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

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
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
Add Fortune on Google for similar content.

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
Add Fortune on Google for similar content.

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 refi mortgage rates report for July 1, 2026
Personal FinanceReal Estate
Current refi mortgage rates report for July 1, 2026
By Glen Luke FlanaganJuly 1, 2026
57 minutes ago
Current ARM mortgage rates report for July 1, 2026
Personal FinanceReal Estate
Current ARM mortgage rates report for July 1, 2026
By Glen Luke FlanaganJuly 1, 2026
57 minutes ago
Mortgage rates today, July 1, 2026
Personal Financemortgages
Mortgage rates today, July 1, 2026
By Glen Luke FlanaganJuly 1, 2026
57 minutes ago
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big TechNvidia
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
58 minutes ago
Henry Ford, Steve Jobs, William Boeing: These Fortune 500 founders are the American-born children of immigrants
PoliticsImmigration
Henry Ford, Steve Jobs, William Boeing: These Fortune 500 founders are the American-born children of immigrants
By Catherina GioinoJuly 1, 2026
58 minutes ago
Nike’s earning numbers exceeded Wall Street’s expectations. But CEO Elliott Hill’s next test is the World Cup
RetailNike
Nike’s earning numbers exceeded Wall Street’s expectations. But CEO Elliott Hill’s next test is the World Cup
By Mia OsmonbekovJune 30, 2026
11 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
6 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
2 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
4 days ago
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
AI
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
By Catherina GioinoJune 29, 2026
1 day ago
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
Commentary
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
By Marc AndersenJune 30, 2026
20 hours ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
3 days 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.