WASHINGTON, DC - JULY 20: U.S. President Donald Trump talks to reporters while hosting Republican Congressional leaders and members of his cabinet in the Oval Office at the White House July 20, 2020 in Washington, DC. Trump and his guests talked about a proposed new round of financial stimulus to help the economy during the ongoing global coronavirus pandemic. (Photo by Doug Mills/Getty Images)
Two The Trump Organization companies have been found guilty on multiple charges of criminal tax fraud and falsifying business records connected to a 15-year scheme.
The Trump Corp. and Trump Payroll Corp — the two companies — are owned by former United States President Donald Trump.
Juan Merchan, the justice who presided over the trial in state court in New York on Monday, said the Trump Organization — which operates hotels, golf courses, and other real estate outfits around the world — was found guilty on all charges of tax fraud.
The case centred on charges that the company paid personal expenses like free rent and car leases for executives — including Allen Weisselberg, former chief financial officer — without reporting the funds.
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Trump was not charged in the case.
However, according to testimony during the four-week trial, the former president had a hand in the fraud as he reportedly signed bonus checks annually, paid private school tuition for Weisselberg’s grandchildren, authorised the lease for his luxury Manhattan apartment and approved a salary deduction for another executive.
While the company is not at risk of being dissolved, the charges could impact its ability to do business such as obtain loans or contracts.
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“This was a case about greed and cheating,” said Alvin Bragg, Manhattan’s district attorney.
“The Trump Corporation and the Trump Payroll Corporation got 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.
“Today’s verdict holds these Trump companies accountable for their long-running criminal scheme.”
The charges comes weeks after Trump announced his bid for the White House in 2024.
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Currently, he is the subject of multiple investigations into his conduct before, during, and after his first term as president.
The investigations include allegations of fraud by his family business, his role in the 2021 attack on the US Capitol, his attempt to overturn the 2020 election, and the stashing of classified documents at his residence at Mar-a-Lago.
He also faces a a $250 million civil lawsuit from the New York attorney general over allegations that he and his children were involved in a decade-long fraud.
The presiding judge set a sentencing date for January 13.
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