Trump Org. CFO cuts plea deal, will testify against company after being charged with 15 felonies
Former President Trump’s longtime chief financial officer, Allen Weisselberg, will reportedly cut a plea deal with authorities after being charged with 15 felonies and will testify against the Trump Organization.
(Video Credit: CBS New York)
In exchange for his testimony, it is expected that Weisselberg, 75, will serve as little as 100 days in prison instead of potentially getting hit with a 15-year sentence, according to The New York Times. He is expected to plead guilty as soon as Thursday in the case.
The former CFO will not be required to turn on Trump himself in his testimony but will have to cop to the 15 felonies he is charged with as well as testify concerning his role in a scheme to avoid paying taxes on corporate perks. The former president has not been charged with any crimes but the Trump Organization was charged by prosecutors with 10 counts in the alleged tax fraud scheme.
The New York Daily News is reporting that prosecutors are seeking up to 5 months in prison at Rikers Island for Weisselberg. He could be required to pay approximately $2 million in restitution, including taxes, penalties, and interest. If that punishment holds, Weisselberg would be eligible for release in approximately 100 days.
“They are fully ramped up for trial and expect to fight this all the way through,” several sources close to the Trump Organization claim, according to the Daily Mail.
Former Trump CFO Allen Weisselberg has flipped. He’s withdrawn his not guilty plea and is willing to testify against the Trump Organization in court. pic.twitter.com/akmF1OhNcZ
— Mike Sington (@MikeSington) August 17, 2022
“They broke him in their effort to get Trump and he just wanted this over,” a source close to the former president allegedly told the Daily Mail. “Everyone thinks he is a good man.”
Prosecutors will almost certainly use Weisselberg’s testimony as a means to go after the Trump Organization on broader claims. He is the only Trump executive who has been charged in a witch hunt started by former Manhattan District Attorney Cyrus Vance Jr. that now spans years.
Seen as one of Trump’s most loyal business associates, Weisselberg was taken into custody in July 2021. His attorneys argued that the Democrat-led district attorney’s office was punishing him because he wouldn’t roll on Trump.
Vance’s successor, Alvin Bragg is now in charge of the investigation. A number of Trump executives have been granted immunity to get them to testify before a grand jury in the case.
Trump Organization CFO Allen Weisselberg reportedly has agreed to cooperate against the Trump Org and Trump Payroll Corp.
He is *not* cooperating against Trump personally, and because he was CFO, his plea would have been a huge problem for the Org even if he hadn’t cooperated. https://t.co/a6ZSJDgz0R
— Renato Mariotti (@renato_mariotti) August 17, 2022
Weisselberg began working for Trump’s father, Fred Trump, in 1973 and is considered part of the family, according to the Daily Mail’s sources.
Prosecutors have charged that Weisselberg and the Trump Organization schemed to give under-the-table perks to senior executives, including Weisselberg, for 15 years.
The former CFO is charged with evading taxes on $1.7 million in income, including rent for a Manhattan apartment, lease payments for two Mercedes-Benz vehicles, and tuition for family members. He is also being accused of defrauding the federal government, state, and city out of over $900,000 in unpaid taxes and undeserved tax refunds.
The trial is set for late October and will carry on into the November midterm elections. The timing is seen as suspect by many.
Get the latest BPR news delivered free to your inbox daily. SIGN UP HERE
This post was originally published on Biz Pac Review.