Trump business CFO takes plea deal

After initially denying wrongdoing, Allen H. Weisselberg, a former chief financial officer for the New-York based Trump Organization, pleaded guilty Thursday to 15 charges for illegally taking advantage of tax-free perks. His testimony could play a pivotal role in New York County Attorney General Alvin Bragg’s investigation of the Trump family business. The organization has been accused of intentionally submitting false property values to financial backers. But while Weisselberg’s testimony makes a defense of the organization more difficult, his confession will not implicate former President Donald Trump. The company said in a released statement it has done nothing wrong, won’t plead guilty, and looks forward to having its day in court.

Why has Weisselberg changed his plea? Weisselberg has accepted a plea deal from the Manhattan District Attorney’s office that could secure a minimal five-month sentence, provided he testifies truthfully in the October trial. That sentence is a significant reduction from the 15-year maximum he would have otherwise faced if found guilty. He will have to pay almost $2 million in taxes and serve five years of probation.

Dig Deeper: Read Carolina Lumetta’s report in The Sift about the charges Weisselberg faced.