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Friday, June 9, 2023

Trump Organization Hit With Maximum Fine Over Years-Long Tax Fraud

Trump Organization Hit With Maximum Fine Over Years-Long Tax Fraud – Friday, a New York court sentenced Donald Trump’s business empire, the Trump Organization, to the maximum allowable fine of $1.6 million for a decade-long tax fraud scheme. The symbolism of a criminal conviction for an entity so close to the former president is significant, despite the fact that the fine itself is very small for a large corporation.

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Two entities from his sprawling real estate group were convicted last month on 17 charges, such as tax fraud and falsifying business records – the Trump Corp core business and Trump Payroll Corp. Under New York law, the most the companies could have been fined was around $1.6m – a drop in the bucket for the longstanding business empire of Trump and his family.

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Trump was not on trial and denied any knowledge of illegal tax evasion by his executives. While a fine of that amount is unlikely to impact the company’s operations or future, the conviction tarnishes the Republican’s reputation as a savvy businessman as he campaigns to retake the presidency.

Besides the company, only one executive was charged in the case: former Trump Organization chief financial officer Allen Weisselberg, who pleaded guilty last summer to evading taxes on $1.7m in compensation. He was sentenced on Tuesday to five months in jail. Manhattan district attorney Alvin Bragg issued a statement saying: “Today, former President Trump’s companies were sentenced to the maximum fines allowed by law following historic convictions for a total of 17 felony crimes.”

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He added: “Chief financial officer Allen Weisselberg, the Trump Corporation, and the Trump Payroll Corp conducted and benefitted from sweeping fraud for well over a decade.” “While corporations can’t serve jail time, this consequential conviction and sentencing serves as a reminder to corporations and executives that you cannot defraud tax authorities and get away with it.”


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