Guilty on all tax fraud charges: is the verdict of a Manhattan jury, after two days of deliberation, in the Trump Organization criminal trial for a 15-year tax fraud scheme. Sentencing is expected on January 13. The holding company risks a fine of up to 1.7 million dollars, but the amount will be established by the judge at a later time. Two of the 500 entities of the holding and the 75-year-old Allen Weisselberg, former financial director of the company and one of the most trusted lieutenants of the Trump family for 50 years, ended up under indictment, so much so that he pleaded guilty without bringing up the ‘boss’. The tycoon, like his children, was not accused but for him it is an embarrassing conclusion because it is the company that bears his name and which he himself has managed for decades by building a brand of (controversial) global success, the iconic brand of a empire that manages hotels, golf courses and luxury properties.
The conviction is also another insidious obstacle to his re-run for the White House. In fact, other investigations are pending on the former president: from the parallel one by the New York attorney general Letitia James – who brought a civil action against Trump and his three adult children asking for 250 million dollars in damages – to the FBI investigations into the classified documents seized in Mar-a-Lago, from the Georgia proceedings on pressure to overturn the vote to the parliamentary inquiry into the assault on the Capitol. The fine itself is just a scratch to the family giant but risks increasing the distrust of banks and business partners due to the lack of transparency in accounting management. However, the hardest blow for Trump is to his image as an untouchable politician and business man, who has so far always managed to survive the threats of justice and controls by Congress.
The former CFO is considered the main beneficiary of the scheme, having received from 2005 to 2021 luxury cars, leased apartments, expensive private school tuition for family members, worth $1.7 million, while evading taxes for 900 thousand dollars. The investigators thought he could be the weak link to nail Trump on these and other crimes (for example the inflated assets to evade taxes) but the trusted Weisselberg refused to cooperate and limited himself to admitting his guilt to avoid a penalty up to 15 years. The plea deal gave him only 5 months in jail (100 days in case of good behavior) but in exchange he had to testify at trial and admit his role in the tax evasion conspiracy. The holding defended itself by arguing that Weisselberg benefited himself without the knowledge of the company. Another company executive, controller Jeffrey McConney, was granted immunity for admitting to the crimes and testifying as a prosecution witness.