Trump Organization receives maximum fine for N.Y. tax fraud scheme
The Trump Organization on Friday received the maximum fine under New York law after it was convicted last month of running a 15-year tax fraud scheme.
- The Trump Organization said it plans to appeal the ruling, per Reuters.
Catch up quick: Last month, Trump Organization subsidiaries Trump Corp. and Trump Payroll Corp. were convicted of 17 felonies, which included criminal tax fraud, falsifying business records and conspiracy.
- Under New York law, the company faced up to a $1.6 million fine from the verdict.
- Trump and his family were not charged in the case.
- Earlier this week, former Trump Organization CFO Allen Weisselberg was sentenced to five months in jail for his role in the scheme. He was taken into custody and is expected to serve his sentence at Rikers Island in New York.
- Weisselberg pleaded guilty in August to assisting in the scheme and admitted to 15 felonies.
What we're watching: Friday's ruling could lead to additional consequences if companies that are not allowed to conduct business with felons choose to cancel their contracts with the organization, ABC News reports.
- New York Attorney General Letitia James filed a civil lawsuit accusing the former president and members of his family of financial fraud and referring them to federal prosecutors and the IRS for criminal investigation.
Go deeper... Trump's own goal