Trump quietly moves millions from company account in direct violation of court order: report

Even though the Trump Organization has been assigned a court monitor to watch its accounts, former President Donald Trump is transferring large sums of money out of his company's account to pay himself.

The Daily Beast exclusively reported Wednesday that Trump moved $40 million from the Trump Organization's accounts to his own account in order to pay a $29 million tax bill. The transfer took place without Trump first alerting Barbara Jones, whom New York Judge Arthur Engoron appointed to oversee the Trump Organization's financial activity. The remainder apparently went to cover legal costs — including a $5 million payment a court imposed in the E. Jean Carroll sexual abuse case.

"These transactions included a cash transfer of $29 million to Donald J. Trump, which I have confirmed was used for tax payments," Jones wrote. "I have also confirmed that the other transfers were for insurance premiums and to an attorney escrow account."

POLL: Should Trump be allowed to hold office again?

The Beast reported that the Trump family was required to notify Jones of any transfers in excess of $5 million in anticipation of any financial penalties that may be imposed on the company as a result of the ongoing civil fraud trial. Jones had to hunt down answers to her questions after noticing a series of transactions from the Donald J. Trump Revocable Trust.

While there are no potential criminal convictions to come out of civil court, Trump and his family could still face up to $250 million in civil penalties as a result of the trial. In her lawsuit, New York Attorney General Letitia James accused the Trump Organization of knowingly inflating the value of its real estate portfolio in order to obtain more preferable tax breaks, insurance rates and other benefits. Prosecutors called both Trump and members of his immediate family to the stand in the trial, which is expected to conclude before the end of the year.

Judge Engoron is presiding over the bench trial and will be deciding the verdict. He has already indicated in pre-trial decisions that the Trump Organization is guilty of fraud, meaning all that's unknown from the verdict is how much Trump will be on the hook to pay.

Should he be found guilty, Trump — along with his adult sons, Donald Jr. and Eric — would be permanently banned from holding officer positions in any New York companies in the future.

READ MORE: Trump launches tirade against 'Judge Engoron's Trump Hating wife' to his 6 million followers