Trump Org. Slapped With Maximum Fine for Tax Fraud Scheme

[aubiefifty 18,253]

Trump Org. Slapped With Maximum Fine for Tax Fraud Scheme

Ryan Bort

3–4 minutes

---

 

trump organization - Credit: SAUL LOEB/AFP/Getty Images

 

The Trump Organization was ordered to pay a $1.6 million criminal penalty for perpetrating a tax fraud scheme in which top executives were given an array of under-the-table perks.

The fine comes after the former president’s companies were convicted of 17 charges related to the scheme last month, and just days after longtime CFO Allen Weisselberg was sentenced to five months in prison for failing to pay taxes on the apartment, cars, school tuition, and other goodies the company hooked him up with.

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The $1.6 million fine was the maximum punishment the company could have received, which is practically pocket change for the Trump Organization. Manhattan District Attorney Alvin Bragg on Friday called for the bar to be raised for lawbreaking companies. “I want to be very clear, we don’t think that is enough,” he told reporters outside the courtroom. “Our laws in this state need to change in order to capture this type of decade-plus systemic, egregious fraud.”

Bragg made sure not to minimize the significance of the conviction. “This conviction was consequential, the first time ever for criminal conviction of former President Trump’s companies, and indeed I would go so far as to say the first time ever for any former president certainly in my lifetime,” he added.

Trump himself was not charged in the scheme, although prosecutors argued that he “explicitly sanctioned” it. Weisselberg, whose guilty plea required him to “testify truthfully,” told the court the untaxed rent he received from the Trump Organization was “authorized” by Trump.

The fine levied on Friday brings an end to what prosecutors alleged was a 15-year scheme in which executives like Weisselberg saw the company illegally pay for everything from their rent, to their parking, to their children’s school tuition. Bragg’s office is still looking into the Trump Organization, however, which will continue to operate — albeit with the albatross of a criminal conviction — despite last month’s verdict. There’s also the $250 million lawsuit New York Attorney General Letitia James filed against Trump in September, which also seeks to ban him from doing business in the state.

The Trump Organization has 14 days to pay the $1.6 million fine handed down on Friday.

[homersapien 12,240]

Obviously, we need to increase the maximum possible fine.

$1.5 million is a joke. 

[DKW 86 7,909]

5 hours ago, aubiefifty said:

Trump Org. Slapped With Maximum Fine for Tax Fraud Scheme

Ryan Bort

3–4 minutes

---

 

trump organization - Credit: SAUL LOEB/AFP/Getty Images

 

The Trump Organization was ordered to pay a $1.6 million criminal penalty for perpetrating a tax fraud scheme in which top executives were given an array of under-the-table perks.

The fine comes after the former president’s companies were convicted of 17 charges related to the scheme last month, and just days after longtime CFO Allen Weisselberg was sentenced to five months in prison for failing to pay taxes on the apartment, cars, school tuition, and other goodies the company hooked him up with.

More from Rolling Stone

• Biden Just Played Right Into Trump's Hands

• Oh Look, Republicans Suddenly Care About Classified Documents

• Trump's Money Man Gets Five Months in Prison for Tax Fraud Scheme

The $1.6 million fine was the maximum punishment the company could have received, which is practically pocket change for the Trump Organization. Manhattan District Attorney Alvin Bragg on Friday called for the bar to be raised for lawbreaking companies. “I want to be very clear, we don’t think that is enough,” he told reporters outside the courtroom. “Our laws in this state need to change in order to capture this type of decade-plus systemic, egregious fraud.”

Bragg made sure not to minimize the significance of the conviction. “This conviction was consequential, the first time ever for criminal conviction of former President Trump’s companies, and indeed I would go so far as to say the first time ever for any former president certainly in my lifetime,” he added.

Trump himself was not charged in the scheme, although prosecutors argued that he “explicitly sanctioned” it. Weisselberg, whose guilty plea required him to “testify truthfully,” told the court the untaxed rent he received from the Trump Organization was “authorized” by Trump.

The fine levied on Friday brings an end to what prosecutors alleged was a 15-year scheme in which executives like Weisselberg saw the company illegally pay for everything from their rent, to their parking, to their children’s school tuition. Bragg’s office is still looking into the Trump Organization, however, which will continue to operate — albeit with the albatross of a criminal conviction — despite last month’s verdict. There’s also the $250 million lawsuit New York Attorney General Letitia James filed against Trump in September, which also seeks to ban him from doing business in the state.

The Trump Organization has 14 days to pay the $1.6 million fine handed down on Friday.

Hope this ends his political career. 

[SaltyTiger 8,576]

5 hours ago, homersapien said:

Obviously, we need to increase the maximum possible fine.

$1.5 million is a joke. 

5 months in jail for the guy that did the deed. Will not hurt Trump.

https://www.aljazeera.com/news/2023/1/13/trump-organization-fined-1-6-million-for-tax-fraud

Weisselberg also tried to take responsibility on the witness stand, saying nobody in the Trump family knew what he was doing. He choked up as he told jurors, “It was my own personal greed that led to this.”

Trump Organization lawyers repeated the mantra, “Weisselberg did it for Weisselberg,” contending that he had gone rogue and betrayed the company’s trust.

[homersapien 12,240]

16 hours ago, SaltyTiger said:

5 months in jail for the guy that did the deed. Will not hurt Trump.

https://www.aljazeera.com/news/2023/1/13/trump-organization-fined-1-6-million-for-tax-fraud

Weisselberg also tried to take responsibility on the witness stand, saying nobody in the Trump family knew what he was doing. He choked up as he told jurors, “It was my own personal greed that led to this.”

Trump Organization lawyers repeated the mantra, “Weisselberg did it for Weisselberg,” contending that he had gone rogue and betrayed the company’s trust.

Yeah right.  He's CFO of the Trump corporation and Trump had no idea..... 

No doubt he'll be well compensated for that 5 months. Too bad Trump is no longer POTUS, he'd pardon him.

 

[SaltyTiger 8,576]

8 hours ago, homersapien said:

Yeah right.  He's CFO of the Trump corporation and Trump had no idea..... 

No doubt he'll be well compensated for that 5 months. Too bad Trump is no longer POTUS, he'd pardon him.

 

Sounds like Weisselberg should have reported and paid taxes on his benefits. Trump should fire him if he has the authority. It is a “namesake” company.

[arein0 1,105]

1 hour ago, SaltyTiger said:

Sounds like Weisselberg should have reported and paid taxes on his benefits. Trump should fire him if he has the authority. It is a “namesake” company.

Obviously, but you're talking about people that believe they are above the law. How many more people close to Trump have to be arrested before you realize he promotes a corrupt culture? 

[autigeremt 7,208]

Go away orange man! Go away! 

[DKW 86 7,909]

9 hours ago, arein0 said:

Obviously, but you're talking about people that believe they are above the law. How many more people close to Trump have to be arrested before you realize he promotes a corrupt culture? 

90% of Washington DC, 100% of Wall Street, 95% of Hollyweird think they are above the law. We must work on the whole problem to find a solution.

[arein0 1,105]

13 hours ago, DKW 86 said:

90% of Washington DC, 100% of Wall Street, 95% of Hollyweird think they are above the law. We must work on the whole problem to find a solution.

I agree with the overall point you are trying to make, but please dont throw out random percentages to prove your point. For example, I could find 1 person in Wall Street that doesnt think they are above the law and disprove your entire statement.

[homersapien 12,240]

21 hours ago, autigeremt said:

Go away orange man! Go away! 

It's not because he's orange, you know. 

[autigeremt 7,208]

1 minute ago, homersapien said:

It's not because he's orange, you know. 

Fake orange 

[I_M4_AU 8,943]

13 hours ago, arein0 said:

I agree with the overall point you are trying to make, but please dont throw out random percentages to prove your point. For example, I could find 1 person in Wall Street that doesnt think they are above the law and disprove your entire statement.

Would you have confidence that person would tell the truth or pander to the woke crowd?  There are so many *rules* governing Wall Street that most if not all (unless they are new) knows what they can and can not get away with.  JMO

[arein0 1,105]

11 minutes ago, I_M4_AU said:

Would you have confidence that person would tell the truth or pander to the woke crowd?  There are so many *rules* governing Wall Street that most if not all (unless they are new) knows what they can and can not get away with.  JMO

So you think any and every person that works in Wall Street is corrupt and think they are above the law...interesting.

[homersapien 12,240]

1 hour ago, arein0 said:

So you think any and every person that works in Wall Street is corrupt and think they are above the law...interesting.

Bet he has no problem doing business with them.

[I_M4_AU 8,943]

7 hours ago, arein0 said:

So you think any and every person that works in Wall Street is corrupt and think they are above the law...interesting.

I didn’t say corrupt, just that they don’t follow all the rules all the time.  Do you speed?

[arein0 1,105]

1 hour ago, I_M4_AU said:

I didn’t say corrupt, just that they don’t follow all the rules all the time.  Do you speed?

Sometimes. I see where you are going, and that's not the same thing. You are trying to equate speeding to tax evasion, fraud, etc.

[DKW 86 7,909]

On 1/17/2023 at 8:25 PM, arein0 said:

I agree with the overall point you are trying to make, but please dont throw out random percentages to prove your point. For example, I could find 1 person in Wall Street that doesnt think they are above the law and disprove your entire statement.

Excuse the hyperbole. 

[DKW 86 7,909]

19 hours ago, I_M4_AU said:

Would you have confidence that person would tell the truth or pander to the woke crowd?  There are so many *rules* governing Wall Street that most if not all (unless they are new) knows what they can and can not get away with.  JMO

Ask Eric Holder. According to the former AG, Wall Street cases are just too hard to prosecute. 

Edited January 19, 2023 by DKW 86

[icanthearyou 4,468]

3 hours ago, DKW 86 said:

Ask Eric Holder. According to the former AG, Wall Street cases are just too hard to prosecute. 

That is not the rationale he used.  You destroy your work with the absolutes, hyperbole, misinformation.

[icanthearyou 4,468]

The lesson here is,,, if you want to commit crimes, you should commit them not as an individual but, as a corporation.

Corporations have the rights of citizens but,,, cannot be put in jail.

[DKW 86 7,909]

3 hours ago, icanthearyou said:

That is not the rationale he used.  You destroy your work with the absolutes, hyperbole, misinformation.

It most certainly was.