A New York judge on Thursday ordered the Trump Organization to install an independent monitor, ruling in favor of a request by Attorney General Letitia James as she pursues a $250 million fraud lawsuit against former President Trump, his companies and its officers.
New York Supreme Court Justice Arthur Engoron’s ruling barred the company and the Trump family from transferring or selling assets without giving two weeks’ notice to the court. The company must also pay for the monitor, whom Engoron will approve. The monitor will oversee attempts to transfer assets and will screen any future reports of Trump’s net worth to financial and insurance institutions.
James is suing Trump and three of his adult children, who have been executives at the company, for alleged misrepresentation of the value of Trump’s personal wealth.
Trump lawyer Chris Kise said in a statement that the court order “effectively seizes control of the financial affairs of a highly successful private corporate empire based on nothing more than gross exaggeration of standard valuation differences common in complex commercial real estate financing transactions.”