Monitoring Desk
ISLAMABAD: Former US president Donald Trump’s family business was fined on Monday by a New York judge for committing tax fraud. The judge imposed the maximum available penalty of $1.6 million. The amount of fine significant as the former president is set to launch another electoral campaign to become president amid a number of legal woes.
Trump Organization entities, Trump Corporation and Trump Payroll Corp, were found guilty in December 2022 of running a scheme for many years to evade taxes and defraud by means of falsifying business records.
Tax fraud penalty damages Trump’s reputation
On 17 counts both entities were convicted after a trial. This is the first time ever that companies have ever been convicted of crimes.
Although Trump himself was not charged, the verdict damaged his reputation even further as he intends to become the Republican nominee for the presidency in 2024.
At present, the Trump Organization is run by Trump’s two adult sons, Donald Jr and Eric. The entity hid compensatory payments that were to be paid to top executives between 2005 and 2021.
