Former President Donald Trump faces accusations of concealing more than $40 million in transfers, earmarked for taxes and legal expenses, according to a report unveiled by court monitor Barbara Jones on Thursday. Jones, a retired U.S. District Judge overseeing Trump’s financial activities amid ongoing lawsuits, brought attention to the alleged financial irregularities in a letter filed to Manhattan Supreme Court Justice Arthur Engoron.**
In her capacity as a court monitor appointed in November 2022, Jones outlined her concerns regarding transfers exceeding $5 million from a trust in Trump’s name. A thorough review of bank statements spanning January 2023 through October 2023 revealed three cash transfers surpassing $5 million each, totaling approximately $40 million.
Jones specified that a substantial portion of the funds, totaling $29 million, was transferred directly to Donald J. Trump and was confirmed to have been utilized for tax payments. Additional transfers were reportedly allocated to cover insurance premiums and placed in an attorney escrow account associated with Trump’s legal dispute against writer E. Jean Carroll, who previously sued the former president for defamation and sexual abuse.
“We have discussed with Defendants why these transactions were not previously disclosed, and I have now clarified (with Defendants’ agreement) that all transfers of assets out of the Trust exceeding $5 million must be reported,” declared Judge Barbara Jones in the letter.
The court monitor’s letter also highlighted a lapse in promptly disclosing tax returns for six Trust entities, an oversight acknowledged by the defendants upon Jones’s request. Despite certain corrective actions taken by the defendants to address incomplete or inconsistent financial disclosures, Jones stressed ongoing vigilance, stating, “Defendants have resolved the issues identified in the August Report, subject to ongoing monitoring.”
In response to Jones’s findings, Trump’s legal team, represented by Attorney Chris Kise, emphasized the former president’s cooperation with the court’s instructions. Kise asserted in an email to Law&Crime that the report affirms the defendants’ compliance with the court order and contains no indication of suspicious activity or fraud.
This revelation adds another layer to Trump’s legal challenges, particularly amid the $250 million civil fraud lawsuit filed by New York Attorney General Letitia James in September 2022. The lawsuit alleges tax fraud involving Trump, his family, and his companies. Trump’s public criticism of the judge and staff, coupled with baseless accusations, has escalated tensions, leading to a recently upheld gag order preventing Trump from verbally attacking the judge’s court staff, as directed by Justice Arthur Engoron.
