On Oct. 5, 2017, Trump executive Weisselberg plead guilty to tax fraud charges stemming from his efforts to reduce his tax burden by hiding millions of dollars in assets. The guilty plea came as a shock to many as Weisselberg had been one of President Donald Trump’s most loyal advisers.
In this article, we’ll explore what exactly happened and why this case is so important. We’ll also take a look at what aspects of the tax system Weisselberg tried to manipulate and what could happen as a result of his guilty plea.
Donald Trump’s long-time friend and financial advisor, Allen Weisselberg, has pleaded guilty to tax fraud.
In a deal with prosecutors, Weisselberg agreed to cooperate in the prosecution of other Trump associates who have been charged with crimes related to their financial dealings with the president.
According to Reuters, Weisselberg admitted he helped disguise millions of dollars in profits from his business by funneling them through companies that he controlled. Prosecutors said those companies then paid less than half of the legal income tax they owed.
Weisselberg is the second Trump associate to plead guilty in the probe into Russian interference in the 2016 election. In March, Michael Cohen, President Trump’s former lawyer, pleaded guilty to tax fraud and campaign finance violations.
Cohen testified that Trump directed him to make illegal payments to women who claimed they had affairs with Trump.
The plea deal includes two years of probation and a $million fine.
In a stunning turn of events, President Donald Trump’s longtime financial advisor and personal friend, Allen Weisselberg, has plead guilty to tax fraud. The plea deal includes two years of probation and a $million fine.
This comes as a major blow to the Trump administration, as Weisselberg has been one of the president’s most trusted advisors and was intimately involved in many of his business ventures. In fact, during testimony before Congress last year, Trump even referred to Weisselberg as “a very good man.”
According to prosecutors, Weisselberg committed tax fraud by pretending to have donated millions of dollars to charity when he actually used the money to purchase luxury items for himself and his family. This criminal act cost the government an estimated $5million in taxes, money that could have been used to improve public infrastructure or support other important causes.
Weisselberg’s guilty plea is a clear indication that there are still limits to what can be done in relation to the president’s personal finances. Despite repeated attempts by Trump associates to conceal their dealings with Russia, the Mueller investigation seems determined to bring those responsible to justice.
Allen Weisselberg played a major role in helping to finance Trump’s businesses through crooked payments made to Trump Organization employees.
On Wednesday, Weisselberg pleaded guilty to one count of tax fraud and agreed to cooperate with prosecutors. In a statement, he said he was “ashamed” of his crimes and pledged to “help those affected by my actions.”
Weisselberg will be required to pay a $2 million fine and serve up to five years in prison. He is the fifth Trump associate to plead guilty in connection with the Russia probe, following former campaign chairman Paul Manafort, national security adviser Michael Flynn, former Trump lawyer Michael Cohen, and foreign policy adviser George Papadopoulos.
Since his election, Trump has repeatedly denied any collusion between his team and the Russian government during the 2016 election. However, his associates’ mounting legal troubles suggests otherwise.
This is only the latest in a series of scandals involving Trump and his associates.
Donald Trump’s longtime associate and financial advisor, Allen Weisselberg, has pleaded guilty to tax fraud charges. According to The New York Times, Weisselberg admitted to “helping his friend Donald J. Trump illegally avoid paying taxes on millions of dollars in income.”
Weisselberg is the fifth person to plead guilty as part of Special Counsel Robert Mueller’s investigation into Russian interference in the 2016 election. This latest development comes just days after Paul Manafort, Trump’s former campaign chairman, was found guilty on eight counts of financial fraud.
This string of scandals raises serious questions about Trump’s relationship with Russia and his willingness to follow the law. It also casts a shadow over his presidency and could damage his credibility with voters.
All of this news has investors nervous about
the stock market.
The Trump executive, Allen Weisselberg, has pled guilty to tax fraud. This news has investors nervous about the stock market.