Judge appoints independent monitor to oversee Trump Organization's financial transactions

A New York judge ordered an independent monitor to oversee the Trump Organization's financial statements following allegations the company overstated its assets.

A New York state judge on Thursday ordered an independent monitor to oversee the Trump Organization's financial statements after it was alleged that the company has been vastly overstating its assets.

State Supreme Court Justice Arthur Engoron signed off on a preliminary injunction that also blocks former President Donald Trump's company from transferring assets without court approval. In his ruling, Engoron said the company must also make the monitor aware of all its holdings and assets and give 30 days’ notice of any restructuring at the company and any plans for "disposing or refinancing of significant Trump Organization assets." (Supreme Court is the name of New York state’s top trial court.)

Given "defendants’ propensity to engage in persistent fraud, failure to grant such an injunction could result in extreme prejudice to the people of New York,” he wrote.

Engoron ruled in a civil suit the state attorney general's office filed against the company alleging that it had been inflating its worth in financial statements to banks and insurers by billions of dollars. The ruling cited numerous examples of fraud alleged in the attorney general's lawsuit, which he described as "more than sufficient to demonstrate OAG's likelihood of success on the merits."

New York Attorney General Letitia James sues Trump in civil courtSept. 21, 202203:43In a hearing earlier in the day in state Supreme Court in Lower Manhattan, Trump attorney Chris Kise argued that the move was unnecessary and that it could hamper the company's business.

https://www.nbcnews.com/politics/donald-trump/judge-appoints-independent-monitor-oversee-trump-organization-financia-rcna55492


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