NEW YORK, NEW YORK - JANUARY 11: Former U.S. President Donald Trump and his lawyers Christopher Kise and Alina Habba attend the closing arguments in the Trump Organization civil fraud trial at New York State Supreme Court on January 11, 2024 in New York City. Trump won't make his own closing arguments after his lawyers objected to Judge Arthur Engoron's insistence that Trump stay within the bounds of "relevant, material facts that are in evidence" of the case. Prosecutors allege that Trump and his two sons Donald Trump Jr. and Eric Trump conspired to inflate his net worth on financial statements provided to banks and insurers to secure loans. New York Attorney General Letitia James has sued seeking $370 million in damages. (Photo by Seth Wenig-Pool/Getty Images)
According to new findings from a financial monitor, former President Donald Trump did not disclose payments of more than $40 million to himself, undervalued the annual management costs of the Trump building by $1.6 million and waited eight months to disclose the dissolution of some of his companies.
The report was submitted by retired federal judge Barbara Jones, who is monitoring Trump’s companies during his Manhattan trial. Jones delivered the news to Judge Arthur Engoron, who will decide this month how much in penalties to impose on Trump for fraudulent asset evaluation.
Engoron issued a partial summary judgment in the case in September, ruling that Trump and executives at the Trump Organization committed fraud. New York Attorney General Letitia James is seeking $370 million of the profits that the former president made.
Engoron will likely consider Jones’ report when deciding whether Trump should be banned for life from the New York real estate business, at James’ request.
Trump’s lawyer, Chris Kise, released a statement rejecting Jones’ findings.
“It is shocking that President Trump has been forced to pay millions for a monitor to prove what he has said from the outset, namely, there is no financial reporting misconduct, no fraud and simply no basis for this abusive process to continue.”
Last month, Trump was ordered to pay $83 million in damages to author E. Jean Carroll for defaming her after she came forward to accuse him of sexual assault.
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