In a recent development reported on Saturday, February 17, 2024, the Trump Organization, the vast real-estate empire crafted by former President Donald Trump, is now under the jurisdiction of Barbara Jones, a seasoned lawyer and former federal judge. The court-appointed monitor, granted complete authority over all financial dealings, will wield the final say in the organization’s affairs.
This shift in control transpired on Friday following a ruling by a New York state judge, barring Donald Trump and his two eldest sons, Donald Jr. and Eric, from any involvement in running the business. The judge additionally mandated the appointment of an independent compliance officer, reporting directly to Barbara Jones.
The legal decision emanated from a civil fraud lawsuit filed by New York Attorney General Letitia James. The lawsuit alleged that the Trump family engaged in manipulative practices, inflating and deflating property values to secure loans and tax benefits. James hailed the ruling as a “major victory” for the rule of law and the people of New York.
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Barbara Jones, who assumed the role of monitor at the Trump Organization since November 2022, revealed in a recent report various “disclosure deficiencies” within the company. These lapses included the failure to report a $48 million debt claimed by Trump for a building in Chicago, which Jones found to be non-existent. The organization also neglected to inform her of significant transactions, such as a transfer of over $40 million from the trust to Trump himself.
Trump’s legal team disputed Jones’s findings, accusing her of bias and a monetary motive. They characterized her as being on a “Javert-like quest against the defendants,” referencing the relentless prosecutor from “Les Miserables.” The lawyers claimed Jones was solely interested in prolonging her role as a monitor, for which her law firm had reportedly collected $2.6 million in fees.
The Trump Organization, comprising 415 separate entities encompassing properties, licensing deals, and management arrangements, is held within the Donald J. Trump revocable trust. Despite Trump’s power to amend or revoke the trust at any time, the judge’s ruling effectively stripped him of that authority.
This legal setback adds to Trump’s ongoing legal troubles, including criminal charges by Manhattan District Attorney Alvin Bragg. Trump is accused of falsifying business records in connection to a scheme to pay hush money to two women alleging affairs. While denying the charges as politically motivated, Trump, now residing in his Mar-a-Lago resort, faces a complex landscape that may impact his hinted-at 2024 presidential ambitions. As his legal challenges unfold, the former president continues to exert influence over the Republican Party and his loyal supporters.
