Democrats Want To Monitor Trump’s Money
In the aftermath of the business fraud trial involving former President Donald Trump’s organization, New York Attorney General Letitia James is urging Judge Arthur Engoron to extend the monitorship imposed on The Trump Organization. The civil trial, initiated by a 2022 lawsuit from James, alleged that Trump and top executives conspired to inflate his net worth on financial statements provided to financial institutions. The purpose was to secure loans and make deals, leading to an artificial increase in value by billions of dollars.
Despite being the frontrunner for the 2024 Republican presidential nomination, Trump vehemently denies any wrongdoing, characterizing the trial as politically motivated. The lawsuit is civil in nature, sparing him from potential jail time. During the closing arguments, Kevin Wallace, an attorney for James’ office, highlighted “irregularities” found by the current monitor overseeing The Trump Organization. Wallace pointed out a $40 million transfer made by the organization without court or monitor notice, arguing for an extension of the monitorship.
In response, Trump’s attorney, Christopher Kise, accused Wallace of fabricating information during the proceedings. James, in a court filing before closing arguments, made a case for a five-year extension of the corporate monitor, citing The Trump Organization’s continued unreliability and fraudulent activities during the existing monitorship.
Judge Engoron had previously ruled that Trump, his adult sons, their businesses, and executives committed fraud. The trial now addresses additional accusations, including falsifying business records, insurance fraud, and conspiracy claims. Tensions escalated during closing arguments when Trump accused James of “election interference,” demanded compensation for the alleged harm to his company, and abruptly left the courtroom, acknowledging a mistake made by his organization. The trial’s outcome remains in the hands of Judge Engoron.