BREAKING: Trump Organization fined $1.6 million for long-running tax fraud scheme involving top executives, including former CFO Allen Weisselberg. (via MaddowBlog)
The Trump Organization was hit with $1.6 million in fines Friday when a New York judge sentenced it for running a 15-year tax fraud scheme that prosecutors said top executives at the company orchestrated out of pure greed.
As the report added, Manhattan District Attorney Alvin Bragg said after the verdict that for too long the companies had gotten away “with a scheme that awarded high-level executives with lavish perks and compensation while intentionally concealing the benefits from the taxing authorities to avoid paying taxes.” He said the verdicts held them to account “for their long-running criminal scheme.
It’s worth emphasizing that the former president himself was not directly charged in this case, though as the trial neared its end, prosecutors alleged the Republican “sanctioned” fraud. To be sure, today's financial penalty is modest, at least by Team Trump standards. An Associated Press reportthis morning that the $1.6 million fine is the maximum penalty under law: It’s 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.”
That said, the conviction is nevertheless unwelcome: His prized family business has now been convicted of multiple felonies, further tarnishing his scandal-plagued reputation.
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