Former Trump Organization CFO Pleads Guilty to Tax Fraud and Agrees to Testify Against Company

Allen Weisselberg, former chief financial officer of Trump Organization Inc., arrives to criminal court in New York, US, on Thursday, Aug. 18, 2022. Weisselberg could be compelled to testify against the Trump Organization after agreeing to plead guilty to more than a dozen tax-fraud accounts, according to two people familiar with the matter.

Photographer: Jeenah Moon/Bloomberg

Washington (CNN)

Allen Weisselberg, the former chief financial officer of the Trump Organization, pleaded guilty Thursday to his role in a 15-year tax fraud scheme.

And, as part of the settlement, he agreed to testify in court against former President Donald Trump's real estate company.

In court, Weisselberg said "yes, your honor" when asked if he accepted the charges by choice.

• Trump Organization Accounting Firm Says 10 Years of Financial Statements Are Unreliable

Weisselberg pleaded guilty to 15 felonies and admitted that he did not pay taxes on $1.7 million in income.

Among them, luxury perks like rent and utilities for a Manhattan apartment, leases for a couple of Mercedes-Benz cars, as well as private school tuition for his grandchildren.

Authorities escort former Trump Organization Chief Financial Officer Allen Weisselberg (C) as he leaves court on August 12, 2022 in New York.

The former executive of the Trump Organization admitted to hiding those benefits from his accountant so as not to declare his income.

Also that you knowingly omitted the income from his personal tax returns.

• New York Attorney General's Office Identifies Numerous "Misleading Statements and Omissions" in Trump Organization Financial Statements

To the judge's series of specific questions about the scheme, Weisselberg responded in a low, barely audible tone.

He replied "yes, your honor" repeatedly.

As part of the plea agreement, he will pay nearly $2 million in back taxes, interest and penalties.

He also waives any right of appeal.

advertising

News in development...

Allen Weisselberg Trump Organization