New York Judge fines Donald Trump’s organization $1.6 Mn for tax evasion
- ByStartupStory | January 14, 2023
On Friday, a New York judge fined the Trump Organization $1.6 million for tax evasion.
The Donald Trump’s Organization is the company of former US President Donald Trump, which, unlike him, is headquartered in New York. It had previously been found guilty on 17 counts of tax fraud spanning years. The fine is a symbolic slap on the wrist for the former President and self-proclaimed billionaire, who has announced a third run for the White House, and it is likely to be used by his opponents – first in the Republican primaries, then in the general election – to call into question his character and integrity, which has withstood several blows in the past.
“While corporations can’t serve jail time, this consequential conviction and sentencing serves as a reminder to corporations and executives that you cannot defraud tax authorities and get away with it,” said Manhattan District Attorney Alvin Bragg, who prosecuted the case. Allen Weisselberg, the company’s long-serving chief financial officer, was a key witness in the case. Despite cooperating with prosecutors, he did not name the former President or his two adult sons, Donald Trump Jr. and Eric Trump, who took over the organisation after their father was elected President.
Weisselberg pleaded guilty to all 15 charges brought against him and was sentenced to five months in prison and fined $2 million on Tuesday. He accepted his role in a conspiracy with the company to avoid paying taxes on a luxury apartment rented for him by the company, as well as expensive cars and fees for his grandchildren at an expensive private school. Former President Donald Trump is facing several legal proceedings across the country, including one in Georgia, for attempting to overturn the outcome of the 2020 presidential election. He is also being investigated for improperly transporting to his personal property in Florida White House documents, including many that were marked confidential.
Follow Startup Story
Related Posts
