Former Trump organisation executive pleads guilty in tax evasion case

Former Trump Organization executive Allen Weisselberg pleaded guilty on Thursday to evading taxes

Law & Order, Court order
Representative image
ANI US
2 min read Last Updated : Aug 19 2022 | 10:59 AM IST

Former Trump Organization executive Allen Weisselberg pleaded guilty on Thursday to evading taxes.

Weisselberg, 75, admitted to 15 felonies arising from a scheme to avoid paying taxes on lavish perks.

"Manhattan District Attorney Alvin L Bragg, Jr. today announced the guilty plea of ALLEN Weisselberg, 75, the Chief Financial Officer of the Trump Organization and an employee of the Trump Corporation - for devising and operating a 15-year scheme to defraud federal, New York State, and New York City tax authorities, evading payment of taxes due on USD 1.76 million in unreported income," Manhattan District Attorney Alvin's office said in a press statement.

In his plea allocution in Court, Weisselberg admitted that he engaged in the scheme to defraud together with his co-defendants, the Trump Corporation and the Trump Payroll Corp, specifically implicating the Trump Organization in the criminal charges.

During the scheme up until 2017, former President Donald J. Trump was President and owner of the Trump Organization.

"The Court promised Weisselberg a sentence of five months in jail to be served on Rikers Island and five years' probation, contingent on Weisselberg testifying truthfully in the upcoming criminal trial of the Trump Organization by providing truthful testimony as to the facts underlying his allocution and plea. Jury selection in the Trump Organization trial is scheduled to begin October 24th," Alvin's office statement said.

Weisselberg is required to testify at a trial against the Trump Organization later this year as part of a plea deal with the Manhattan district attorney's office.

Under the terms of the plea deal, Weisselberg is expected to receive a five-month jail term and must pay nearly 2 million U.S. dollars in taxes.

The Trump Organization has been accused of aiding Weisselberg and others in avoiding income taxes by failing to report their accurate compensation.

The company has tried to get the charges dismissed, claiming that they were politically motivated. Former US President Donald Trump is not charged in this case.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Donald Trump

First Published: Aug 19 2022 | 10:59 AM IST

Next Story