Former president Donald Trump’s real estate company, The Trump Organization, was found guilty on Tuesday of a 15-year-long criminal scheme to defraud tax authorities, thus adding more burden to the former president’s legal woes as he campaigns for re-election in 2024.
The Trump Organization, which owns and operates several high-end hotels, golf courses, and other luxury real estate around the world, was convicted of paying personal expenses for top executives, including former CFO Allen Weisselberg, and issuing bonus checks to them as if they were independent contractors.
Trump Corporation and Trump Payroll Corporation were both found guilty on all charges.
Although the former president and his family were not charged in this case, prosecutors mentioned the former president several times during the trial about his connection to the benefits given to certain executives, such as company-funded apartments, car leases, and personal expenses.
When sentenced in mid-January, the Trump Organization could be faced with a maximum fine of $1.61 million. This won’t hurt the company much, as there is no mechanism under New York law to dissolve it. A felony conviction, on the other hand, could jeopardize its ability to do business or obtain loans or contracts.
Former president Trump said he was “disappointed” with the verdict and called the case a “witch hunt.” For over a decade, the company was found guilty of enriching its top executives with off-the-books benefits.
Prosecutors claimed that untaxed perks included luxury cars and private school fees, which compensated for lower salaries and thus reduced the amount.
“This was a case about greed and cheating,” according to Manhattan District Attorney Alvin Bragg. “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.”
Also Read:
