Canada
This article was added by the user . TheWorldNews is not responsible for the content of the platform.

Trump CFO's plea bargain could have made him a witness for the prosecution

Article Author:

The Associated Press

Associated Press

Michael R. Sisak

NEW YORK (AP) — Donald Trump's Chief Financial Officer is expected to plead guilty to tax violations on Thursday. Two people familiar with the matter told the Associated Press that they are testifying about illegal business practices at the former president's company.

Allen Weisselberg is guilty of over $1.7 million in off-the-books compensation from the Trump Organization over several years, including tax-exempt benefits such as rent, car payments, and school tuition. has been prosecuted for

The plea deal requires Weisselberg to speak in court on Thursday about the company's role in the alleged compensation arrangement, and the Trump Organization announced his Oct. May serve as a witness when brought to trial on related charges. , said the people.

The two were not authorized to speak publicly about the incident and spoke on the condition of anonymity. He will likely be sentenced to five months in prison in a complex and may have to pay damages of around $2 million including taxes. Fines and interest, people said. If that punishment continues, Weisselberg will be eligible for release after about 100 days.

A message for comment was left with the Manhattan District Attorney's Office and attorneys for Weisselberg and his Organization. I was.

Weisselberg is so far the only person to face criminal charges in the Manhattan District Attorney's lengthy investigation into the company's business practices.

Weisselberg, who was considered one of Trump's most loyal business associates, was arrested in July 2021. His lawyers argued that the Democratic-led district attorney's office punished him because he failed to provide information that would hurt Trump.

The district attorney is also investigating whether Trump or his company lied to banks or the government about the value of its assets in order to obtain loans or reduce taxes.

The former district attorney who initiated the investigation, Cyrus Vance Jr., last year directed his attorneys to present evidence to a grand jury and seek an indictment against Trump, said former prosecutor Marc Vance. Mr. Pomerantz previously led the investigation.

However, after Vance left office, his successor, Alvin Bragg, allowed the grand jury to be dismissed with acquittal. is also a Democrat. Bragg said the investigation is ongoing.

The Trump Organization was not involved in Weisselberg's guilty plea expected on Thursday and is set to face trial in October over alleged compensation schemes.

Prosecutors alleged that the company had given tax-exempt benefits to senior executives, including Weisselberg, during his 15 years. In Weisselberg alone, the federal government, states, and cities have accused him of defrauding over $900,000 in unpaid taxes and unfair tax refunds.

Under state law, the most serious charge against Weisselberg, the punishment for grand theft, could carry him up to 15 years in prison. However, there is no minimum duty imposed on this charge, and most first-time offenders in tax-related cases do not end up in prison.

Tax evasion charges against the Trump organization are punishable by a fine of twice his unpaid taxes or $250,000, whichever is greater.

Trump has not been charged with a criminal investigation. A Republican denounced the New York investigation as a "political witch hunt" and said his firm's actions were standard practice in the real estate business and by no means a crime.

Last week , Trump sat down for depositions in a parallel civil investigation by New York Attorney General Letitia James into allegations that Trump's firm misled lenders and tax authorities about property values. Trump has exercised his Fifth Amendment protection against self-incrimination more than 400 times.

——