Donald Trump’s company was fined $1.6 million as punishment for a scheme in which the former president’s top executives dodged personal income taxes on job perks — a symbolic, hardly crippling blow for an enterprise boasting billions of dollars in assets.
Neither the former president or his children, who helped run and promote the Trump Organization, were in the courtroom for the sentencing hearing.
Prosecutor Joshua Steinglass said the fines constitute “a fraction of the revenue” of the Trump Organization and that the scheme was “far-reaching and brazen.” While a fine of that amount isn’t likely to affect the company’s operations or future, the conviction is a black mark on the Republican’s reputation as a savvy businessman as he mounts a campaign to regain the White House.
The criminal case involved financial practices and pay arrangements that the company halted when Trump was elected president in 2016. Assistant district attorney Joshua Steinglass attempted to refute that claim in his closing argument, showing jurors a lease Trump signed himself for Weisselberg’s apartment.convicted the company of tax fraudThe company’s fine will be barely a dent in the bottom line for an enterprise with a global portfolio of golf courses, hotels and development deals. It could face more trouble outside of court due to the reputational damage, such as difficulty finding new deals and business partners.
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Trump Organization fined $1.6 million for tax fraudDonald Trump’s company was fined $1.6 million Friday as punishment for a scheme in which the former president’s top executives dodged personal income taxes on lavish job perks — a symbolic, hardly crippling blow for an enterprise boasting billions of dollars in assets. A fine was the only penalty a judge could impose on the Trump Organization for its conviction last month for 17 tax crimes, including conspiracy and falsifying business records. The amount imposed by Judge Juan Manuel Merchan was the maximum allowed by law, an amount equal to double the taxes a small group of executives avoided on benefits including rent-free apartments in Trump buildings, luxury cars and private school tuition.
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Trump Organization fined $1.6 million for tax fraudDonald Trump's company was fined $1.6 million Friday as punishment for a scheme in which the former president's top executives dodged personal income taxes on lavish job perks.
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Trump Organization sentenced in tax fraud case, fined $1.6 million'The sheer magnitude of this fraud merits the largest financial sanction authorized by law,' Joshua Steinglass said. 'The defendants cultivated a pervasive culture of fraud.'
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After tax fraud conviction, Trump Organization fined $1.6 millionBREAKING: Trump Organization fined $1.6 million for long-running tax fraud scheme involving top executives, including former CFO Allen Weisselberg. (via MaddowBlog)
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Trump Organization to be sentenced for tax fraud, faces fineThe stiffest penalty Donald Trump’s company could receive when it is sentenced Friday by a New York judge for helping its executives dodge taxes is a $1.6 million fine — not even enough to buy a Trump Tower apartment.
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