Real estate developer is first U.S. president to be convicted felon 

Donald Trump (Illustration by Kevin Rebong for The Real Deal with Getty)

MAY 30, 2024, 6:11 PM

A Manhattan jury on Thursday convicted former President Donald Trump on all 34 counts of falsifying business records tied to hush money payments paid to porn star Stormy Daniels. 

The verdict makes Trump the first U.S. president, but certainly not the first real estate developer, to be declared a felon.

The charges stem from money given to Trump’s former fixer, Michael Cohen, to reimburse him for a $130,000 payment made to Daniels in exchange for keeping quiet about an affair she says they had in 2006. 

The charges carry up to four years in prison, though Trump is expected to appeal the verdict, the New York Times reported. 

After the verdict was handed down, Trump called it a “disgrace” and told reporters: “This is long from over.”

He also faces three other indictments in three other states. 

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Cohen in 2018 pleaded guilty to eight charges related to the hush money payment, including tax evasion and campaign finance violations, and received a three-year prison sentence. He spent most of his sentence in home confinement.

The conviction does not prevent Trump from running or becoming president, according to the Washington Post. 

Trump’s campaign recently received a boost from CEO Blackstone chair Stephen Schwarzman, who announced his support for Trump in his 2024 presidential bid. Schwarzman previously said he would not back Trump, but cited the rise of antisemitism in the U.S. as a reason for reversing his decision. 

It remains to be seen if Thursday’s verdict will deter others in the industry from publicly joining Schwarzman.

 — Kathryn Brenzel TRD and Staff