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☆ AOC's questions years ago helped spark the investigation into Trump's business. Now, he's been ordered to pay $355 million.
▼ + stars: | 2024-02-17 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

As part of Friday's fraud trial verdict, Donald Trump has been ordered to pay $355 million to the state of New York. This saga started in 2019 when Alexandria Ocasio-Cortez grilled Trump attorney Michael Cohen. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. And the case may have never happened if, years ago, a newly-elected member of Congress from Trump's home state hadn't grilled Michael Cohen on Trump's finances. Representatives for Ocasio-Cortez, Trump, and James did not immediately respond to a request for comment from Business Insider.

Persons: Donald Trump, Letitia James, Alexandria Ocasio, Cortez, Trump, Michael Cohen, —, Arthur Engoron, ” Trump, Cortez —, William Lacy Clay, James, Cohen, Allen Weisselberg, Ron Lieberman, Matthew Calamari, Weisselberg, Engoron, Robert's Organizations: Service, New, Rep, Trump, Trump Org, Trump Organization, Ocasio, Business Locations: New York, Alexandria, Cortez

Prosecutors have been examining any effort to obstruct the Justice Department’s investigation after Trump received a subpoena in May 2022 for classified documents. Subpoenas for surveillanceAgents first subpoenaed the Trump Organization for Mar-a-Lago surveillance footage last summer, before the August search by the FBI. But as more classified documents were found through the end of last year, investigators sought more surveillance footage from the Trump Organization, sources tell CNN. Corcoran found about three dozen classified documents, and he turned them over to FBI agents the following day when investigators came to Mar-a-Lago on June 3. In March, a judge ordered Corcoran, who has recused himself from representing Trump in the Mar-a-Lago case, to provide additional testimony.

Persons: Donald Trump’s Mar, Department’s, Trump, Jack Smith, Lago, Walt Nauta, Donald Trump, Jabin, Matthew Calamari Sr, Matthew Calamari Jr, Nauta, Evan Corcoran, Corcoran, Barrett Prettyman, Kevin Dietsch, “, subpoenaing Corcoran, hadn’t Organizations: Washington CNN, CNN, White, Prosecutors, Mar, Trump, Trump Organization for Mar, FBI, Trump Organization, Justice Department, Palm Beach, Washington Post, DOJ, Justice, House, The, Department Locations: Florida, Mar, Lago, Trump, West Palm Beach , Florida, Washington , DC

CNN —Prosecutors for special counsel Jack Smith have been asking questions in recent weeks about the handling of surveillance footage from former President Donald Trump’s Mar-a-Lago resort after the Trump Organization received a subpoena last summer for the footage, according to multiple sources familiar with the investigation. Prosecutors are expected to ask them about the handling of the surveillance footage and Trump employees’ conversations following the subpoena, according to the sources. Calamari Sr., the executive vice president and chief operating officer of the Trump Organization, has primarily overseen security operations for Trump and his properties during his decadeslong career working for Trump. His son, Calamari Jr., is director of security for the Trump Organization. An attorney for Calamari Sr. did not respond to a request for comment.

☆ DA in Trump Org closings accuses Donald Trump of 'sanctioning tax fraud' — and implies 1 witness was paid off
▼ + stars: | 2022-12-02 | by ( Laura Italiano | ) www.businessinsider.com time to read: +6 min

In closings, a prosecutor took the extraordinary step of accusing Trump of "sanctioning tax fraud." This 2012 memo shows Donald Trump 'explicitly sanctioning tax fraud,' a prosecutor said in closing arguments on December 2, 2022, in the Trump Organization tax-fraud trial. multiple defense lawyers shouted when the prosecutor accused Trump of "sanctioning tax fraud," interrupting the closing arguments. Judge, we go back to the issue that he just argued Donald Trump was explicitly authorizing tax fraud," she complained. The Manhattan case charges two corporate subsidiaries — the Trump Corporation and the Trump Payroll Corporation, both doing business as the Trump Organization — with scheme to defraud, conspiracy and related tax-fraud crimes.

"The whole narrative that Donald Trump was blissfully ignorant is just not real," Steinglass told the 12-person jury in a New York state court. Company lawyers objected when Steinglass showed jurors a Trump-initialed memo said it showed the former president "explicitly sanctioning tax fraud." If convicted on tax fraud, falsifying business records and other charges, Trump's company faces up to $1.6 million in fines. Steinglass said Trump approved luxury apartments for Weisselberg and his son, and for chief operating officer Matthew Calamari and his son. "Free cars for you, free cars for your wife, free apartments for you, free apartments for your kids."

☆ Trump Organization's outside accountant testifies he 'would have had a heart attack' if he'd seen the 'secret' Christmas bonus lists
▼ + stars: | 2022-11-23 | by ( Laura Italiano | ) www.businessinsider.com time to read: +5 min

He testified Tuesday he "would have had a heart attack" if he'd seen how the company paid X-mas bonuses. Executives got bonuses in piecemeal checks signed by Trump, in what the DA says was a tax-dodge. For example, in 2015, the Trump Organization paid out $1.1 million in executive bonuses and paid Allen Weisselberg, its chief financial officer, a $300,000 bonus, according to documents. Careful records were kept internally of how company bonuses were paid, some titled "The Trump Organization Christmas Bonuses." The accounting firm severed ties with Trump and the Trump Organization earlier this year, citing a history of financial "discrepancies" at the company.

Donald Trump Jr. and Eric Trump did not discipline Trump Organization chief financial officer Allen Weisselberg after finding out he'd been cheating on his taxes — and later gave him a raise to make up for the shortfall, the ex-CFO testified Friday. Trump's eldest sons took over control of the company following the 2016 presidential election. He pleaded guilty in August and agreed to testify truthfully against his employer in return for a five month jail sentence. Pressed by prosecutors on Friday, he said, "There was some benefits to the company but primarily it was due to my greed." Did a long time executive pay tax on the use of a company car, or a company apartment, or payments (not even taken by us as a tax deduction!)

Prosecutors in Manhattan charged the company with being involved in a 15-year tax fraud scheme. Asked whether former President Donald Trump, who was running the business at the time, was aware of the scheme, McConney said Weisselberg told him that Trump knew about it. He said the payments system stopped after Trump was elected president and one of his tax advisers, Sheri Dillon, reviewed the company's business practices. On cross-examination by Trump company lawyer Susan Necheles, McConney painted Weisselberg as the lone bad actor, calling him a "micromanager" who had to sign off on all financial decisions. Weisselberg, who worked for Trump for decades and was indicted alongside the company last year, pleaded guilty to 15 felony charges in August.

Companies Trump Organization Inc FollowNov 10 (Reuters) - Former President Donald Trump was aware of allegedly illegal tax practices at his namesake real estate company, a senior executive indicated in testimony on Thursday during the Trump Organization's criminal trial on charges of tax fraud. McConney was given immunity from prosecution in exchange for testifying, and remains employed by the Trump Organization. Asked whether he helped people evade tax, McConney said, "Evade is a very strong word. McConney said a former general counsel, Jason Greenblatt, received bonuses as non-employee compensation until 2011 when the company's accountant told McConney to stop. McConney also identified Trump's initials on a memo concerning the reduction of Trump Organization executive Matthew Calamari's salary by $72,000, reflecting rent for his apartment.

☆ Trump Org begins turning prosecution witnesses to their own advantage in 'politically motivated' tax-fraud case
▼ + stars: | 2022-11-10 | by ( Laura Italiano | ) www.businessinsider.com time to read: +7 min

"I just felt this was politically motivated," McConney told jurors on Thursday of how prosecutors treated him before he decided to stop cooperating. Mazars severed ties with the Trump Organization in February after publicly questioning "discrepancies" in the Trump Organization's finances. Steinglass also elicited more testimony from McConney on what the prosecutor called a 2017 "clean up" of the company's books. "Nobody told me specifically," McConney said, "that this change was because Mr. Trump became President Trump. Prosecutors must prove that Trump's company was in on Weisselberg's admitted tax-fraud efforts.

Former President Donald Trump on Wednesday reached a settlement with a group of protesters who filed a lawsuit alleging they were assaulted by his security guards outside of Trump Tower in 2015, lawyers for both sides said. We are very pleased with this outcome and are happy to finally put this matter to rest once and for all.”The suit stems from an incident in September 2015, when a group protesting then-candidate Trump’s comments about Mexican immigrants allege Trump’s security guards assaulted them on the sidewalk outside Trump’s Fifth Avenue building. The suit charges that Trump’s head of security punched one of the protesters in the head while trying to wrest away his “Make America racist again” sign. Trump’s testimony that he was in the dark about what his security officers were doing was disputed by his former lawyer Michael Cohen during his own videotaped deposition earlier this year. That testimony was also going to be played for the jury in the now-canceled trial.

☆ Trump company set for criminal trial in an off-books pay scheme
▼ + stars: | 2022-10-23 | by ( ) www.cnbc.com time to read: +6 min

If convicted, the Trump Organization could be fined more than $1 million — but that's not the only potential fallout. The Trump Organization has said it did nothing wrong and that it looks forward "to having our day in court." The former Trump Organization chief financial officer must also pay nearly $2 million in taxes, penalties and interest and complete five years of probation. When the Trump Organization and Weisselberg were indicted in 2021, prosecutors called the tax scheme "sweeping and audacious" and said it was "orchestrated by the most senior executives." "The purpose of the scheme was to compensate Weisselberg and other Trump Organization executives in a manner that was 'off the books,'" the indictment said.

☆ Here's how AOC unwittingly sparked NY Attorney General Letitia James' lawsuit into Donald Trump and the Trump Organization
▼ + stars: | 2022-09-23 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

New York AG Letitia James announced a $250 million lawsuit against Trump and his business this week. Rep. Alexandria Ocasio-Cortez grilled former Trump lawyer Michael Cohen about Trump's alleged fraud. The New York attorney general's office announced Wednesday that it had asked federal prosecutors to investigate Trump's business practice regarding possible federal crimes. The announcement is the culmination of James' three-year probe into Trump and his New York business empire. Cohen also said several Trump Organization executives, including Allen Weisselberg, Ron Lieberman, and Matthew Calamari, were aware of such practices.

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