Donald Trump company’s longtime finance director admitted guilt to fraud and tax evasion accusations before a New York court.
The Trump Organization’s chief financial officer Allen Weisselberg was accused of hiding more than $1.7 million in unreported revenue.
He will likely receive a five-month term in the infamous Rikers Island prison and be required to repay the debt.
According to the prosecution, the case concerns a 15-year plan that let executives at The Trump Organization avoid paying taxes on corporate perks like rent, payments for high-end cars, and tuition at elite schools. The investigation focuses on whether Mr. Weisselberg and other executives obtained these advantages without properly disclosing them on their tax forms.
Mr. Trump, who is not charged with any crime and has not been put on trial, has dubbed the Manhattan district attorney’s case against his family’s real estate company a “witch hunt.”
Mr. Wisselberg also confessed to being a part of the plan and getting private school tuition for his grandchildren, BMW automobiles, and a Manhattan mansion at the Thursday plea hearing.
In a statement issued shortly after, his lawyer said: “[He] decided to enter a plea of guilty today to put an end to this case and the years-long legal and personal nightmares it has caused for him and his family.”
The 75-year-old has worked for Mr. Trump for almost five decades and is among the former president’s most reliable business partners. When he was detained last year, he resigned from his chief financial officer position, which he had held since 2005.
The Trump Organization is a defendant in the same case, but its attorneys have pleaded not guilty.
After accepting a plea deal, Mr. Weisselberg will be required to testify against Mr. Trump’s firm at a criminal trial later this year.
However, insiders have said he declined to assist prosecutors in their inquiry into the Republican leader and his business activities. Therefore, any testimony he offers at the trial, which is set to begin in late October, will only be relevant to this case and will not directly implicate Mr. Trump.
According to The New York Times, Mr. Weisselberg had been under pressure from the prosecution to help them bring charges against Mr. Trump. However, he has refused and accepted jail time instead.
On Tuesday, Judge Juan Merchan said he would be sentenced at the Trump Organization trial’s end.
