Podcast Summary
Trump Business Monitoring: Judge recommends Stout, Ransom & Ross as Independent Director of Compliance for Trump Organization to ensure legal and financial regulations are met
Former federal judge Barbara Jones, who is overseeing the monitoring of Donald Trump's business operations in New York following a $465 million judgment for persistent fraud, has recommended that the accounting firm Stout, Ransom & Ross be appointed as the Independent Director of Compliance (IDC). This outside firm would be responsible for ensuring the company complies with laws, regulations, and generally accepted accounting and auditing principles. The recommendation comes after the judge expanded the powers of the monitor, who has been in place for over two years, following an appeal that reduced the bond amount but kept the monitor in place. The monitor's role is to oversee Trump Organization's financial controls and systems to prevent future fraudulent activities.
Trump Organization financial issues: The Trump Organization faces ongoing financial issues due to deficiencies in internal controls, segregation of duties, and accounting basis, leading to potential misstatements in financial documents. Monitoring will continue for another year, funded by Donald Trump.
The Trump Organization continues to face significant financial issues, as identified by the monitor, Barbara Jones. The monitor has found deficiencies in internal controls, segregation of duties, and accounting basis, leading to potential material misstatements in the organization's financial documents. The judge is recommending that Jones continue her monitoring role for at least another year. Regarding the costs of this monitoring, it is being self-funded by Donald Trump and not the taxpayers. Meanwhile, a separate topic was introduced about Lumen, a handheld metabolic coach device. It measures metabolism through breath and provides personalized nutrition plans based on the measurements. By knowing your metabolism status, you can optimize your nutrition, workouts, sleep, and stress management for better health benefits.
Trump Organization financial reporting: Despite legal issues and appointments of compliance officers, the Trump Organization continues to have significant deficiencies in its financial reporting, raising concerns about transparency and accountability
Despite facing significant legal issues and a judgment against them, the Trump Organization continues to operate with serious deficiencies in its financial reporting. According to a monitor's report, even with the appointment of an independent compliance officer and the recommendation for regular meetings with finance management to review financial disclosures, there are still issues with the preparation, validation, and presentation of these disclosures. This raises concerns about the organization's transparency and accountability. Meanwhile, Lumen, a health tech company, can help individuals improve their overall health and wellness by tracking various metrics and adjusting recommendations based on hormonal shifts. Use the code "legal AF" on lumen.me to get 15% off your purchase.
Trump Co. financial oversight: Despite Trump Co.'s history of financial misconduct, an independent compliance officer and internal control function are crucial for accurate financial reporting.
Despite Donald Trump's companies having a history of serious financial misconduct, including tax evasion and business record fraud, and key financial personnel facing legal consequences, the need for an independent compliance officer and internal control function persists. The fact that a former federal judge has expressed concern about the company's ability to generate proper financial reports underscores the importance of these functions in ensuring accurate and transparent financial reporting. Two years into this ongoing issue, the company still needs external oversight to address the deficiencies in its financial operations.
Trump's Financial Statements: The Trump Organization no longer provides Statement of Financial Conditions to banks due to legal issues, increasing uncertainty in assessing Trump's financial standing
The Trump Organization has stopped providing Statement of Financial Conditions (SFCs) to banks due to the ongoing legal issues surrounding Donald Trump's financial dealings. Instead, they provide banks with whatever information they require for continued lending and management. This admission signals the difficulty in generating an accurate financial statement with Trump involved. The legal battle continues, with Trump attempting to reduce the $465 million payment in the New York fraud case. The appeal process will involve the first department of the Appellate Division in Manhattan, and potentially the Court of Appeals in New York. Despite Trump's potential arguments, there is no immunity involved in this case. Stay tuned to the Midas Touch network for updates on Wednesdays and Saturdays at 8 p.m. Eastern Time, and follow Michael Popok on the MidasTouch YouTube channel for more content at the intersection of law and politics.
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