Trump Org.’s longtime CFO chokes up, says he betrayed trust
NEW YORK — Donald Trump’s longtime finance chief choked up on the witness stand Thursday, saying he betrayed the Trump family’s trust by scheming to dodge taxes on $1.7 million in companypaid perks, including a Manhattan apartment and luxury cars.
Allen Weisselberg, a senior adviser and former chief financial officer at the ex-president’s Trump Organization, said he conspired with a subordinate to hide more than a decade’s worth of extras from his taxable income, but that neither Trump nor the family were involved.
The Trump Organization is now on trial, accused of helping Weisselberg and other executives avoid paying income taxes on compensation in addition to their salaries. Prosecutors argue the company is liable because Weisselberg was a “high managerial agent” entrusted to act on its behalf.
“It was my own personal greed that led to this,” said Weisselberg, who pleaded guilty to tax crimes and agreed to testify against the company in exchange for a five-month jail sentence.
Asked if he was embarrassed by what he did, a somber Weisselberg said: “More than you can imagine.”
His emotional testimony came on his second day as the prosecution’s star witness, as a company lawyer reminded him on cross-examination of the faith that the Trump family had put in him for decades.
Weisselberg started working for Trump’s father in 1973 and joined Trump as an executive at his then-fledging Trump Organization in 1986. He wielded immense power as the company, buoyed by Trump’s celebrity, grew from a modest New York City developer into a global golf, hotel and real estate empire.
Weisselberg also recalled helping Trump through the company’s dark times in the early 1990s, including casino bankruptcies and the failure of his Trump Shuttle airline. He reminisced about watching Trump’s three eldest children — Donald Jr., Ivanka and Eric — grow up before his eyes, admitting he was “among the most trusted people they knew.”
The Trump Organization denies wrongdoing. The company could be fined more than $1 million if convicted, but a guilty verdict could also hamper its ability to get loans and make deals and lead to attempts by governments, such as New York City, to cancel contracts with Trump entities.