Judge Orders Trump Organization to Alert Financial Monitor About Efforts to Obtain Surety Bonds

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ICARO Media Group
Politics
21/03/2024 20h52

In a recent development, Judge Arthur Engoron has ordered the Trump Organization to inform a court-appointed financial watchdog about its endeavors to secure surety bonds. This ruling came in response to Donald Trump's attempts to avoid paying a $454 million judgment against him in a civil business fraud case. The former president argued that obtaining an appeal bond has proven "impossible" thus far.

The court's decision requires the Trump Organization to provide advance notice to Barbara Jones, the appointed financial overseer, regarding any efforts made to obtain surety bonds. Additionally, the company must disclose any claims made in order to acquire these bonds, any personal guarantees made by Trump or other defendants, and any conditions imposed on the organization.

It is worth noting that this level of disclosure surpasses the information Trump has previously disclosed about a $91.6 million appeal bond he recently received from a Chubb insurance subsidiary. Trump obtained this bond to secure a civil defamation judgment in favor of E. Jean Carroll, a writer.

Barbara Jones, a retired federal judge, was appointed by Judge Arthur Engoron as the financial monitor for the Trump Organization. However, the company has expressed dissatisfaction with her oversight and has raised complaints in filings with Engoron.

This ruling comes after Engoron's previous decision to keep Jones as the financial monitor for the next three years. This decision was made after a finding that Trump, his adult sons, the Trump Organization, and two executives were civilly liable for fraudulently inflating Trump's asset values for financial gains.

As Trump seeks to appeal the verdict in the Manhattan Supreme Court, he requested the appeals court to delay the judgment from taking effect without the need for a bond. The appeals court is yet to rule on this request.

With this latest order, the Trump Organization faces the obligation to keep the financial monitor informed about all their efforts to obtain surety bonds. It remains to be seen how this development will impact the ongoing legal proceedings and the $454 million civil fraud judgment against Donald Trump.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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