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Donald Trump’s chief financial officer, Allen Weisselberg, has agreed to co-operate with authorities and testify against the Trump Organization as per the plea deal.
On Thursday, Weisselberg pleaded guilty to 15 counts of fraud and tax evasion. The plea deal he agreed to at a Manhattan court requires him to reveal illicit business practices carried out by the firm.
Speaking on the matter, Manhattan District Attorney Alvin Bragg said:
"This plea agreement directly implicates the Trump Organization in a wide range of criminal activity and requires Weisselberg to provide invaluable testimony in the upcoming trial against the corporation."
He added:
"Furthermore, thanks to the incredibly hard work and dedication of the team prosecuting this case, Weisselberg will spend time behind bars. We look forward to proving our case in court against the Trump Organization."
Weisselberg, 75, has been accused of taking more than $1.7 million in off-the-books compensation from the firm over a period of time. This includes untaxed benefits like rent, car payments, and school fees.
Allen Weisselberg likely to serve five months in jail
Allen Weisselberg is a longtime Trump confidant who, after his guilty plea, will likely spend five months in New York's Rikers Island Complex. He would also be required to pay back around $2 million in taxes, penalties, and interest.
In July 2021, the CFO was arrested following an exhaustive investigation into the organization's unfavorable business practices issued by then District Attorney Cyrus Vance in 2019. Although Vance left office, current District Attorney Alvin Bragg continued the investigation.
So far, Weisselberg is the only one to face charges in the matter.
Authorities are also hoping to find out whether or not the Trump Organization revealed the true value of its properties to get loans or reduce tax bills.
Prosecutors have accused the company of providing untaxed fringe benefits to people in leadership positions, including Allen Weisselberg, for more than a decade.
As per reports, the alleged tax fraud by the Trump Organization carries a fine of double the unpaid taxes, or $250,000, whichever is more.
As per state law, Allen Weisselberg, who also faces a grand larceny charge, could serve around 15 years in prison. However, those who are first-time offenders in tax-related cases do not really face any prison time.
Trump Organization not part of the guilty plea
The Trump Organization refused to enter a guilty plea like Allen Weisselberg did on Thursday. The firm is scheduled to be tried for fraud charges in October.
Donald Trump has also not been charged following the investigation. He has termed the investigation a "political witch hunt."
He maintained that the company's business dealings were standard practice in the real estate world.
