Ex-Trump Organization Chief Financial Officer Allen Weisselberg pled guilty in a New York state court Thursday to charges related to a 15-year plot to evade taxes on executive compensation, deciding to work with the prosecution against the former president’s real estate company.
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Appearing before Supreme Court Justice Juan M. Merchan, Weisselberg acknowledged his guilt on 15 felony counts including tax fraud, grand larceny and conspiracy. The plea agreement requires him to testify against the Trump Organization, which has denied wrongdoing, at a trial expected to begin Oct. 24.
Prosecutors have agreed that if Weisselberg cooperates and truthfully testifies, he’ll serve only five months behind bars for his crimes, which carry a max sentence of 5 to 15 years in prison. The agreement also includes a payment by Weisselberg of $1.9 million in unpaid taxes, interest and penalties to local tax authorities.
Weisselberg admitted that he worked with the Trump Organization to omit from his tax returns over $1.76 million worth of off-the-books income that funded personal expenditures such as: apartment rent, tuition for his children and two Mercedes-Benz car leases. In addition to those actions, Weisselberg also destroyed records and hid his New York City residency to avoid paying local taxes, according to the plea.
“Is it true that from at least 2005 through June 30, 2021, you, the Trump Organization, the Trump Payroll Corp. and others agreed to implement a compensation scheme to enable you to underreport your income to authorities?” asked Justice Merchan.
“Yes,” answered Weisselberg.
The plea came less than a week after the judge rejected requests from Weisselberg and the Trump Organization to dismiss the July 2021 indictment.
Former President Trump has a series of pending legal battles on his plate as well.
Last week, FBI agents searched his Mar-a-Lago home for classified and other documents from his time in office.
Two days later, Trump was deposed in New York Attorney General Letitia James’ civil probe into whether he purposely misled tax authorities and banks about his business’s assets.
Citing his Fifth Amendment U.S. Constitutional right against self-incrimination, he repeatedly refused to answer questions.
“Let this guilty plea send a loud and clear message: we will crack down on anyone who steals from the public for personal gain,” James said in a statement.
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Source: https://www.law360.com/articles/1522193/breaking-trump-org-cfo-pleads-guilty-in-ny-tax-case-
