Paul Manafort, Former Trump campaign chair, was found guilty of eight counts of fraud Tuesday in Virginia.
Special counsel Robert Mueller’s team brought several charges against Manafort with regard to money Manafort made for lobbying for Ukranian politicians. Also, he landed himself in a heap of trouble when he committed bank fraud to get more money once the Ukrainian president was deposed.
Manafort brought $30 million into the United States from an offshore Ukraine account between 2008-2014. He did not file taxes on this money, which he used to buy real estate, luxury items, and “loans” to companies in which he was heavily invested.
The finance finnesser also had over 14 accounts in Cyprus and the Grenadines. An estimated $75 million flowed through these accounts in total. Foreign accounts in excess of $10,000 must be reported to the Treasury Department. Needless to say, Manafort did not comply with this federal regulation.
Once the Ukraine president was deposed and money stopped flowing in, Manafort began to commit bank Fraud. He began defrauding his finance applications with false information about his company’s finances.
The charges Manafort faced were:
Guilty of 5 counts of subscribing to false US individual income tax returns
Guilty of one count of failure to file reports of foreign bank and financial accounts (FBAR)
Guilty of 2 counts of bank fraud
Three more failure to declare foreign accounts charges
Two more bank fraud charges
Five bank fraud conspiracy charges
There was a hung jury on 10 of the charges. It is up to the discretion of prosecutors to try Manafort again.
To make things even worse Manafort will be facing a slew of other charges next month in Washington, D.C. A second trial will begin September 17th. The charges include:
Conspiracy to defraud the United States,
Conspiracy to launder money
Unregistered agent of a foreign principal
False and misleading FARA statements
Obstruction of justice
Conspiracy to obstruct justice