Blow for Donald Trump as his company is hit with .6million fine for tax fraud

Blow for Donald Trump as his company is hit with $1.6million fine for tax fraud

THE MIRROR

The Trump Organization’s sentencing doesn’t end Donald Trump’s several other legal challenges as he looks to retake the White House in a bid to become US President again in 2024

Donald Trump’s company has been fined $1.6 million (£1.3 million) as punishment for a scheme in which the former president’s top executives dodged personal income taxes on lavish job perks.

The punishment was the only penalty a judge could impose on The Trump Organization for its conviction last month for 17 tax crimes including conspiracy and falsifying business records.

The amount imposed by Judge Juan Manuel Merchan today was the maximum allowed by law, an amount equal to double the taxes a small group of executives avoided on benefits, including rent-free apartments in Trump buildings, luxury cars and private school tuition.

Trump was not on trial and denied any knowledge of his executives evading taxes illegally.

He had previously said the case against his company was part of a politically motivated “witch hunt” waged against him by vindictive Democrats.

The company’s lawyers have vowed to appeal the verdict.

The criminal case involved financial practices and payment arrangements that the company halted when he was elected president in 2016. A jury convicted the company of tax fraud on December 6.

While the fine isn’t big enough to impact the company’s operations or future, the conviction is another black mark on Trump’s reputation as a successful businessman as he mounts a campaign to regain the White House.

The company could potentially face trouble outside of court due to the reputational damage, such as difficulty finding new deals and business partners.

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