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Donald Trump's family business was found guilty of tax fraud by a New York jury Tuesday, dealing a blow to the ex-president as he eyes the White House again.
The Trump Organization and separate entity the Trump Payroll Corp were found guilty on all counts, marking the first time the companies had ever been convicted of crimes.
"This was a case about greed and cheating," said Manhattan District Attorney Alvin Bragg, who prosecuted the case.
Trump himself was not charged but the fact the sprawling real-estate, hotel and golf business that bears his name is now a convicted felon is likely to inflict damage to his reputation as he seeks the Republican nomination for the presidency in 2024.
The two entities were convicted of running a 13-year-scheme to defraud and evade taxes by falsifying business records. In all, they were found guilty on 17 counts.
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.
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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. He did not implicate Trump during the trial.
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.
According to his plea deal, Weisselberg agreed to pay nearly $2 million in fines and penalties and complete a five-month prison sentence in exchange for testimony during the trial, which started in October.
Trump had previously slammed the case as a "witch hunt" by rivals, and lawyers for the Trump Organization said they would appeal the verdict.
"This case was all about Allen Weisselberg committing tax fraud on his personal tax returns," said Trump attorney Susan Necheles.
"Every witness repeatedly testified that President Trump and the Trump family knew nothing about Allen Weisselberg's actions," she added.
Trump's company faces a fine of around $1.5 million, a paltry sum to the billionaire real estate developer.
It's symbolic though as he battles a host of legal and congressional probes that will likely complicate his run for a second presidential term, announced in Florida last month.
Trump and his three eldest children face a trial late next year in a civil lawsuit by New York's attorney general that accuses them of misstating the value of properties to enrich themselves.
Prosecutor Letitia James has requested that Trump pay at least $250 million in penalties -- a sum she says he made from the fraud -- and that his family be banned from running businesses in the state.
James, a Democrat, hailed Tuesday's verdict.
"We can have no tolerance for individuals or organizations that violate our laws to line their pockets," she said.
Trump has been ordered to testify in April as part of a defamation lawsuit brought by a woman who says he raped her in the 1990s.
He is also facing legal scrutiny for his efforts to overturn the results of the November 2020 election and over the January 6, 2021 attack on the US Capitol by his supporters.