Trump's organization slammed with $1.6 million fine for tax fraud

Donald Trump

Donald Trump

New York judge Friday slammed a fine of $1.6 million fine on organisation owned by former US President, Donald Trump, after it was convicted of scheming to defraud tax authorities for 15 years.

Justice Juan Merchan of the Manhattan criminal court imposed the sentence, the maximum possible under state law, after jurors found two Trump Organization affiliates guilty of 17 criminal charges last month.

Two Trump entities, The Trump Corp. and Trump Payroll Corp., were convicted last month of 17 felonies, including tax fraud and falsifying business records, the CNN reports.

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Under New York law, the most the companies can be fined is about $1.6 million, a penalty the Trump Organization can easily afford.

The news platform quoted Manhattan District Attorney Alvin Bragg, whose office brought the case, as saying that the office is still conducting a criminal probe into Trump’s business practices.
“The sentencing today, along with the sentencing earlier this week, closes this important chapter of our ongoing investigation into the former president and his businesses. We now will go on to the next chapter,” Bragg told reporters.
He added that “It’s important regardless of who the defendant is, because it’s cheating and greed and cheating the taxpayers.
“It obviously becomes more consequential given that it involved the former president’s corporation and CFO. It sends a message – I hope it sends a message to New Yorkers that you know we’re one system of justice and that this kind of conduct, regardless of who you are, won’t be countenanced in Manhattan.”

Joshua Steinglass, one of the prosecutors, appeared to lament the size of the punishment, telling Merchan the penalty was only a “tiny portion” of the Trump Organization’s revenue.

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