Key takeaways:
- The Trump Organization has been ordered to pay a maximum penalty of $1.6 million for running a decade-long tax fraud scheme.
- The judge noted the “sheer magnitude of the fraud” and said the maximum fine was necessary.
- This is the first criminal conviction to come close to former President Donald Trump.
A New York judge has ordered the Trump Organization to pay the maximum possible penalty of $1.6 million for running a decade-long tax fraud scheme. This is the first criminal conviction to come close to former President Donald Trump.
The Trump Corp. and Trump Payroll Corp., both subsidiaries of the Trump Organization, were convicted last month on 17 counts, including conspiracy, criminal tax fraud and falsifying business records. The judge noted the “sheer magnitude of the fraud” and said the maximum fine was necessary.
The $1.6 million fine is the maximum allowed under New York law, and will have a “minimal impact” on a multibillion-dollar company. Prosecutors said top executives at the company orchestrated the fraud out of pure greed.
The Trump Organization has not commented on the ruling. It is unclear if they will appeal the decision or accept the fine. The ruling is a symbolic moment for the former president, as it is the only criminal conviction to come close to him.
The Trump Organization has been under investigation for a number of financial crimes since Trump left office in January. It is unclear if any further convictions or fines will be handed down in the future.
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