Former President Donald Trump’s company was found guilty of tax fraud. The fraud resulted in fringe benefit tax avoidance for several of the company’s directors.
Apartments and luxury cars were among the benefits that landlords wanted to avoid paying taxes on.
The company, which manages hotels, golf courses and real estate around the world, pleaded guilty to all counts filed by the Manhattan attorney general.
Investigated for three years
Trump’s real estate deals have been investigated for a long time. For more than three years, this has been going on to find out if his company, the Trump Organization, has deceived banks and tax authorities by giving them misleading reports.
The US Supreme Court has the former president has refused to withhold his tax returns for New York prosecutors.
On the day of the August hearing, Trump refused to speak.
The trial lasted for a month and seven witnesses testified in the case. The case largely overshadowed Trump’s message that he is running for president in 2024, he writes The Guardian.
CNN writes that this case is the last a number of legal issues surrounding Trump. They point to his apparent removal of sensitive documents from the White House at the Mar-a-Lago resort in Florida.
BOT: Donald Trump is here as he exits Trump Tower during his August hearing day. His company could be fined just over NOK 15 million.
Photo: Julia Nikhinson / AP
Can get DKK 15 million fines
It took two days of discussions to decide the question of guilt in court. The result is recognition for the prosecution, which thus spent three years investigating the Trump Organization.
– This was a case of greed and cheating, attorney Alvin Bragg said in court.
CNN analyst Elie Honig says the matter is serious.
– This is obviously a setback for the Trump corporation. Now they have been found guilty of criminal conduct, criminal tax evasion.
The company can receive up to USD 1.6 million – approximately SEK 15.7 million – in fines. It could cause problems for future deals, but it’s still a relatively small amount considering the size of the company.
Trump himself has said the trial is part of a politically motivated witch hunt. He and his family were not parties to the tax fraud case, but were mentioned several times by the prosecution during the trial.
“The whole narrative that Donald Trump is blissfully ignorant is not true,” said Attorney Joshua Steinglass.
Lawyers for Trump’s company say they will appeal the case.
The investigation into Trump is still ongoing
Although the company has now been found guilty, Donald Trump’s legal battle with the state of New York is not over.
Attorney General Alvin Bragg — a Democrat who accepted the job in January — says a parallel investigation into Trump himself, initiated by Bragg’s predecessor Cyrus Vance Jr., is still ongoing.
In that case, prosecutors are investigating, among other things, whether Trump misled banks and others about the values of the properties he controls.
A new chief investigator has been brought on board, writes NTB.
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