Donald Trump Bemoans His Assets Being Monitored as 'Communism'

Donald Trump has accused a judge's decision to allow an independent watchdog to oversee his family business' assets as being "communism" and proof that the legal system has been "weaponized" against him.

Speaking at a rally in Sioux City, Iowa, on Thursday night, the former president hit out at Justice Arthur Engoron's ruling granting New York Attorney General Letitia James' request that a third party monitor the Trump Organization's assets ahead of a $250 million civil fraud trial.

The ruling means the Trump Organization, along with the former president and three of his children—Donald Jr., Ivanka and Eric Trump—cannot transfer assets without court approval.

James requested that a monitor be brought in to oversee financial disclosures so the company would "immediately stop engaging in financial fraud" until her lawsuit, which alleges the former president falsely inflated his net worth by billions of dollars to "unjustly enrich himself and cheat the system," is finalized.

"Just moments ago, a radical left lunatic judge in New York City who is totally controlled by my worst enemies in the Democrat Party—who was given his position at the request of the out of control attorney general who has led violent crime in New York rage in the state, including murders, robberies, rape and drugs and levels never seen before—started a process of property confiscation that is akin to Venezuela, Cuba or the old Soviet Union," Trump told the crowd in Sioux City on Thursday following Engoron's decision.

"It's communism, what's going on around our country," Trump said. "They're weaponizing the Justice Department. They've weaponized things that were not supposed to be weaponized."

The remarks echo what Trump said in a statement posted soon after the decision for his business empire to be overseen by an independent monitor was approved.

"A puppet judge of the New York attorney general and other sworn enemies of President Trump and the Republican Party has just issued a ruling never before seen anywhere in America. It is communism come to our shores," Trump said.

James' office has headed a long-running civil probe into allegations the Trump Organization fraudulently inflated or undervalued a number of its assets and properties in order to get benefits such as better bank loans and reduced tax bills.

In his ruling, Engoron said that James' $250 million suit again Trump's business is "likely to succeed," noting that the defendants have "failed to submit an iota of evidence" which could dispute the attorney general's allegations the Trump Organization carried out "persistent fraud" down the years.

In his order, Engoron listed a number of examples of apparent fraud previously highlighted by James. One instance was how Trump said in financial disclosures that his Tower Triplex apartment in Manhattan was valued at $327 million based on claims it was 30,000 square feet in size, when its true size was only 10,996 square feet.

The judge also highlighted Trump invoking his Fifth Amendment right more than 400 times while answering questions during his deposition in August as a "negative inference."

On Tuesday, Trump announced he is suing James while accusing the attorney general of carrying out a "relentless, pernicious, public, and unapologetic crusade" against him and his family business.

In a statement following Engoron's ruling, James said: "Time and time again, the courts have ruled that Donald Trump cannot evade the law for personal gain.

"Today's decision will ensure that Donald Trump and his companies cannot continue the extensive fraud that we uncovered and will require the appointment of an independent monitor to oversee compliance at the Trump Organization.

"No number of lawsuits, delay tactics, or threats will stop our pursuit of justice."

James' office has been contacted for further comment.