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Trump’s organization fined $1.6 million for tax fraud

A New York court penalized Donald Trump’s family firm the maximum penalty of $1.6 million for tax evasion on Friday.

The price, while little to the rich real estate developer, is symbolic as the ex-president considers a return to the White House amid a slew of legal issues.

Last month, the Trump Organization’s businesses, the Trump Corporation, and Trump Payroll Corp. were found guilty of executing a multi-year operation to cheat and escape taxes by fabricating company documents.

Following a trial, they were found guilty on all 17 charges, marking the first time the firms had ever been convicted of a crime. Trump was not prosecuted, but the verdict has harmed his reputation as he pursues the Republican presidential nomination in 2024.

“While businesses cannot be imprisoned, this significant conviction and sentence serve as a message to corporations and executives that you cannot deceive tax authorities and get away with it,” said Manhattan District Attorney Alvin Bragg, who prosecuted the case.

Between 2005 and 2021, the Trump Organization, which is now led by Trump’s two adult sons, Donald Jr. and Eric, concealed income given to key executives.
On Tuesday, longtime CFO Allen Weisselberg was sentenced to five months in jail and agreed to pay a $2 million fine for his involvement in the swindle.

He pled guilty to conspiring with the corporation to get undisclosed perks such as a rent-free condominium in a beautiful area, luxury automobiles for him and his wife, and tuition for his grandkids at an expensive private school.

As part of a plea deal, the 75-year-old acknowledged 15 charges of tax fraud and testified against the Trump Organization. During the trial, he did not name Trump.

Trump called the Manhattan District Attorney’s investigation a “witch hunt,” claiming that Weisselberg acted alone.

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