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Ex-CFO Weisselberg Pleads Guilty, Turns State's Witness Against Trump Organization

8/17/2022

As expected, former Trump Organization CFO Allen Weisselberg has pled guilty to tax crimes in New York City today, Thursday, August 18.

Late last week, it was announced that Weisselberg's trial would begin in Manhattan on October 24 after a motion for dismissal of the charges was denied.

Bloomberg shared details at the time:

Weisselberg and the Trump Organization were charged last year with conspiring to avoid income taxes by paying certain employees in unreported perks. Weisselberg, 74, was allegedly the main beneficiary of the scheme, receiving benefits including a free Manhattan luxury apartment and Mercedes-Benz cars for both him and his wife.

Now, CNN has reported that Weisselberg will turn state's witness against former President Trump's company as part of his plea deal with the Manhattan District Attorney's office.

The ex-CFO admitted to knowingly concealing the high-end benefits he received during his tenure from his accountant in a bid to under-report his income on federal income tax returns.

Per CNN"s report:

Weisselberg answered a series of specific questions about the scheme from the judge in a hushed and barely audible tone, saying "Yes, your honor" repeatedly.

As part of the deal, he will pay nearly $2 million in back taxes, interest and penalties and waive any right to appeal.

Weisselberg is also set to be officially sentenced following the Trump Organization's trial. Judge Juan Merchan indicated that the plea agreement was for a five-month sentence followed by five years of probation.

If, however, any terms of the agreement are broken, Weisselberg could be subject to anywhere from five to 15 years of imprisonment. The Associated Press noted that he is expected to be imprisoned at New York's notorious Riker's Island complex.

He worked for the Trump Organization for 40 years prior to his ongoing legal woes.

The sophisticated tax evasion scheme allegedly went on for about 15 years of Weisselberg's career.

It is worth noting that the former POTUS is not a defendant in this case, but has been facing his own potential legal problems following the January 6, 2021 riot at the U.S. Capitol.

Trump's Mar-a-Lago estate in Florida was recently the subject of a Federal Bureau of Investigation (FBI) raid and, per Bloomberg, "he invoked his Fifth Amendment right against self-incrimination on Wednesday [August 10] to avoid answering deposition questions in a civil probe of his family real estate business by New York Attorney General Letitia James."

On the heels of this raid, which has Republicans calling for the release of the FBI's affidavit, an appeals court unanimously ruled that the IRS can obtain Trump's personal tax records.

Trump himself has not publicly commented on the Weisselberg case at this time.

What do you think about Weisselberg turning state's witness?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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