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Donald Trump's fraud verdict targets three things he values dearly: his cash, his New York business address, and the Trump Organization steering wheel. Otherwise, as Engoron noted in his verdict, Trump, his company, and his sons, Donald Trump Jr. and Eric Trump, "are likely to continue their fraudulent ways." In previous years, Trump has settled allegations of fraud involving the Trump Foundation, Trump University, and the 2017 Inaugural Committee, Amer pointed out in closings. The same day James concluded her initial investigation and filed her massive Trump fraud lawsuit, on September 21, 2022, Trump incorporated "Trump Organization II" in what her office worried was an attempt to shift and protect assets. Advertisement"In short," they added, Trump and Trump Organization leadership "have proven themselves incapable, time and again, of following the law."
Persons: Trump, Donald Trump's, , he's, Letitia James, Arthur Engoron, James, he'll, Barbara Jones —, Judge Jones, Jones, Engoron, Donald Trump Jr, Eric Trump, Cushman, Trump's, Allen Weisselberg, Patrick Birney, Birney, Weisselberg, Donald, — Trump, Andrew Amer, Amer, — Jones, Jean Carroll, Kevin Wallace, Christopher Kise, Kise, She's Organizations: NY, Trump Organization, Trump, GOP, New York, Deutsche Bank, Mazars, Trump Org, Trump Foundation, Trump University, New, Independent Monitor Locations: New York, Mazars USA, Wakefield, Trump
In addition to the $355 million penalty — payback of what the judge deemed “ill-gotten gains” from his spurious financial statements — Trump is required to pay interest on that amount. James’ office calculates that, to date, Trump owes an additional $98.6 million in interest, bringing his total penalty to $453.5 million. Trump used $170 million of the $375 million to pay off a loan on the property. — $60 million, plus interest, from selling the rights to manage a New York City golf course in June 2023. Trump testified that regardless of what his financial statements said, banks did their own due diligence and would’ve qualified him for the loans anyway.
Persons: Donald Trump, , , Arthur Engoron, Letitia James, who’s, Trump, who's, Friday's, what's, Engoron, James ’, Allen Weisselberg, Jeffrey McConney, — Trump, Eric, Donald Trump Jr, Donald Jr, untethered, ” Trump, Christopher Kise, would’ve, James, Engoron’s, Barbara Jones, Michael Cohen, Cohen, , Forbes, Trump “, ” Engoron, Michael Cohen's Organizations: Republican, Trump, Trump Organization, longtime Trump Organization, TRUMP, New, Deutsche, Trump International Hotel, Waldorf, Bally's Corporation, Trump Organization finance, Division, Democrat Locations: New York, New, Manhattan, Lago, Florida, Miami, Chicago, Washington, New York City, Engoron’s, York, Trump
A New York judge on Friday ordered former President Donald Trump to pay $364 million in damages for fraud he committed by inflating his net worth to obtain favorable treatment from banks and insurers. The blistering 92-page ruling from Judge Arthur Engoron was replete with references to the brazen nature of the misdeeds of Trump, his adult sons and his business organization. Here are nine key quotes from Engoron’s ruling. The frauds found here leap off the page and shock the conscience.”On the reaction of Trump and his adult sons:“Their complete lack of contrition and remorse borders on pathological. Donald Trump is not Bernard Madoff.
Persons: Donald Trump, Judge Arthur Engoron, Trump, Justice Potter Stewart, , , Bernard Madoff, , “ Donald Trump, Trump’s, Ivanka Trump, Rosemary, ” Ivanka Trump, fraudsters, Eli Bartov’s, Bartov, “ John Shubin, Mr, Shubin, Robert Unell, Unell, Birney, Donald Trump’s, Whitley Penn, Donald Bender, Mazars, Allen Weisselberg doesn’t, Allen, Weisselberg Organizations: United States Supreme, Trump Organization, , Trump, Deutsche, OAG, trifles, Allen Weisselberg’s Locations: York, , New York,
The decision also bans Trump from serving as an officer or director of any New York corporation, bans his two adult sons from serving for two years and fines his two adult sons $4 million. The blistering decision from Judge Arthur Engoron effectively eviscerates the business empire Trump built over decades – an empire that fed his ego, cemented his brand and ultimately propelled the real estate mogul to the world’s most powerful political position. “In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements," Engoron wrote. Here, despite the false financial statements, it is undisputed that defendants have made all required payments on time; the next group of lenders to receive bogus statements might not be so lucky. New York means business in combating business fraud.”Engoron anticipated finalizing his decision on damages by the end of January, but two new issues emerged that ultimately delayed the decision.
Persons: Donald Trump, Arthur Engoron, Trump, Justice Potter Stewart, Engoron, Letitia James, , James, , , he’s, He’s, ” Engoron, Trump's, Allen Weisselberg, pander, Jean Carroll Organizations: Trump, United States Supreme, Donald Trump View, New York, The New York Times, Manhattan, defaming Locations: York, New York, The
New York CNN —Months after leaving the White House, former President Donald Trump began plotting his return to Wall Street. US regulators have finally given the green light to a controversial merger between Truth Social owner Trump Media & Technology Group and a blank-check company. ‘This is a meme stock’Moreover, there are major questions about the sky-high valuation being placed on this media company. He described that valuation as “crazy” because Trump Media is generating little revenue and burning through cash. One of the final remaining hurdles is for Digital World shareholders to approve the merger in an upcoming vote.
Persons: Donald Trump, Trump, , Jay Ritter, Ritter, Devin Nunes, Eric Swider, , Matthew Tuttle, he’s, Tuttle, Organizations: New, New York CNN, White, Wall, Trump, Truth Social, Trump Media & Technology Group, Securities and Exchange, Trump Media, SEC, University of Florida, Republican, New SEC, ” Trump Media, Big Tech, Digital, Tuttle Capital Management Locations: New York, Trump, Atlantic City
UK PM Sunak Paid More Than 500,000 Pounds in Tax Last Year
  + stars: | 2024-02-09 | by ( Feb. | At P.M. | ) www.usnews.com   time to read: +2 min
By Andrew MacAskill and Sachin RavikumarLONDON (Reuters) - British Prime Minister Rishi Sunak paid 508,000 pounds ($641,000) in tax in the last financial year after income from his investments dwarfed his official salary, a report by his accountants showed on Friday. The three-page published summary is the second time that Sunak has published details of his tax affairs since he became prime minister in 2022. The figures show that Sunak made 139,000 pounds from his salary as a member of parliament, finance minister and prime minister between April 2022 and March 2023, and 2.1 million pounds from investments. Of his income from investments, 1.8 million pounds came from capital gains, up from 1.6 million pounds a year earlier. About 70% of the total tax paid by Sunak was due to capital gains tax on the profit made from sales of investments such as stocks.
Persons: Andrew MacAskill, Sachin Ravikumar, Rishi Sunak, Sunak, Evelyn, Piers Morgan, David Milliken Organizations: Sachin Ravikumar LONDON, British, Indian IT, Infosys, Evelyn Partners Locations: Indian, Rwanda
Recent job cuts have been concentrated mainly in just a few sectors: technology, finance and media. Relative to the U.S. labor force of 160 million people, layoffs so far have been dwarfed by consistently vigorous hiring — a monthly average of 248,000 jobs added over the past six months. THE LAYOFFS ARE SPREAD OVER TIMEHigh-profile job cuts typically involve many layoffs that aren't implemented immediately. So they weren't included in the January jobs data that was released Friday because the layoffs hadn't yet taken place. Jobs cuts are deeply distressing and disruptive for people who suffer them.
Persons: they've, , They're, That's, binges, Todd McKinnon, Organizations: WASHINGTON, Blockbuster, eBay, UPS, Spotify, Manufacturers, Labor Department, Companies Locations: Federal, U.S
Consistently beating the competition over a decade and a half is a sign that Bill Nygren is worth listening to. Instead, he uses good old-fashioned value investing techniques that have proven reliable for decades, even as they've evolved. Nygren added: "It's clearly not a value stock, but when you make those adjustments it sells at less than a market multiple. Advertisement2 sectors to invest in right nowThe average investor would be forgiven for looking around the market right now and struggling to find value. Advertisement"And I think value investors have been a natural home for a lot of the financial industry because the industry's typically traded at something like three-quarters of the S&P multiple," Nygren said.
Persons: Bill Nygren, Nygren, there'd, you've Organizations: Oakmark, Oakmark Fund, Business, Big Tech, Capital, Intercontinental Exchange, American International Group, AIG
—Tax credits, such as child tax credit, retirement savings contributions credit, etc. Earlier this month, Congress announced a bipartisan agreement to enhance the current child tax credit. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 for the following year and $2,000 for 2025 tax returns. If you can’t see what your tax preparer is working on, get a copy of the tax return and ask questions about each of the entries. If you are due for a refund, you will not receive a penalty and you will receive your tax return payment.
Persons: Courtney Alev, ” Alev, Tom O’Saben, O'Saben, O’Saben, , ” O’Saben, , Alev, You’re, you’ve, It’s, ___, Charles Schwab, Organizations: , Credit Karma, Savings, IRS, National Association of Tax, Elderly, People, Social Security, Social, Center, Budget, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: United States
PORTLAND, Ore. (AP) — An Oregon weekly newspaper that had to lay off its entire staff after its funds were embezzled by a former employee will relaunch its print edition next month, its editor said, a move made possible in large part by fundraising campaigns and community contributions. The Eugene Weekly will return to newsstands on Feb. 8 with roughly 25,000 copies, about six weeks after the embezzlement forced the decades-old publication to halt its print edition, editor Camilla Mortensen said Saturday. “It has been both terrifying and wonderful,” Mortensen told The Associated Press, describing the emotional rollercoaster of the last few weeks. But Mortensen hopes to eventually rehire her staff once the paper pays its outstanding bills and becomes more financially sustainable. “When we saw how many people contributed and how many people continue to offer to help, you can't not try to print the paper.
Persons: Camilla Mortensen, ” Mortensen, , Mortensen, You've Organizations: Eugene, Associated Press, University of Oregon, AP Locations: PORTLAND, An Oregon, Eugene, Oregon, Iowa, New York
According to figures obtained by The Associated Press on Wednesday, Russian deposits held in Cypriot banks fell 76% from 2014 to 2022, while Ukrainian deposits shrank by 67%. The number of Russian clients using Cypriot banks dropped 82% in the same period, while Ukrainian clients fell by 54%. For years, Cyprus was known as an ask-few-questions jurisdiction whose banks welcomed money from wealthy depositors, despite their shady connections. “All this is now history for Cyprus … Mistakes have been made in the past and the first who paid for these mistakes were the Cyprus Republic and the Cypriot people themselves,” Christodoulides said. In 2022, more than 1,600 international companies registered in Cyprus – mostly in tech — including 47 multi-nationals.
Persons: Nikos Christodoulides, , Christodoulides, ” Christodoulides, , Constantinos Letymbiotis, Letymbiotis Organizations: , The Associated Press, Local, of, Union, Russia, U.S . Federal Bureau of Investigation, Department of Justice, AP Locations: NICOSIA, Cyprus, — Cyprus, Ukraine, Russian, Cyprus Republic, Russia
Trump SPAC has tripled since the Iowa caucuses
  + stars: | 2024-01-23 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
Digital World’s share price spiked 88% to 19-month highs on Monday alone. Since Trump’s landslide victory in the Iowa caucuses on January 15, Digital World shares have more than tripled. That in turn drives the share price even higher, creating further losses for short-sellers. Jay Ritter, a finance professor at the University of Florida, expressed shock at the stock spike for Digital World. Neither Trump Media & Technology Group nor Digital World responded to requests for comment.
Persons: that’s, Donald Trump, That’s, Ron DeSantis, Trump, , Matthew Tuttle, Tuttle, , what’s, Jay Ritter, “ It’s, ” Ritter, Ritter, , he’s, ” Tuttle Organizations: New, New York CNN, Truth Social, Trump Media & Technology Group, Florida, Trump, New Hampshire, Tuttle Capital Management, University of Florida, GameStop, SEC, & $ Locations: New York, United States, New, Iowa, “ After Iowa
But there's a catch with conventional assets: the wash sale rule . Now, tax professionals are flagging a potential wrinkle that may arise: Even though bitcoin itself isn't subject to the wash sale rule, a spot bitcoin ETF very well may be. Property versus security Under federal tax law, the IRS deems cryptocurrency to be property . Managing limitations At its core, that means investors should avoid swapping in and out of the same spot bitcoin ETF within the 61-day limit if they had sold the position. This also raises the question of whether dumping one spot bitcoin ETF for another would be deemed substantially identical.
Persons: Stephen Turanchik, Paul Hastings, Andrew Gordon, Dan Herron, Richard LaFalce, Morgan Lewis, Turanchik Organizations: Internal, Digital, Tax, Force, American Institute of CPAs, IRS, Gordon Law Group, Elemental Wealth, Investors Locations: San Luis Obispo , California
Expect to see a record rate of CEO turnover this year, PwC's Tim Ryan said at Davos. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "We will see more turnover in the C-Suite in the next 12 months than we have ever," Tim Ryan, PwC senior partner, told Business Insider at the World Economic Forum in Davos , Switzerland this week. CEO turnover is already high. AdvertisementCorrection: Thursday, January 18, 2024 — This article has been updated to reflect Tim Ryan's current title, which is senior partner at PwC.
Persons: PwC's Tim Ryan, , Tim Ryan, PwC, Ryan, you've, You've, isn't, Gray, Chris Licht, GameStop's Matthew Furlong, Jeff Shell, Ron Shaich, Tim Ryan's Organizations: Davos, Service, Economic, NBC, Economic Policy Institute, East Locations: Davos, Switzerland, PwC
I get my tax documents in early. I've since found a reliable accountant who specializes in working with small business owners and I've leveled up my tax preparation to make tax season even smoother for me and my accountant. I've aligned my processes with my accountant'sMy first tax season working with Danny involved a learning curve and some unavoidable back-and-forth. This year, when I send him my tax documents for his next steps they'll basically be turnkey for him — plug and play. Aligning with Danny's systems makes my review and approval of the completed tax documents he shares with me that much easier as well.
Persons: , I'd, That's, Danny, He's, I've, Danny's, they'll, I'm Organizations: Service
The most sought-after remote job companies are hiring for isn't in tech, as you might expect. Accountant is the hottest work-from-home job on the market right now. Accountants claimed the top spot in FlexJobs' annual ranking of the top remote jobs in the U.S., thanks to increasing demand for these skilled professionals across several industries, including finance, health care and government. On ZipRecruiter, the share of open accountant roles that were remote jumped from about 8% in 2019 to nearly 20% in 2023, according to data shared with CNBC Make It. "There's a lot of oversight … you can't afford the legal liability of messing this up."
Persons: , Julia Pollak, Pollak Organizations: Accountants, Baby Boomers, CNBC, of Labor Statistics Locations: FlexJobs, U.S
Passive income streams are a great way of mitigating your financial risk and earning extra income. I talked to financial advisors and accountants about lucrative passive income streams they've seen. Owning a parking lot, real estate, blogging, and online courses can generate over $100,000 a year. To help mitigate personal financial risk, I try to create as many passive income streams as I can. Over the years, I've built multiple passive income streams for myself including courses, e-books, and selling merchandise.
Persons: , I've, Chris Nddie, Brent Dickerson, Dickerson, Olivia Tan, Tan, Sanchit Taksali, Get Organizations: Service, Invest, CPA, SEC
The Trump civil fraud trial is now in its eighth week in New York. A handwritten note that implicates Donald Trump in his NY fraud trial. Donald Trump attends his New York civil fraud trial. Trump speaking to reporters outside the courtroom during his civil fraud trial in New York. And in a pre-trial deposition, he denied knowing who had written, "DJT to get final review" on that 2014 draft.
Persons: Jeffrey McConney, McConney, , Donald Trump, Trump, Letitia James, Donald Trump's, Seth Wenig, Andrew Amer, Amer, Eric Trump, Allen Weisselberg, James, Weisselberg, — McConney, Mazars, Arthur Engoron, McConney's, Jesus Suarez, he'd, Mark Hawthorn Organizations: Trump, Service, Trump Organization, Trump Org's, NY, New York, White House, Trump Org, AP, Mazars, General's, Trump Hotels Locations: New York, York, Mazars USA, Weisselberg
In 2021, there were nearly 700,000 divorces — both celebrity and not — across the 45 states that gather this data. If the case goes to trial, Douglas said, the cost can be even higher. Divorce entails big financial, life changesWith divorce comes a lot of life changes — significant ones. Norman estimates this life event cost him between $172,799 and $191,000. "We bought a boat for the kids ... then there was this custody battle and it just drained all of my accounts."
Persons: Johnny Depp, Amber Heard, Jennifer Lopez, Marc Anthony, Katie Holmes, Tom Cruise, Joe Jonas, Sophie Turner, , Elizabeth Douglas, Douglas, There's, John Norman, Norman, hadn't Organizations: Douglas Family Law Locations: U.S, New York, Ithaca , New York
Shakira reached a deal to resolve charges that she failed to pay Spanish income tax from 2012 to 2014. Spain accused her of improperly filing taxes to the Bahamas when she spent the majority of her time in Spain. Remote workers should take extra care when filing taxes to avoid US penalties. The New York Times previously reported that Americans who pay a foreign income tax might be able to get a deduction when filing their US tax return, but it depends on the foreign country's tax rules. Still, some visa programs allow visitors to work remotely while avoiding a local income tax for under a year.
Persons: Shakira, , Spain —, she's Organizations: Service, Spanish, AP, New York Times Locations: Spain, Bahamas,
Donald Trump Jr. in court for his family's civil fraud trial in New York. AP Photo/Phelan M. EbenhackThe first defense expert witness: a Trump mega-donorThe third defense witness to take the stand, developer Steven Witkoff, was, like Donald Trump, Jr., hardly an objective source of testimony. But on Tuesday he became Trump's first expert witness, in the field of real estate valuation. His multi-billion-dollar brokerage firm, Lockton Companies, earned $1.2 million last year as Trump's insurance broker, he said. He said he didn't have a real estate license — he doesn't need one to be a broker, he explained.
Persons: , Donald Trump, Donald Trump , Jr, Junior, Donald Trump Jr, David Dee Delgado, Christopher Kise, Trump, Kise, Phelan M, Ebenhack, Steven Witkoff, Witkoff, Trump's, Eduardo Munoz Alvarez, Jason Flemmons, Flemmons, James, Flemmons flubbed, Steven Laposa, Laposa, LIV, Timothy A, Clary, Gary Giulietti, Giulietti Organizations: Trump, Service, New, AP, Republican, Woolworth, Supreme, Securities and Exchange Commission, SEC, Getty, Lockton Companies, Zurich Insurance Group Locations: New York, Manhattan, Trump, New Jersey
He said accountants bear final responsibility for the net-worth statements Trump's on the hook for. When asked, the key defense witness could not estimate how much Trump is paying for his testimony. "How much of your bill has been paid and how much has not been paid," the judge asked. Engoron, in a pretrial decision, has already found Trump's net-worth statements were riddled with fraud. Testimony in Trump's defense case continues Friday.
Persons: , Donald Trump's, Jason Flemmons, Arthur Engoron, Flemmons, Trump, Letitia James, Kevin Wallace, Steven Collins, he's, James, Wallace Organizations: Trump, Service, New, Trump Organization, Securities, Exchange, what's Locations: York, New York, Flemmons
CNN —A New York appeals court judge on Thursday temporarily lifted the gag order placed on Donald Trump and his attorneys in his civil fraud trial following an emergency hearing. Judge Arthur Engoron imposed the gag order on Trump to prevent him from making any statements about court staff, citing security risks. His order came after Trump posted on social media a baseless allegation involving the judge’s principle law clerk. The judge later extended the gag order to ban Trump’s attorneys from making any public statements about communications that the judge has with the law clerk. Engoron has already ruled that Trump and his co-defendants were liable for fraud.
Persons: Donald Trump, David Friedman, ” Chris Kise, , Trump, , Arthur Engoron, Trump’s, Letitia James, James, Engoron, CNN’s Jeremy Herb, Lauren del Valle Organizations: CNN, First Judicial, Trump, New York, New, Democrat, Trump Organization Locations: York, Trump
An ex-SEC accountant offered blunt testimony on Trump's net-worth statements. He noted "questionable" and "glaring" issues with the statements, despite being Trump's own witness. The not-so-ready cash was just one of nearly a dozen net-worth red flags identified Wednesday by Flemmons. And it certainly happened a lot in Trump's net-worth statements, by Flemmons' own description. "Blame the accountants" has been one of Trump's go-to defenses in his New York fraud travails, going back to the criminal payroll tax-fraud case his company lost a year ago.
Persons: , Donald Trump's, It's, Jason Flemmons, Flemmons, Trump, Arthur Engoron, Letitia James, Jesus Suarez, James, Donald Bender, Bender, Trump's, Kevin Wallace Organizations: SEC, Service, Trump Organization, Flemmons, Securities and Exchange Commission, New York, Trump, USA Locations: NY, New York, Manhattan
Ruth SimonRuth Simon is a New York-based reporter for The Wall Street Journal, where she covers small business and entrepreneurship. She has previously covered consumer lending, mortgages and housing, and reported for WSJ's Personal Journal and Money & Investing sections. Ms. Simon won a 2019 Best in Business Award from the Society of American Business Editors and Writers for her coverage of the impact of the labor squeeze on small business. She was part of a WSJ team that received a 2021 New York Press Club award for spot news coverage of the Paycheck Protection Program rollout. In 1995, she won the Award for Excellence in Financial Writing from the New York State Society of Certified Public Accountants.
Persons: Ruth Simon Ruth Simon, Simon, Gerald Loeb, Loeb, Organizations: Wall Street, Society of American Business, Writers, WSJ, New York Press, Money, Forbes Magazine, Distinguished Business, Financial, National Press Foundation, New York Newspaper Publishers Association, New York State Society of Certified Public Accountants, New York City, Society of Professional Journalists, Finance Locations: New York
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