Trump Organization fined $1.6 million for 15-year scheme to dodge taxes

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Trump Organization fined $1.6 million for 15-year scheme to dodge taxes

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“This case was all about Allen Weisselberg committing tax fraud on his personal tax returns. Every witness repeatedly testified that President Trump and the Trump family knew nothing about Allen Weisselberg’s actions,” Trump attorney Susan Necheles maintained after the verdict.

 

In a statement after the sentencing, a spokesperson for the Trump Organization said Weisselberg is "a victim. He was threatened, intimidated, and terrorized" into cooperating with prosecutors.

 

"President Trump and the Trump Organization are also both victims," the statement continued, because "these politically motivated prosecutors will stop at nothing to get President Trump."

 

"We did nothing wrong and we will appeal this verdict,” it concluded. 

 

The $1.6 million in penalties the district attorney sought is the maximum allowed under applicable statutes in the case. Bragg said after the sentencing that that maximum is not enough, adding that "our state law must change so that we can impose more significant penalties and sanctions on corporations that commit crimes in New York." 

 

Experts have said the bigger problem for the company than the fine is the conviction because it could affect the Trump Organization's ability to get bank loans.

 

In brief remarks to reporters after the sentencing, Bragg suggested there might be more to come. He said the sentencing "closes this important chapter of our ongoing investigation into the former president and his businesses. We now move on to the next chapter."

 

The Trump Organization faces other legal problems in the state. State Attorney General Letitia James has filed a $250 million civil suit alleging that the company had been inflating its worth in financial statements to banks and insurers by billions of dollars.

 

The judge overseeing that case has issued an order blocking the company from transferring assets without court approval and appointed an independent monitor to oversee the company's financial statements.


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