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Wayne Duggan

Donald Trump And 5 Other Business Bosses Who Invoked Their Fifth Amendment Rights

A day after the Federal Bureau of Investigation raided his residence in Mar-a-Lago, FL, Former President Donald Trump invoked his Fifth Amendment rights during a scheduled deposition by New York Attorney General lawyers on Wednesday. The deposition is part of a multi-year investigation into whether or not the Trump Organization provided misleading financial statements to deceive lenders, insurers and tax authorities.

Trump isn't the only high-profile businessperson that has invoked his Fifth Amendment rights not to testify against himself in court. Here are five other business executives who have invoked the fifth amendment.

"Pharma Bro" and former Turing Pharmaceuticals founder and CEO Martin Shkreli invoked his Fifth Amendment rights during his 2016 testimony before Congress. A year later, Shkreli was convicted of securities fraud and sentenced to seven years in prison.

Related Link: Donald Trump's Mar-a-Lago Estate Searched by FBI — What Stocks May Be Affected

Former Enron CEO Kenneth Lay invoked his Fifth Amendment rights during a Senate hearing related to Enron's collapse back in 2002. Lay was ultimately found guilty of 10 counts of securities fraud, but died of a heart attack in 2006 roughly three months before his scheduled sentencing.

Former American Continental Corporation chairman Charles Keating invoked his Fifth Amendment rights during his trial for securities fraud related to the savings and loan scandal of the late 1980s. Keating was sentenced to 10 years in prison in 1992 for his involvement with the scandal.

Solyndra CEO Brian Harrison invoked his Fifth Amendment rights during a congressional hearing investigating Solyndra's 2011 bankruptcy after the company had received a half-billion dollar government loan. Harrison resigned from his CEO position in October 2011, but became CEO of dynamic glass company View Inc (NASDAQ:VIEW) in 2016. Today, Harrison is a senior vice president of Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM).

Theranos CEO and founder Elizabeth Holmes invoked her Fifth Amendment right during a 2018 deposition prior to her criminal trial for fraud. Homes was found guilty of four counts of fraud in January 2022, but her sentencing has been delayed until October.

Benzinga's Take: It may not be a good look for Trump to invoke his Fifth Amendment rights, but it doesn't mean he is guilty of any crimes. Trump isn't necessarily known for his consistency and precision when he speaks, so it's understandable why his attorneys would recommend he not testify unless necessary.

Despite Trump's eventful week, he remains the narrow market favorite over Florida Governor Ron DeSantis to win the U.S. presidential election in 2024, according to PredictIt.

Photo: Courtesy of Gage Skidmore on flickr

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