NYU accounting professor Eli Bartov—who testified as a key defense expert witness for then-President Donald Trump in a civil fraud trial in New York—is reportedly being considered as a member of the Public Company Accounting Oversight Board (PCAOB), according to three sources.
The Securities and Exchange Commission (SEC), which oversees the public company audit regulatory board, is expected to replace all or almost all of the five board members to refresh and better align the PCAOB’s agenda with the priorities of commission chair Paul Atkins’ regulatory philosophy, which in turn reflects President Trump’s objectives. The appointment is expected to be announced soon, though it remains unclear whether Bartov will be included in the new PCAOB leadership.
The SEC declined to comment. Bartov and the White House did not immediately respond to requests for comment.
The case was brought against Trump for financial fraud by New York State Attorney General Letitia James in 2022, alleging a decade-long scheme from 2011 to 2021 to inflate Trump’s net worth by billions of dollars. This was allegedly done to secure favorable loans, insurance coverage, and tax benefits.
For example, the suit alleged false representations of compliance with U.S. GAAP, cash misrepresentation, ignored restrictions, inconsistent valuation methods, non-uniform valuation, and improper inclusion of intangibles. Accounting standards require consistency, objectivity, full disclosure, and accuracy. The lawsuit alleged that Trump’s statements violated these principles repeatedly, creating misleading financial conditions for lenders and insurers.
During the trial in December 2023, however, NYU’s Bartov argued that there was no evidence of accounting fraud in the Trump Organization’s financial statements. He said that the statements adhered to U.S. GAAP.
Bartov was paid about $877,500 or $1,350 per hour over 650 hours, reportedly funded by the Trump Organization and the Save America PAC.
In a December 2023 decision denying defendants motions for a directed verdict, Justice Arthur Engoron of New York State Supreme Court questioned Bartov’s credibility, stating that for “a million or so dollars, some experts will say whatever you want them to say.”
In February 2024, Justice Engoron ruled against Trump and others in the case, ordering the defendants to pay more than $450 million in total.
The justice found that Trump materially misrepresented property values, including the Trump Tower Triplex and Mar-a-Lago, misclassified assets, ignored accounting standards—such as failing to discount future income to present value—concealed appraisals, and misled accountants.
The decision noted deliberate inflation of net worth to meet loan covenants and obtain better terms.
In particular, the court found Bartov’s testimony that statements of financial condition (SFC) were “100% consistent with GAAP” was not credible. The plaintiff expert demonstrated that GAAP compliance requires truthful assumptions and proper discounting, which the Trump Organization’s financials lacked.
“By doggedly attempting to justify every misstatement, Professor Bartov lost all credibility in the eyes of the Court,” the decision states.
“Indeed, Bartov insisted that the misrepresentation of the Triplex, resulting in a $200 million overvaluation, was not intentional or material (leading the Court to wonder in what universe is $200 million immaterial),” the judgment reads.
“Bartov opined that ‘GAAP is not designed to give you the true economic value of an asset.’ However, it is undisputed that the SFCs required, and Donald Trump represented, that the assets be presented at their estimated current value and be GAAP compliant, so Bartov’s statement is of no consequence. Bartov further attempted to opine on the disclaimer and ‘worthless clauses,’ previously rejected as a defense by this Court in several decisions and orders (subsequently affirmed by the Appellate Division), repeatedly referring to the clauses as ‘[j]ust like when you have the Surgeon General warning on the box of cigarettes, this warnings [sic] is not Phillip Morris. This warning is for the smokers.'”
In the meantime, Bartov had reportedly said that his testimony was not that Trump’s statements were “accurate in every respect.” But the SFCs contained inadvertent errors.
“As to his [Engoron] speculation that my billing rate had anything to do with my opinion, this is my standard billing rate,” Bartov told Reuters in December 2023.
Trump, who subsequently won his second Presidential term in November 2024, has maintained that the case was always a witch hunt.
In December 2024 Trump’s legal team requested dismissal of the case, arguing presidential immunity. James rejected the request, stating civil cases apply to presidents. The Trump team appealed the potential $500 million penalty—which includes interest—to the Appellate Division, which in August affirmed liability for fraud but tossed out monetary penalty, citing excessive fines. James filed an appeal seeking reinstatement of full financial penalty. The case is still active, and the outcome on financial penalties remains pending.
Meanwhile Attorney General James has been under investigations by the Department of Justice for alleged mortgage fraud and alleged misuse of power on the civil fraud case against Trump.
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