Trump Organization ordered to pay US$1.6 million for tax evasion
The Trump Organization is the family business of former United States President Donald Trump.
Donald Trump's company has been fined $1.6 million $US on Friday as punishment for a scheme in which top executives of the former President of the United States dodged personal income tax on lavish employee benefits.
This symbolic blow is hardly crippling for the company which has billions of dollars in assets.
A fine was the only sentence a judge could impose on the Trump Organization for its conviction last month of 17 tax crimes, including conspiracy and falsifying business records.
The amount imposed by Judge Juan Manuel Merchan in New York was the maximum allowed by law, an amount equal to double the taxes a small group of executives avoided on benefits including rent-free apartments in the Trump buildings, luxury cars and private school tuition.
Mr. Trump himself has not been tried and has denied knowledge of his executives' illegal tax evasion.
Although the fine – less that the cost of a Trump Tower apartment – is not significant enough to impact operations or the future of the business, the conviction is a black mark on the reputation of the Republican as a shrewd businessman as he mounts a campaign to win back the White House.
Neither the former president nor his children, who helped lead and promote the Trump Organization, were not in the courtroom during sentencing.
The prosecutor Joshua Steinglass said the fine was a fraction of the Trump Organization's revenue and the scheme was far-reaching and brazen.