Sunday, February 28, 2021

Martin Gelin: Now Trump’s economic problems are bigger than the political ones


“No citizen, not even the president, can categorically stand up to the duty to share evidence during a prosecution,” Chief Justice John Roberts wrote after the verdict to give New York prosecutors the right to partake of Donald Trump’s statements.

The verdict is a major defeat in Trump’s protracted legal battle to prevent the New York investigation from gaining access to his declarations.

The accusations are about tax evasion and fraud. Prosecutor Cyrus Vance is investigating what he describes as “potentially long-standing and detailed criminal acts on Trump’s company.”

Manhattan District Attorney Cyrus Vance is investigating possible financial crimes by former President Donald Trump and his company.

Foto: Craig Ruttle / AP

Trump is suspected, among other things for having kept two different accounts. One account was intended to show maximum losses to avoid taxes, while another account was used to show profits to obtain bank loans and insurance. If it is possible to prove fraud, it can lead to imprisonment, according to Vance.

He claims that Trump and his company may have been guilty of three types of fraud, against banks, insurance companies and the tax authorities, as well as for making false tax returns.

The ruling means that the economic problems for Trump may soon fade his political problems. The lawsuits could be the start of a long and costly legal battle for the ex-president.

According to a review by the New York Times Trump may owe the IRS more than $ 100 million. Trump’s companies will also have debts of more than $ 300 million that must be repaid within four years. Legal costs alone can cost Trump tens of millions of dollars.

After Monday’s verdict, Cyrus Vance sent out a press release with a single line: “The work continues.”

Read more: Donald Trump must release his declarations



#Martin #Gelin #Trumps #economic #problems #bigger #political

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