I have heard a couple different versions.
  1. The payment to stormy was a campaign finance violation
  2. Payment to his lawyer Michael Cohen was listed as a legal expense which was a false record
  3. Payment to stormy was a conspiracy to interfere with 2016 election
These charges should be a misdemeanor assuming a crime was committed.
The 34 counts refer to him writing legal expense 34 times
this territory is moderated
WSJ:
Trump became the first former president ever convicted of a crime, with a Manhattan jury finding him guilty of falsifying records to cover up hush money paid to a porn star.
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