Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Donald Trump appeals New York court order for watchdog at company

Published 11/07/2022, 02:08 PM
Updated 11/08/2022, 11:56 AM
© Reuters. FILE PHOTO: Donald Trump departs Trump Tower two days after FBI agents raided his Mar-a-Lago Palm Beach home, in New York City, New york, U.S., August 10, 2022. REUTERS/David 'Dee' Delgado

By Luc Cohen

NEW YORK (Reuters) -Former U.S. President Donald Trump on Monday appealed a judge's order to install a watchdog at the Trump Organization before a civil fraud case by the state's attorney general goes to trial.

Manhattan-based Justice Arthur Engoron on Thursday granted state Attorney General Letitia James' request to appoint an independent monitor to halt alleged ongoing fraud at the real estate company and keep the Trumps from transferring assets out of her reach.

Engoron's order bars the defendants from transferring assets without court approval, and requires that the monitor receive a "full and accurate description" of the Trump Organization's structure and assets.

James had in September named Trump; his adult children Donald Jr., Eric and Ivanka; the Trump Organization and others as defendants in a $250 million civil fraud lawsuit for allegedly overvaluing assets and Trump's net worth through a decade of lies to banks and insurers.

Engoron gave both sides until Nov. 10 to recommend three candidates to be come a monitor.

In a notice of appeal filed on Monday, lawyers for Trump and his children asked the Appellate Division, a mid-level state appeals court, to review Engoron's order.

Trump's lawyer Alina Habba argued that the order should not be enforced before the appeal is heard because the Trumps would otherwise "suffer significant, irreparable harm."

She said Engoron "rubber-stamped" James' attempt to interfere in private commercial transactions "without any express statutory authority."

James' office had no comment on the appeal, but has rejected Trump's claim that the attorney lacked authority to sue.

Trump, a Republican, last week called Engoron's order "ridiculous," and the Trump Organization called it an "obvious attempt" to influence Tuesday's midterm U.S. elections. James is a Democrat.

© Reuters. FILE PHOTO: Donald Trump departs Trump Tower two days after FBI agents raided his Mar-a-Lago Palm Beach home, in New York City, New york, U.S., August 10, 2022. REUTERS/David 'Dee' Delgado

The case is among many legal battles Trump faces as he mulls a 2024 bid for the presidency.

Testimony began last week in another Manhattan courtroom in a criminal case by the Manhattan district attorney's office accusing the Trump Organization of scheming to defraud tax authorities for at least 15 years. The company has pleaded not guilty.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.