The daily business briefing: December 7, 2022

The Trump Organization is convicted of tax fraud, China lifts 'zero-COVID' testing and isolation restrictions, and more

Trump building in Chicago
(Image credit: Scott Olson/Getty Images)

1. Trump Organization found guilty of tax fraud

A Manhattan jury on Tuesday found former President Donald Trump's family real estate business guilty of criminal tax fraud and other financial crimes in a 15-year scheme to dodge taxes by compensating top executives with luxury apartments and automobiles, private school tuition for their relatives, and other fancy perks. Prosecutors said the case demonstrated a "culture of fraud and deception" at two Trump Organization entities — Trump Corp. and Trump Payroll Corp. The Manhattan district attorney's office got the Trumps' long-serving chief financial officer, Allen Weisselberg, to plead guilty and testify about the scheme, which he orchestrated. Trump and his eldest sons, who run the company, were not directly implicated. Trump said he was "disappointed with the verdict" and would appeal.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More
Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.