Former President Donald Trump allegedly violated a court order by transferring $40 million from the Trump Organization to his personal bank account.
This purported action supposedly bypassed a court mandate requiring Trump to notify financial auditor Barbara S Jones before withdrawing more than $5 million from his trust.
Over a ten-month period, these transfers were reportedly used to cover expenses such as a $29 million tax bill and a $5 million penalty from a lawsuit filed by E. Jean Carroll, accusing Trump of sex abuse and defamation as reported by INQUISITR on November 30, 2023.
The reported transfers have raised concerns about potential court order violations and the alleged use of company funds for personal expenses.
Judge Arthur Engoron had imposed restrictions on Trump’s financial activities leading up to a possible judgment of a $250 million fine and a prohibition from conducting business in New York City.
Financial overseer Barbara S Jones, tasked with monitoring the Trump Organization’s financial statements, informed the court about undisclosed cash transfers exceeding the mandated $5 million reporting limit.
These transfers apparently encompassed a $29 million cash transfer to Donald Trump for tax payments, along with other payments for insurance premiums and an attorney escrow account.
Barbara S Jones highlighted that the established protocol from April mandated Trump and the defendants to notify her of transfers surpassing $5 million.
However, a review of bank statements revealed three cash transfers totaling approximately $40 million that were not previously disclosed as required.
The alleged breaches of the court order and the potential use of company funds for personal purposes have drawn intense scrutiny, sparking legal inquiries into Trump’s financial practices.
These reported cash transfers carry significant weight amid the ongoing civil fraud trial initiated by New York Attorney General Letitia James. The trial aims to address allegations of Trump inflating his net worth and asset values. The reported cash transfers could impact the trial’s outcome and influence the potential penalties awaiting Trump.