Trump Org fined $1.6m for tax fraud
A New York judge yesterday fined Donald Trump's family business the maximum penalty available of $1.6 million for committing tax fraud.
The sum, paltry to the billionaire real estate developer, is symbolically significant as the ex-president eyes the White House again amid a host of legal woes.
The Trump Corporation and Trump Payroll Corp., entities of the Trump Organization, were found guilty last month of running a years-long scheme to defraud and evade taxes through falsifying business records.
They were convicted of all 17 counts following a trial, marking the first time the companies had ever been convicted of crimes.
Trump himself was not charged but the verdict inflicted further reputational damage as he seeks nomination for the presidency in 2024.
Longtime CFO Allen Weisselberg was sentenced to five months in prison on Tuesday, and agreed to pay $2 million in fines, for his role in the scam. He pleaded guilty to scheming with the company to receive undeclared benefits such as a rent-free apartment in a posh neighborhood, luxury cars for him and his wife and his grandchildren's fees at an expensive private school.
The 75-year-old admitted 15 counts of tax fraud and testified against the Trump Organization as part of a plea bargain.
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