• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Paul Manafort

Paul Manafort Convicted at Fraud Trial in Setback for Trump

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
August 21, 2018, 4:46 PM ET

A federal jury convicted Paul Manafort, U.S. President Donald Trump’s former campaign chairman, at his fraud trial, handing a crucial victory to Special Counsel Robert Mueller.

Manafort was found guilty on five counts of tax fraud, one count of failing to file a financial document with the government, and two counts of bank fraud. The jury couldn’t reach a decision on the other 10 counts. He was accused of lying to tax authorities about his income and offshore tax accounts, failing to file reports about those accounts, and defrauding banks to get loans.

The convictions were half of a double blow to Trump. At the moment that the Manafort verdict was read out in Alexandria, Virginia, Trump’s longtime personal lawyer, Michael Cohen, pleaded guilty in Manhattan to eight counts of tax evasion, false financial statements and unlawful campaign contributions.

In the Manafort matter, U.S. District Judge T.S. Ellis III declared a mistrial on the 10 counts for which the jury could reach no verdict. Manafort and his wife, Kathleen, showed no emotion when the courtroom deputy read the verdict. Manafort looked stunned as he was led out of the courtroom.

Manafort remains in custody and faces a Sept. 17 trial in Washington on charges of money laundering, failing to register as a foreign agent and obstruction of justice. By deadlocking on all the conspiracy counts it suggests that the jury rejected some or all of the testimony of Rick Gates, Manafort’s former right-hand man who pleaded guilty and cooperated with Mueller’s investigation. Gates was the star prosecution witness and defense lawyers depicted him as a liar and embezzler.

Manafort, 69, faces a lengthy prison term for each count, raising the question of whether Trump might take the politically fraught step of pardoning his former aide or commuting his sentence. Without Trump’s intervention, Manafort’s only hope for leniency would be to cooperate with Mueller’s probe. No sentencing date has been set as Ellis said he wanted to give the prosecution time to decide whether to retry the 10 counts. They have until August 29 to decide how to proceed.

The case was the first brought by Mueller to go to trial. Mueller, who is investigating Russian interference in the 2016 election, has charged 32 people and secured five guilty pleas.

Four Days

Jurors in Alexandria, Virginia, took four days to find Manafort guilty of eight of the 18 counts he faced, bringing a relatively speedy conclusion to a trial that Judge Ellis kept moving swiftly with frequent excoriations to prosecutors to pick up their pace.

Manafort’s crimes weren’t related to Russian interference in the 2016 U.S. election, the primary focus of the special counsel investigation. But Mueller’s victory is still a blow to Trump, who has ratcheted up his attacks on the special counsel, calling the probe a “witch hunt” led by “angry Democrats” and urging him to end his work before the November congressional elections. Now, however, Mueller’s backers have a jury conviction to hold up as evidence of his progress.

Trump has sent mixed messages about Manafort. He once sought to distance himself from Manafort, saying he worked for the campaign for a “very short time,” even though Manafort worked for the campaign from March to August 2016. But Trump has also decried Manafort’s prosecution by Mueller, saying in a tweet during the trial that he was treated worse than the late mob boss Al Capone.

The president has stepped up his attacks on Mueller’s probe of Russian election interference in recent weeks, embracing the argument by some House Republicans that the inquiry was tainted from the start by anti-Trump sentiment in the FBI and Justice Department.

Trump’s legal team has been pressuring Mueller to wrap up his work, and the president’s staunchest allies in the House have called for impeaching Deputy Attorney General Rod Rosenstein, who appointed Mueller and is overseeing his investigation.

Dozens Charged

Mueller has charged 32 people, including more than two dozen Russians, and won guilty pleas from five people. The verdict could help insulate Mueller from attacks on his investigation, though it’s unlikely to stop Trump’s supporters from questioning his legitimacy as special counsel.

Prosecutors said at trial that the evidence of Manafort’s guilt was overwhelming. They used 27 witnesses and 388 documents to pierce the veil of lies he repeatedly told — to U.S. tax authorities and to bankers — to maintain a lavish lifestyle that frayed as the Ukraine business dried up. Manafort put on no witnesses and didn’t testify.

The trial detailed Manafort’s work as a strategist and lobbyist for foreign interests and his ties to pro-Russia oligarchs in Ukraine. When Manafort advised Ukrainian President Viktor Yanukovych and his Party of Regions, those businessmen paid for his work by moving millions into shell companies in Cyprus, jurors heard.

In all, Manafort was paid more than $60 million between 2010 and 2014. By the time he joined the Trump campaign, Manafort was desperate for cash, prosecutors said.

This article was updated with additional information

About the Author
By Bloomberg
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Current price of Ethereum for May 21, 2026
Personal FinanceEthereum
Current price of Ethereum for May 21, 2026
By Joseph HostetlerMay 21, 2026
3 minutes ago
Current price of Bitcoin for May 21, 2026
Personal FinanceCryptocurrency
Current price of Bitcoin for May 21, 2026
By Joseph HostetlerMay 21, 2026
3 minutes ago
allbirds
AILayoffs
Allbirds’ 600% stock surge says a lot about how ‘AI washing’ became the new ‘greenwashing’
By Suvrat Dhanorkar and The ConversationMay 21, 2026
6 minutes ago
Current price of gold as of May 21, 2026
Personal Financegold prices
Current price of gold as of May 21, 2026
By Danny BakstMay 21, 2026
6 minutes ago
Top CD rates from major banks May 21, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
Personal FinanceCertificates of Deposit (CDs)
Top CD rates from major banks on May 21, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
By Joseph HostetlerMay 21, 2026
11 minutes ago
Current price of oil as of May 21, 2026
Personal FinanceOil
Current price of oil as of May 21, 2026
By Joseph HostetlerMay 21, 2026
20 minutes ago

Most Popular

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
2 days ago
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
Success
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
By Preston ForeMay 20, 2026
22 hours ago
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Future of Work
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
By Mike Householder and The Associated PressMay 17, 2026
4 days ago
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
Workplace Culture
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
By Preston ForeMay 19, 2026
2 days ago
Current price of oil as of May 20, 2026
Personal Finance
Current price of oil as of May 20, 2026
By Joseph HostetlerMay 20, 2026
24 hours ago
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
Workplace Culture
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
By Sydney LakeMay 20, 2026
18 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.