The MeidasTouch Podcast - Trump ATTACK on Monitor BACKFIRES MASSIVELY with VERDICT

Episode Date: February 18, 2024

MeidasTouch host Ben Meiselas reports on how Donald Trump’s attack on the respected retired federal judge Barbara Jones who served as the independent monitor in the case backfired massively and led to Jones getting even more authority over the Trump and the Trump organization in the final verdict issued by Justice Arthur Engoron. Cancel unwanted subscriptions – and manage your expenses the easy way – by going to https://RocketMoney.com/meidastouch Visit https://meidastouch.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown Lights On with Jessica Denson: https://www.meidastouch.com/tag/lights-on-with-jessica-denson On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Learn more about your ad choices. Visit megaphone.fm/adchoices

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Ontario only. Please gamble responsibly. If you have questions or concerns about your gambling or someone close to you, please contact Connex Ontario at 1-866-531-2600 to speak to an advisor free of charge. BetMGM operates pursuant to an operating agreement with iGaming Ontario. Here's a legal pointer. You never attack the independent financial monitor appointed by the court to supervise your company, especially when that independent financial monitor is one of the most well-respected retired federal judges in all of the United States of America-like

retired federal judge, Barbara Jones, the independent monitor appointed back in November of 2022 to supervise and monitor the Trump organization by Justice Arthur N'Goran. Remember back on January 26th of 2024 when retired federal judge Barbara Jones sent this letter to Justice N'Goran informing N'Goran of the incomplete, inconsistent, and erroneous financial statements that she had reviewed regarding the Trump Organization over the 14 months she had served as the independent monitor. Remember how Trump's lawyers responded? Remember how Cliff Robert of Robert and Robert responded? They said that there is now serious doubt on the

monitor's competency. What we said here at the Midas Touch Network is that was one of the major reasons why Justice Arthur and Goran did not issue the verdict right away before February 1st of 2024, like we all expected, but took some additional time and eventually ruled on Friday, February 16th, finding a disgorgement amount of $364 million when you add up the $355 million or so against Donald Trump and the other amounts against his adult children, Don Jr. and Eric and some of the other co-defendants that were in the case. And when you read this 90-plus page order by Justice Arthur N'Goran, in addition to that monetary amount, which of course is the headline-grabbing number, what I've been saying

here on Legal AF and on the Midas Touch Network is, look what N'Goran's going to be doing when it comes to the independent monitor, extending the independent monitorship, giving more robust powers and authority to the independent financial monitor who Donald Trump and his lawyers were now out there attacking and basically give retired federal judge Barbara Jones the ability to not just report and monitor, but to go to the court and request remedial measures. And when you look at this order, you see that that is where Justice N'Goran spends a lot of time in this order. Just taking a look right here at one of the critical footnotes here, it basically shows how Justice Ngoran viewed this attack on retired federal judge Barbara Jones. Here is what it says. It says over here that the court did not appoint Judge Jones randomly or arbitrarily or by happenstance. Rather, she was the only one of the three

candidates that both sides proposed for the position of independent monitor. However, after she issued her scathing January 26, 2024 report, quite critical of defendants' financial practices, defendants changed their tune. Overnight, a universally respected former judge with a stellar resume nominated by defendants themselves joined the ranks of all of those people and institutions being unfair to defendants and out to get them. And there's a whole section here starting on page 85 and pretty much going to the end of the ruling dealing with injunctive relief, providing more powers, more authority, and extended term to retired federal judge Barbara Jones.

So that really does seem to be why it took some additional time to prepare and complete this order. So here is what Justice Arthur Ngoron says about the necessity of ongoing oversight. Ngoron writes, in a decision and order dated November 14, 2022, this court granted a motion by plaintiff for a preliminary injunction and, among other things, appointed the Honorable Barbara Jones as an independent monitor tasked with overseeing the Trump Organization's financial disclosures at any third parties and any transfer or other dissipation of assets. The court also directed Judge Jones to provide regular updates to the court, summarizing her findings and observations to date, she has provided six reports, the last of which was dated January 26, 2024, after the conclusion of the trial.

In her final report, Judge Jones made the following findings and observations. statement of financial conditions, instead crafting their own list of trust material assets and material liabilities, which does not include estimated current values of the properties contained therein and does not include a balance sheet of the guarantor or any representations regarding his financial condition, notwithstanding the loan covenants that still require it. During the course of her monitorship, defendant transferred significant funds outside of the trust without notifying the monitor, as they were obligated to do. During the course of the monitorship, defendants have submitted disclosures to third parties that fail to include significant liabilities. The defendants are no longer representing that any disclosures are GAP compliant, despite

certain continuing obligations to do so. Annual budgets of projected performance were submitted to third parties that were materially different from the actual budgets of the prior year, of which an excluded or significantly reduced actual management fees and liabilities. The internal accounting structure of the Trump organization continues to be plagued by math and or reporting errors, and there are no adequate internal controls over financial reporting in place at the Trump organization to ensure that they will not continue to be the misstatements and errors going forward. Further, the court notes

that top leadership roles at the Trump Organization, particularly the CFO and Comptroller, remain vacant. Approximately five months after Weisselberg pleaded guilty to having committed 15 counts of tax fraud at the Trump Organization, Eric Trump negotiated, approved, and executed a separation agreement. The role of CFO has remained vacant ever since, the fact that Donald Trump Jr. did not know at trial, mistakenly believing that Mark Hawthorne was the new CFO. Similarly, the role of controller has remained vacant since McConaughey left the Trump Organization in February 2023. Thus, the Trump Organization does not have the ability to operate with a functional financial reporting structure that would protect against fraud in the future. The fact that there are virtually no internal

controls in place at the Trump organization creates an atmosphere conducive to fraud. Moreover, the fact that the Trump organization has refused to prepare a statement of financial conditions, even though various loan covenants obligate them to do so ever since the monitor was appointed, leads the court to conclude that the Trump Organization cannot or will not prepare an accurate statement of financial condition that is GAAP compliant and that values assets at their estimated current values. That the Trump Organization has taken to manufacturing its own version of its assets, one that fails to include any valuations, is a telling admission that it simply cannot or will not prepare a statement of financial condition without committing fraud. It then

goes into the refusal by the Trump Organization to admit to any of the errors. It goes on to the history of corporate malfeasance within the Trump Organization. And then the order talks about the need for a continuation of Judge Jones as the independent monitor. The court hereby concludes in orders that Judge Jones shall continue in her role as independent monitor for a period of no less than three years. However, Judge Jones' role and duty shall be enhanced from those operative during the preliminary injunction, as her observations over the past 14 months indicate that still more oversight is required. In particular, the Trump Organization shall be required to obtain prior approval, not as things are now subsequent reviewed from Judge Jones before submitting any financial

disclosures to a third party, so that such disclosures may be reviewed beforehand for material misrepresentations. Within 30 days of the decision and order, Judge Jones shall submit a proposed order to the court outlining the specific authority. She believes she needs to keep defendants honest and the obligations of defendants to effectuate a protective and enhanced monitorship going forward. So Donald Trump, you've attacked Barbara Jones. You've tried to tarnish her reputation for doing her job. Now she gets more powers over you. You need to seek prior approval over her and she can outline what she

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Also, what the judge says is he wants an appointment of an independent director of compliance. In addition to the continued monitorship, the court hereby orders that an independent director of compliance be installed at the Trump organization who shall be responsible for ensuring good financial and accounting practices, shall establish internal written protocols for the financial reporting, and shall also approve any financial disclosures to third parties in advance of submission. The independent director of compliance shall report directly to Judge Jones, and the Trump Organization shall pay such person reasonable compensation. Within 30 days of this decision and order, Judge Jones

shall submit to the court a proposed order, including without limitation, a list of proposed persons who may fulfill this role and the specifics of the role itself. So there you have a big increase of powers for independent financial monitor Barbara Jones right here. And one other point I want to make right here, in addition to adding this internal compliance, independent director of compliance and giving Judge Barbara Jones more authority. Think about all of the conduct that was outlined there. These are undisputed facts that took place during the pendency of the litigation that Donald Trump Jr. did not even know that the organization did not have a chief financial officer in place.

That's not normal. That's not how businesses conduct themselves. The fact that their covenants require them in their various loans to do statement of financial conditions, to provide GAAP compliant financials, and they refuse to do that, that's not normal behavior by kind of creating your own material assets and kind of liabilities and not reporting it in what's required to be reported. So, you know, you go through that section in the video I just made. And one of the things I think, you know, you should do is if you have people who are like, yeah, but what's going on here? Is this political? Just read the undisputed facts. It's why it's important we go through what's actually happening here. It's not political at all. It's just the Trump organization continues to engage in fraud and lies and deceit and incompetence at the most basic level. You don't know that you don't have a CFO? What? Anyway, they attacked Judge Barbara Jones, and now we'll see what she requests in the next 30 days as well.

That will be an interesting one to look at. I'm Ben Micellis. This is the Midas Touch Network. Hit subscribe. Let's get to 3 million subscribers together and have a great day. Love this video? Make sure you stay up to date on the latest breaking news and all things Midas by signing up to the Midas Touch newsletter at MidasTouch.com slash newsletter.