Donald J. Trump’s company has been found by a Manhattan jury to be a felon.
The Trump Organization, a family real estate
crime syndicate business was convicted on Tuesday of tax fraud and other financial crimes, a remarkable rebuke of the former president’s company and what prosecutors described as its “culture of fraud and deception.”
The jury found the two entities of the Trump Organization — the Trump Corporation and the Trump Payroll Corporation — guilty as charged on all counts, including scheme to defraud, conspiracy, criminal tax fraud and falsifying business records.
The Trump Organization doled out off-the-books luxury perks to some executives: They received fancy apartments, leased Mercedes-Benzes, even private school tuition for relatives, none of which they paid taxes on.
Following the verdict, a spokesperson for the Trump Organization told ABC News in a statement, "Mr. Weisselberg testified under oath that he 'betrayed' the trust the company had placed in him and that he, at all times, acted 'solely' for his 'own personal gain' and out of his 'own personal greed'. The notion that a company could be held responsible for an employee's actions, to benefit themselves, on their own personal tax returns is simply preposterous."
The conviction carries fines of up to $1.7 million, but the consequences could extend beyond fines.
Banks could call in loans and business partners could cancel contracts if their internal policies prevent them from doing business with felons.
The trial also revealed potentially embarrassing details about Trump, including that he reported nearly $1 billion in operating losses over a two-year period in 2009 and 2010, as well as losses each year for the decade between 2009 and 2018 — some of the same years Trump was touting his business acumen on reality television and as he was campaigning for president.