Category: The Trump Organization

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Business Donald Trump The Trump Organization

‘Toxic’ Trump Organization Facing Financial Collapse After Tax Fraud Convictions: Report

On Tuesday, a New York jury found the Trump Organization guilty on 17 counts of tax fraud and falsifying records, and the company will now have to pay a $1.6 million fine for its crimes.

Small change for a man who claims to be worth billions, isn’t it? But that’s only the tip of iceberg for what else is about to happen to the failed ex-president’s company, which remains under investigation on multiple fronts.

Anti-corruption attorney Ben Gershman tells Politico the future of Trump Org. will be financial collapse in the very near future.

“The consequences could potentially be devastating for the company. The Trump Organization is now toxic. Nobody wants to touch them.

“They’re going to be totally unable to obtain financial support from any responsible financial institution. I’m thinking of loans, I’m thinking of mortgages, I’m thinking of insurance. They’re not going to be able to get any government support, financing and contracts and so on because they’re a convicted felon.”

The 17-count conviction also makes it more likely that Trump and his company will be found guilty in other courts, according to former Manhattan District Attorney Cy Vance:

“This is the first of what I think are going to be a number of jury verdicts rendered around the former president’s inner circle and his family business. This really is his brand. That brand has now been found guilty of systemic tax fraud.

“Others who have legitimate investigations, I think, will see that criminal cases can be brought and can be won. I think that was always the big question mark, and that question has now been answered.”

Trump has announced his intention to run for another term as president, probably because he believes that if he wins he can be shielded from any lawsuits, but his chances of winning in 2024 are decreasing each day as new allegations arise against him.

The perfect karmic justice for the entire Trump family would be with them in prison and broke.

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Crime Donald Trump The Trump Organization

Trump Organization Found Guilty On 17 Counts Of Tax Fraud In New York

A jury in New York has found the Trump Organization guilty on 17 counts of tax fraud and falsifying records, the first conviction of the failed ex-president’s company since he left office in disgrace.

NBC News reports the jury deliberated for a little more than a day before handing down the verdict, which could result in stiff fines for Trump Org. and could also open the door for other prosecutors who are investigating possible criminal behavior by the one-term, twice-impeached former president.

The Trump Organization and Allen Weisselberg, its former longtime chief financial officer, were indicted last year after a multi-year investigation into the company’s financial practices by the Manhattan district attorney’s office.

Prosecutors alleged that two corporations that are a part of the company, Trump Corp. and Trump Payroll Corp., paid their “already highly paid executives,” including Weisselberg, even more by “cheating on their taxes” through a series of schemes that included off-the-books perks like luxury cars and free apartments.

THIS IS A BREAKING STORY AND WILL BE UPDATED

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Crime Donald Trump The Trump Organization

‘Three Little Words’ Could Be What Sink The Trump Organization 

The ongoing tax fraud trial in New York brought against the Trump Organization is nearing a conclusion, and it now appears that three words may wind up being what the jury uses to the failed ex-president’s company guilty.

According to the New York Times, the “three little words” are “in behalf of.”

The Trump Organization is accused of having given extravagant perks (apartments, private school tuition) to top executives who never paid taxes on them even though they’re considered income. But did those executives commit the crimes “in behalf of” Trump Org.?

Prosecutors who are arguing the case before Judge Juan Merchan maintain they have presented “ample evidence” that former Trump Org. Chief Financial Officer Allen Weisselberg was acting on behalf of the company, which is owned by the Trump family.

The fact that not claiming those fringe benefits lowered the overall tax rate for the Trump Organization (in addition to the employees who took them) is proof, according to prosecutors, that the actions were indeed done in behalf of the corporation, which makes it equally guilty under the law.

Attorneys for the former president’s company, however, disagree, suggesting that the New York law is overly vague.

But Adam S. Kaufmann, a prosecutor in the Manhattan district attorney’s office for nearly 20 years, says the defense is grasping at straws, noting, “It’s not an issue I recall seeing before.”

If Trump and his company are found guilty, they could face millions of dollars in penalties and fines, and the Trump Organization could also be banned from operating the the state of New York, a move that has been called the “corporate death penalty.”

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Crime Donald Trump Jr. Eric Trump The Trump Organization

Don Jr. And Eric Gave Trump Org. CFO A $200K Raise After They Discovered He Was Cooking The Books

Allen Weisselberg, the former CFO of the Trump Organization, said said under oath Friday that Donald Trump Jr. and Eric Trump knew he was engaging in tax fraud on behalf of the company yet gave him a $200,000 a year raise after they found out about his crimes.

The New York Post reports that Don Jr. and Eric discovered Weisselberg’s illegal actions in 2017. Specifically, he and two other top Trump Org. executives were getting perks they didn’t report as income on their taxes, but the ex-president’s sons weren’t upset by the discovery.

The sons learned of the tax cheating during a “cleanup process” the company underwent with tax auditors when Trump took office as president, Weisselberg said.

When prosecutor Susan Hoffinger asked the longtime chief financial officer if the Trump Org. demoted or punished him in light of the discovery, he said no.

“Were you in fact given a raise … that totaled approximately $200,000?” Hoffinger asked.

“Correct,” Weisselberg replied on his final day of testimony.

Weisselberg pleaded guilty in August of accepting $1.7 million worth of unreported benefits that included free rent on an expensive apartment on the Upper West Side, luxury cars, and private school tuition payments for his grandchildren.

The Trump Organization is accused of helping Weisselberg and other top managers cheat on their taxes for 15 years by falsifying reports to the government.

Today’s revelations come as Trump, his children, and his company are facing massive civil penalties in a case brought by New York Attorney General Letitia James. If Trump Org. is found guilty in that case, the company could face massive financial penalties and the imposition of a economic “death penalty” that prohibit them from ever doing business in the state of New York again. Trump Org. is headquartered in the Empire State even though the failed former president now lives in Palm Beach, Florida, at his Mar-a-Lago estate.

The one-term, twice-impeached ex-president it also facing the prospect of being charged under the Espionage Act for hoarding classified documents at Mar-a-Lago in violation of federal law.

Categories
Crime Donald Trump The Trump Organization

New York AG Letitia James Catches Trump Trying To Hide Assets And Hits Back In Court

New York Attorney General Letitia James just caught failed, one-term, twice-impeached former president Donald Trump trying to shift and potentially hide his assets as she pursues a civil case against him and his company, the Trump Organization.

CNBC reports that James went to court to keep the ex-president from moving assets to a holding company he recently created.

The New York Attorney General’s Office on Thursday asked a judge to bar former President Donald Trump from moving his businesses to a new holding company he formed amid a pending civil lawsuit accusing him, three of his children, and the Trump Organization of widespread fraud.

That request is spurred by concerns that the AG’s office would have difficulty getting Trump to pay a fine, if he loses the suit, as a result of his assets being held by a company that is not named as a defendant in the case.

On Sept. 21, the same day that Attorney General Letitia James sued Trump and the other defendants, her office saw that the Trump Organization had registered with New York’s secretary of state a new company, called “Trump Organization II LLC.” That new firm is incorporated in Delaware.

James made her filing in Manhattan Supreme Court, writing:

“Beyond just the continuation of its prior fraud, the Trump Organization now appears to be taking steps to restructure its business to avoid existing responsibilities under New York law.”

James also asked Judge Arthur Engoron to order Trump and his company not to use “a new statement of his business’ financial conditions in dealings with lenders and insurers.” Her concern is that he will once again use fake valuations in order to avoid having to pay fines and penalties if found guilty at trial.

“There is every reason to believe that the Defendants will continue to engage in similar fraudulent conduct right up to trial unless checked by order of this Court.”

Some have suggested that the civil case against Trump could result in his company being liquidated and its assets sold in order to pay the massive penalties that may be imposed by the court.