Paul Manafort to Serve 47 Months in Prison for Financial Fraud

Paul Manafort

The ongoing case of Paul Manafort , convicted for five counts of tax fraud, two counts of bank fraud, and one count of failing to declare a foreign bank account finally reached its conclusion by sentencing the convicted for 47 months in prison and is to also pay $24m (£18m) in restitution and a $50,000 fine.

As per the trial, Paul Manafort has been found guilty of hiding $55m in offshore bank accounts in Cyprus. Apparently, the money is the political consultancy fee paid to him by the Ukrainian politicians.

As of now, he is punished as per the proven charges of failing to pay $6m in taxes, as he funded his opulent lifestyle, including a $15,000 ostrich-skin jacket and a luxurious renovation of his Hamptons mansion.

The former Trump aide was arrested in the special counsel investigation, in October 2017 and since then the case has attracted political traction due to the sensitivity and plausible connection to illegal lobbying with Russia in 2016 elections.

Paul Manafort on being sentenced said that “the last two years have been the most difficult of my life”

He pleaded “To say I am humiliated and ashamed would be a gross understatement, and asked the judge to be “compassionate”.

Despite of being surprised by absence of regret for engaging in wrongful conduct, as per the sentencing guidelines, Judge TS Ellis sentenced him for 47 months of imprisonment.

Despite of the proven charges of financial frauds, Paul Manafort till now has not been found guilty of collusion with Russian government. As per the court, “He [Manafort] is not before the court for anything having to do with colluding with the Russian government.”

However, the special counsel’s investigation into an alleged Russian plots to influence the 2016 US presidential election is still in process. Paul Manafort has pleaded guilty in September for illegal lobbying, the sentencing of which is still due and Judge Amy Berman Jackson is to decide for his dual sentence once through with the trial.

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