Trump Organization fined .6 million for criminal tax evasion

Trump Organization fined $1.6 million for criminal tax evasion

Trump Organization fined .6 million for criminal tax evasion

Two Trump Organization companies were ordered to pay $1.6 million in sentencing on Friday, after a jury found them unanimous last month guilty of 17 counts related to tax evasion. The fine imposed by Judge Juan Merchan was the maximum sentence allowed in the case – double the amount of taxes avoided.

The executives of the two companies, called Trump Corporation and Trump Payroll Corporation, were found to have illegally reduced pay liability through various schemes, including giving executives untaxed bonuses and high-end benefits worth millions. .

Former President Donald Trump has not been charged in the case, but Manhattan District Attorney Alvin Bragg said Trump is still under investigation.

After the sentencing, Bragg said he would like to see state law changed to allow higher fines for companies that have been committing “this type of systemic and egregious fraud for over a decade.” Bragg said the conviction “closes this important chapter in our ongoing investigation into the former president and his businesses.”

“We now move on to the next chapter,” Bragg said. He did not respond to questions about whether Trump himself could be indicted.

The company’s former longtime chief financial officer, Allen Weisselberg, was sentenced tuesday five months in the Rikers Island prison in New York. Weisselberg pleaded guilty in August and testified against the company as part of a deal with prosecutors.

At Friday’s sentencing hearing, Manhattan Assistant District Attorney Joshua Steinglass said the companies’ conduct “can only be described as egregious.” And he claimed: “A number of these actions have been implicitly sanctioned from the top down.”

Defense attorney Susan Necheles reiterated that the companies will appeal the conviction.

Weisselberg’s three days of testimony included detailed descriptions of several methods used by the company and its executives to skate on taxes. He also said that Trump and two of his children played a role by signing checks in some of the schemes, although he denied that they authorized or conspired in the fraud. Steinglass said during the trial that Weisselberg’s evidence and testimony showed that Trump “explicitly endorsed tax evasion.”

Defense attorneys said Trump was unaware of the schemes unfolding under him, while prosecutors said he approved of them.

Lawyers for the Trump Organization said Trump and his company have been “betrayed” by Weisselberg, repeatedly saying, “Weisselberg did it for Weisselberg.”

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