Home Posts Trump CFO Allen Weisselberg Has Been Removed From Subsidiary Roles Due To Fraud Charges: Reports
Trump CFO Allen Weisselberg Has Been Removed From Subsidiary Roles Due To Fraud Charges: Reports
Donald Trump

Trump CFO Allen Weisselberg Has Been Removed From Subsidiary Roles Due To Fraud Charges: Reports


According to multiple reports, the Trump Organization's chief financial officer, Allen Weisselberg, has been removed from his leadership positions at dozens of subsidiary companies following a grand jury indictment on charges including grand larceny and tax fraud.

The Wall Street Journal first reported Monday that Weisselberg, 73, had been fired from his roles at a number of Trump entities in the United States and Scotland, citing public filings and people familiar with the change. The Journal added that the decision came as he faces a number of charges and that broader discussions about changing his duties are underway.

The Washington Post later reported that paperwork had been filed to remove Weisselberg from 40 Trump Organization subsidiaries.

Weisselberg has been with the Trump family since 1973, and despite the changes in his responsibilities, the Journal reports that he is expected to remain with the company and currently holds the title of chief financial officer of the Trump Organization.

Prosecutors from the Manhattan District Attorney's Office charged both Weisselberg and the Trump Organization last week, alleging a 15-year scheme to defraud city, state, and federal tax authorities by concealing the salaries of top executives at the company. According to a grand jury indictment, Weisselberg himself concealed more than $1.7 million of his own income, with prosecutors alleging the company efficacy.

They claimed that the records sent to the government omitted significant portions of executives' pay, such as money for apartments, cars, and tuition, among other benefits.

“The purpose of the scheme was to compensate Weisselberg and other Trump Organization executives in an ‘off the books’ manner: the scheme’s beneficiaries received substantial portions of their income through indirect and disguised means, with compensation that was unreported or misreported by [the Trump Organization] to the tax authorities,” the indictment stated.

Weisselberg has entered a not-guilty plea and is expected to contest the charges.

The former president defended Weisselberg shortly after the indictment was released, calling him a “very good man” who had been treated “horribly.”

The DA's office has been looking into the Trump business for two years, and Manhattan District Attorney Cyrus Vance Jr. has stated that Trump is still a target of prosecutors' investigations into any wrongdoing.

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