'Significant deficiencies:' Fraud judge told Trump Organization still needs a watchdog
The court-appointed monitor of former President Donald Trump’s eponymous business empire told the judge who slapped him with a $464 million fraud fine it still needs a watchdog.
Trump Organization monitor Judge Barbara Jones told Justice Arthur Engoron Tuesday that risks remain on the heels of the massive fraud ruling, court records show.
“The external auditor identified ‘significant deficiencies’ in the Trump Organization's internal controls,” Jones wrote.
“To ensure the Trump Organization's financial disclosures to third parties are accurate and complete, this report makes specific recommendations for the Court's consideration that account for, and address, these risks.”
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The filing marks the end of Jones’ assessment of Trump Organization internal controls and concludes with the recommendation for continued oversight.
Jones, a former Manhattan federal court judge, was appointed in 2022 shortly after New York Attorney General Letitia James sued Trump, his three eldest children and his company for fraud.
Engoron in September 2023 found Trump liable of defrauding lenders and investors by inflating the value of his assets and ordered the massive fine in February of this year.
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Trump denies wrongdoing and his appeal is pending.
On Tuesday, Jones reported what she described as incomplete, incorrect, or inconsistent information on financial statements, court records show.
She also recommended the accounting firm of Stout, Risius and Ross serve as an Independent Director of Compliance.