Tag

#New-York

2 incidents

Grade 1 of 5: Significant Democratic Concern

New York Civil Fraud Case: Liability Upheld, Nearly $500 Million Penalty Voided on Appeal

Judge Engoron found that Trump had consistently and intentionally misrepresented asset values across a decade of financial statements. His Mar-a-Lago estate was valued in financial statements at up to $739 million — although deed restrictions limited its use and the Palm Beach County assessor valued it between $18 million and $27.6 million from 2011 to 2021. His Trump Tower triplex was listed at 30,000 square feet when it was actually 10,996 square feet — nearly three times its actual size. The fraud allowed Trump to obtain loans at more favorable rates than he would have received with accurate valuations.

Grade 2 of 5: Major Abuse of Power

Trump Organization Convicted on 17 Counts of Criminal Tax Fraud

Weisselberg, the Trump Organization's CFO for decades, had pleaded guilty in August 2022 to 15 felony counts and agreed to cooperate with prosecutors. He testified against the company. Weisselberg received about $1.76 million in off-the-books compensation over 15 years that the company did not report as income. The company was convicted on all 17 counts, including scheme to defraud and falsifying business records. The $1.6 million fine was the maximum allowed but was a fraction of what corporate criminal fines typically run; prosecutors noted the fine was limited by statute.