Donald Trump
US judge fines Donald Trump's family business for 1.6 million dollars over tax fraud
Washington/IBNS: A New York judge Friday fined ex-US President Donald Trump's family business with the maximum penalty available of $1.6 million for committing tax fraud.
The sum is symbolically significant as the ex-president's eyes come back to power again amid a host of legal woes.
This comes after Trump Corporation and Trump Payroll Corp., entities of the Trump Organization, were found guilty last month of running a years-long scheme to defraud and evade taxes through falsifying business records.
They were all convicted following a trial, marking the first time the companies had ever been convicted of crimes.
Trump himself has not been charged but the verdict is seen as having the potential for reputational damage since he seeks the Republican nomination for the presidency in 2024.
"While corporations can't serve jail time, this consequential conviction and sentencing serves as a reminder to corporations and executives that you cannot defraud tax authorities and get away with it," said Manhattan District Attorney Alvin Bragg, who prosecuted the case.
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