”
Trump’s attorneys filed separate lawsuits in Florida late Wednesday, alleging that the New York attorney general’s office was involved in an “unapologetic crusade” that illegally crossed state lines.
However, James’ office said the move showed Trump was “trying to hide from scrutiny important documents governing the structure of his business conglomerate and the ownership of his business assets.” He argued that it would make the need for an injunction even more urgent.
Trump’s institutions have previously been implicated in a “politically motivated” attempt by Democrat James to destroy the former president’s business, and the move “will cause the NYAG to effectively nationalize Trump’s business empire.” He opposed the injunction, arguing that it would make it possible.
The judge said the role of the overseers, who must be paid by the Trump Organization, is not to control the company, but to oversee the filing of financial reports and financial disclosures.
He also barred Trump entities from “selling, transferring, or otherwise disposing of non-cash assets” listed in Trump’s final financial statements without warning the Attorney General’s Office or the courts. did.
The Attorney General’s lawsuit alleges that Trump and his businesses have inflated the value of assets such as Trump Tower apartments and properties in Mar-a-Lago, Florida, by billions of dollars over an 11-year period. Favorable financing from banks.
If the Attorney General’s case is successful, the court could permanently ban Trump and his children from serving as officers or directors in New York corporations and bar the former president from buying real estate in the state. There is. Trump’s business could be forced to pay off up to $250 million.