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The Trump Organization is ordered to pay 1.6 million dollars for tax fraud

2023-01-13T15:14:41.088Z


The former president's company was fined by a New York judge after a jury found it guilty of 17 counts of tax fraud.


By Dareh Gregorian -

NBC News

The justice imposed this Friday a fine of 1.6 million dollars for tax fraud on the Trump Organization, according to the New York Prosecutor's Office, for allowing senior executives of former President Donald Trump's company to evade taxes for 15 years.

Trump Corp. and Trump Payroll Corp. were convicted in December on 17 counts, including conspiracy, criminal tax fraud and falsifying business records.

Manhattan District Attorney Alvin Bragg said after the verdict that for too long those companies had gotten away with “a scheme that rewarded high-level executives with lavish perks and compensation while intentionally hiding benefits from tax authorities to avoid paying taxes.

The only person charged in this plot was the company's former CFO, Allen Weisselberg, 75, who pleaded guilty in August and became the prosecution's star witness during the weeks-long trial, in which he described how the main employees and the company evaded paying the taxes they owed.

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Weisselberg was also the biggest personal beneficiary of the scheme, according to prosecutors.

He collected $1.76 million in "indirect employee compensation," including a rent-free apartment, expensive cars, private school tuition for his grandchildren and new furniture.

Weisselberg said other executives received similar benefits and earned bonuses as independent contractors, saving the company money in payroll taxes.

This week he was sentenced to five months in jail on Rikers Island.

Had he been found guilty at trial, he could have been sentenced to 15 years in prison.

Weisselberg and the company were first indicted in June 2021, following a year-long investigation into the company's business practices by the Manhattan district attorney's office and the state's attorney general's office.

At trial, lawyers for the company painted Weisselberg as the sole wrongdoer and argued that other executives, as well as Trump, were oblivious to what he was up to.

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“This case was all about Allen Weisselberg committing tax fraud on his personal tax returns.

All witnesses repeatedly testified that President Trump and the Trump family knew nothing of Allen Weisselberg's actions," Trump's attorney Susan Necheles maintained after the verdict.

Trump said in a statement last month that he was "disappointed" by the verdict and planned to appeal.

The $1.6 million fine requested by the district attorney is the maximum allowed by the law applicable to the case.

Experts have said the biggest problem for the company is the conviction, because it could affect the ability of the Trump Organization to obtain bank loans.

The Trump Organization is facing other legal troubles in the state.

State Attorney General Letitia James has filed a $250 million civil lawsuit alleging the company had been inflating its value on financial statements filed with banks and insurers by billions of dollars.

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The judge overseeing the case has issued an order preventing the company from transferring assets without court approval and has appointed an independent supervisor to oversee the company's financial statements.

Trump has complained that the actions of the district attorney and attorney general are part of a "witch hunt" against him.

Source: telemundo

All news articles on 2023-01-13

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