Washington: A New York jury on Tuesday found Donald Trump's family business guilty of tax fraud, dealing the former president a setback as he seeks the White House once more.

This was the first time the Trump Organization and separate entity the Trump Payroll Corp. had ever been found guilty of a crime. According to Manhattan District Attorney Alvin Bragg, who handled the prosecution, this case was about greed and deception.

Trump himself was not charged, but the fact that the enormous real estate, hotel, and golf empire bearing his name has now been found guilty of a felony will likely harm his reputation as he seeks the Republican presidential nomination in 2024.

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The two organisations were found guilty of operating a 13-year fraud and tax evasion scheme by fabricating financial records. They were convicted on 17 counts in total.

Jurors concurred with the prosecution's assertion that the Trump Organization, which is currently led by Donald Jr. and Eric Trump, the elder of Donald Trump's two adult sons, concealed executive compensation between 2005 and 2021.

As part of a plea agreement, longtime CFO Allen Weisselberg testified against his former company and previously admitted guilt to 15 counts of tax fraud. Trump was not accused by him at the trial.

The 75-year-old Weisselberg, a close friend of the Trump family, acknowledged he conspired with the business to obtain unreported benefits like a rent-free apartment in a upscale Manhattan neighborhood, luxury vehicles for him and his wife, and private school tuition for his grandchildren.

In accordance with his plea agreement, Weisselberg agreed to testify during the trial, which began in October, in exchange for paying almost $2 million in fines and penalties and serving a five-month prison sentence.

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In a post on his social media account, Trump claimed that the Trump Organization was not liable for Weisselberg's "tax fraud on his personal tax returns."

"Manhattan Witch Hunt!" was the headline. No benefit from Weisselberg's actions, according to Trump, accrued to the company, and neither he nor any employees were "allowed to legally view" the CFO's returns.

Trump declared he would appeal because he was "disappointed with the verdict."

Trump's business will likely pay a fine of about $1.5 million, a pittance in the eyes of the wealthy real estate developer.
It's symbolic, though, as he fights a number of congressional and legal inquiries that will probably complicate his announcement of a second presidential bid in Florida last month.

The attorney general of New York has filed a civil lawsuit against Trump and his three eldest children, accusing them of inflating property values in order to enrich themselves. The case will go to trial in the latter part of 2019.

Considering that Trump allegedly profited from the fraud, prosecutor Letitia James has asked that he pay at least $250 million in fines and that his family be prohibited from owning businesses in the state.
James, a Democrat, praised the verdict from Tuesday.

She declared that there could be "no tolerance" for people or organisations that break the law in order to enrich themselves.
In connection with a defamation lawsuit filed by a woman who claims Trump sexually assaulted her in the 1990s, Trump has been ordered to appear in court in April 2023.

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He is also being investigated by the law for his attempts to annul the results of the election in November 2020 and for his supporters' attack on the US Capitol on January 6, 2021.