A Manhattan jury officially handed down a guilty verdict in the Trump Organization's trial surrounding allegations of tax fraud. According to CNN, the court found Trump Corp. and Trump Payroll Corp. guilty of a 15-year tax scheme. They were accused of failing to accurately report and pay taxes on payments to the top executives of the company. The jury found Trump Org. guilty of criminal conduct and criminal tax fraud.
Authorities did not charge Trump or his family in the case. However, authorities mentioned the former president a few times. They believed that Trump had direct connection to issuing benefits. Prosecutors, specifically, focused on personal expenses, car leases, and apartments funded by the company. However, the prosecutor, Joshua Steinglass, argued that Trump played a significant role in sancitioning tax fraud.
"This whole narrative that Donald Trump is blissfully ignorant is just not true,” Steinglass said.
At this point, the company could face paying nearly $1.61M in fines. The Trump Org. will face sentencing in mid-January, but it likely won't impact the business itself. Trump Organization won't dissolve under New York State law. On the other hand, a felony conviction would certainly affect the Trump Organization's ability to do business, receive loans, and land contracts.
"This was a case about greed and cheating,” Manhattan District Attorney Alvin Bragg said. “The Trump Corporation and the Trump Payroll Corporation got away with a scheme that awarded high-level executives with lavish perks and compensation while intentionally concealing the benefits from the taxing authorities to avoid paying taxes. Today’s verdict holds these Trump companies accountable for their long-running criminal scheme.”
Allen Weisselberg, an employee of the company that's on paid leave, testified in court that he should've paid taxes on compensation, which amounted to nearly $200K annually.
We'll keep you posted on any response from Trump or his reps.
[Via]
