By Vihaan Majumdar
Two Trump Organization companies, The Trump Corp. and The Trump Payroll Corp. were found guilty on all charges concerning tax fraud and falsifying records in connection with a 15 year plot to defraud tax authorities.
CNN reports that the Trump Organization repeatedly failed to report compensation to top executives, such as apartments, car leases, or other forms of personal compensation. Sentencing is scheduled to take place in January, where the company could be subject to up to $1.61 million in fines. While there is no mechanism by which New York can dismantle the company, the ruling will severely inhibit the organization’s ability to carry out daily business and to secure loans and contracts.
While the former president and his family were not charged personally in connection with the fraud scheme, he was repeatedly mentioned by prosecutors as having connections to the benefits given to the executives.
This verdict comes as Trump is under immense legal scrutiny at both state and federal levels for his attempts to have the 2020 presidential election overturned and for any personal connections to the aforementioned crimes committed by his companies. He also faces a $250 million lawsuit brought by NY Attorney General Letitia James, alleging he and his children were involved in the decades-long fraud.
