Trump Family Company Guilty of Deceiving Tax Authorities, Will Pay Fine

Last Updated on 12/07/2022 by てんしょく飯

A New York state court jury returned a guilty verdict on December 6 in a trial involving alleged tax evasion by the Trump Organization, a company run by former U.S. President Trump’s family, on charges that the company had defrauded tax authorities for 15 years.

Although Trump himself has not been indicted, this could be a headwind for the 2024 presidential election in which he has announced his candidacy.

The jury returned a verdict finding Trump Organization guilty on all counts of the indictment. The company is expected to be fined up to $1.6 million, with the exact amount to be determined by a judge at a later date. Sentencing is set for January 13 next year.

Trump Organization had pleaded not guilty.

The company’s lawyer told reporters that it plans to appeal.

Given the size of the Trump Organization, the fine is not expected to have a significant impact on the company, but the guilty verdict may cause banks and others to shy away from doing business with the company.

Trump had denounced the investigation into the company as a politically motivated “witch hunt.

The trial focused on the Trump Organization’s failure to report rent, car, and other allowances to former CFO Allen Weisselberg and other defendants to tax authorities, as well as falsely reporting bonuses as nonemployee compensation.

Weisselberg, who pleaded guilty in August in response to a plea agreement, testified at trial as a witness for the prosecution.