Ex-Trump Org CFO pleads guilty to tax fraud charges

·1 min read
Allen Weisselberg.
Allen Weisselberg. Jeenah Moon/Bloomberg via Getty Images

Former Trump Organization CFO Allen Weisselberg pleaded guilty to a number of tax violations on Thursday, and also agreed to testify "against former President Donald Trump's real estate company" if prosecutors decide to call on him, CNN reports.

The former executive's required testimony is part of his plea deal with the Manhattan district attorney's office, which has been investigating whether "Trump or his company lied to banks or the government about the value of its properties to obtain loans or reduce tax bills," writes The Associated Press.

Weisselberg, 75, pleaded guilty to all 15 felonies in the case, and also admitted he neglected to pay taxes on $1.7 million in income, which included non-traditional perks like his grandchildren's school tuition, CNN notes. If he testifies truthfully at the trial, "he will receive a five-month sentence and likely serve as little as 100 days with time credited for good behavior," adds The New York Times. He must also pay nearly $2 million in taxes, penalties, and interest, as well as waive his right to appeal.

That the ex-CFO refused to turn on Trump — even at risk of incarceration — notably "underscores the extent of his loyalty to a family he has served for nearly a half-century," the Times continues.

Weisselberg was originally indicted last year. He will remain free on bail until he is formally sentenced.

Meanwhile, Trump last week sat for a deposition in New York Attorney General's Letitia James' concurrent civil investigation into the Trump Organization, where he is said to have plead the Fifth over 400 times.

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