Status: 06.12.2022 22:58
A New York jury has found the Trump Organization guilty of tax evasion. Corporate executives have been systematically evading taxes for years. The company now faces fines.
The family business of former US President Donald Trump has been convicted of tax fraud. A jury found the Trump Organization guilty on all 17 counts, according to Manhattan Attorney Alvin Bragg. Trump himself has not been charged.
The longtime CFO had testified
During the trial, the company’s longtime chief financial officer, Allen Weisselberg, pleaded guilty. In his testimony, he admitted that he and other employees had been systematically defrauding the IRS for years. Perks like luxury cars and expensive apartments weren’t taxed. According to the prosecutor, it is assumed that Trump was aware of the practice, which he rejects.
With his statement, the 75-year-old Weisselberg escaped a possible prison sentence of up to 15 years. Instead, he had to pay a total of nearly two million US dollars in due taxes and fines and received five months in prison and another five years of probation. The Trump Organization, which operates hotels and golf courses, must also expect further fines, the amount of which will be announced on Jan. 13.
The fines are likely to be relatively small
However, these won’t be particularly high – the only threat is fines of up to US$1.6 million, a relatively small sum for a company of this size. However, the ruling could have an impact on the company’s future business.
Trump described the trial as a politically motivated witch hunt instigated by Democrats. The Trump Organization and Trump himself are still being investigated in further proceedings.
