Retired federal judge Barbara Jones will be monitoring the Trump Organization's finances for the next three years, effective Thursday.
The "productive and enhanced monitorship," as New York Judge Arthur Engoron put it in his new order on Thursday, is a part of his February ruling.
After finding former President Donald Trump liable for financial fraud in September 2023, Engoron ordered Trump to pay $355 million plus interest in penalties and barred him from doing business in New York for three years. Trump's two adult sons, Donald Jr. and Eric, as well as two firm executives, Allen Weisselberg and Jeff McConney, were also served penalties relating to the case.
Despite the ruling against him, Trump has continually denied any wrongdoing in the lawsuit brought by New York Attorney General Letitia James. He says that the case was politically motivated and has repeatedly referred to his civil and criminal cases as a witch hunt.
Trump is the presumed GOP presidential nominee in the 2024 election and has appealed Engoron's ruling, needing to come up with a bond by Monday to avoid the state being able to pursue asset seizure.
Jones had already been overseeing the Trump organization's finances since November 2022 as part of a preliminary injunction in the case. Lawyers from the attorney general's office and Trump's lawyers both suggested that Jones serve as the monitor.
According to Engoron's new order, within the next month, the Trump Organization must provide Jones with "information sufficient to assess" the firm's internal controls, including its daily accounting operations.
Within 60 days of Jones being provided with such information, she will create an assessment of the Trump Organization's internal controls and recommend "proper internal controls" for the firm. The court may order the Trump Organization to implement Jones' recommendations if deemed necessary.
Jones was appointed by then-President Bill Clinton to serve as a judge of the United States District Court for the Southern District of New York in December 1995. She retired from the court in January 2013 and is now a partner in the New York office of Bracewell LLP.
Jones previously served as the special master in the case against Michael Cohen, Trump's former attorney. She reviewed materials seized in raids of Cohen's home and office to help determine what was protected under attorney-client privilege.
Cohen served prison time after pleading guilty to eight criminal counts including campaign finance violations and tax fraud. He has emerged as an outspoken critic of the former president and was a witness against Trump in the New York fraud case.
In order to stop the collection of his assets to pay Engoron's judgement, Trump must post a $454 million bond by Monday. However, the former president's legal team said in a court filing last Monday that it is a "practical impossibility" to come up with the money.
Newsweek has reached out to Trump's campaign and Jones via email for comment.
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