A prosecutor in the case admitted that the fine will have a 'minimal impact' on the Trump Organization.
Forbes estimates Trump's net worth at $3.2 billion, with much of his fortune invested in New York City real estate. Along with owning golf courses and wineries, his bank account has benefited from a $730 million boost from Trump Media and Technology Group, parent company to Truth Social.
Manhattan District Attorney Alvin Bragg Jr. announced the first criminal conviction of The Trump Corporation and The Trump Payroll Corporation, which wereThe penalty was the maximum allowed under New York's tax and penal laws. Black limousines pass Trump Tower on September 22, 2017, on Fifth Avenue in New York City. The Trump Organization on Friday was ordered to pay $1.6 million in fines stemming from a multi-year tax fraud scheme and guilty jury verdict."While corporations can't serve jail time, this consequential conviction and sentencing serves as a reminder to corporations and executives that you cannot defraud tax authorities and get away with it," Bragg said in a statement.
Prosecutor Joshua Steinglass admitted following the sentencing that it will have a"minimal impact" on the company,"We all know that these corporations cannot go to jail as Allen Weisselberg has," Steinglass said."The only way to effectively deter such conduct is to make it as expensive as possible." Weisselberg, the Trump Organization's longtime chief financial officer, was sentenced Tuesday to five months in prison for defrauding New York state and New York City by"evading payment of taxes due on $1.76 million in unreported income." He
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