Trump Organization found guilty of tax fraud

Former US president Donald Trump's family business, Trump Organization was found guilty of tax Fraud by a New York jury on Tuesday. This has dealt a blow to Trump's possible ambition to eye White House again in 2024 polls.

The organisation was found guilty on all nine counts, prosecutors said in a statement. This has marked the first time it had ever been convicted.

"This was a case about greed and cheating. In Manhattan, no corporation is above the law," said Manhattan District Attorney Alvin Bragg.

This will now cause the company to pay up a fine of around USD 1.5 million, a small sum considering Trump's vast wealth. However the ruling is likely to inflict damage to his reputation.

The Trump Organization and separate Trump entity the Trump Payroll Corp were convicted of running a 13-year-scheme to defraud and evade taxes by falsifying business records.

Jurors agreed with prosecutors that the Trump Organization -- currently run by Trump's two adult sons, Donald Jr and Eric Trump -- hid compensation it paid to top executives between 2005 and 2021.

Longtime CFO Allen Weisselberg, had already pleaded guilty to 15 counts of tax fraud, and testified against his former company as part of a plea bargain.

A close friend of the Trump family, the 75-year-old Weisselberg admitted he schemed with the company to receive undeclared benefits such as a rent-free apartment in a posh Manhattan neighborhood, luxury cars for him and his wife and private school tuition for his grandchildren.

Trump, who had slammed the charges as a "witch hunt" by rivals," was himself not named in the case.