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Report: Trump Organization Removes Weisselberg As CFO After Felony Tax Charges

Topline

The Trump Organization has removed Chief Financial Officer Allen Weisselberg as an executive at certain subsidiaries following criminal charges earlier this month alleging he and the Trump Organization engaged in a 15-year tax scheme, the Wall Street Journal reported Monday.

Key Facts

Weisselberg, who’s worked with former President Donald Trump’s family for nearly five decades, was terminated last week as a director at Trump’s golf course in Scotland, the Wall Street Journal reported, citing public records.

According to regulatory filings in the United Kingdom, Weisselberg was terminated from his role at the golf course on July 8; he previously served as a director and secretary.

The 73-year-old has also been removed as a vice president at Trump Payroll, one of the subsidiaries charged in the tax scheme by Manhattan prosecutors earlier this month.

In his place, Trump’s two eldest sons, Donald Trump Jr. and Eric Trump, have been listed as directors.

The removals are part of a wider effort to change Weisselberg’s responsibilities—and possibly, his title—at the Trump Organization, though he’s expected to remain with the company, the Wall Street Journal reported, citing unnamed sources familiar with the matter.

The Trump Organization did not immediately respond to Forbes’ request for comment.

Key Background

On July 1, Manhattan prosecutors charged the Trump Organization and Weisselberg with 15 felony counts—including tax fraud, falsifying records and grand larceny—alleging a 15-year scheme to avoid paying taxes on more than $1 million worth of fringe benefits. As part of the scheme, Weisselberg allegedly claimed he wasn’t a New York City resident to avoid paying the city’s income tax for several years. Both Weisselberg and the Trump Organization pleaded not guilty in court. In a statement at the time, Trump lawyer Ron Fischetti called the charges a “political Witch Hunt by the Radical Left Democrats.”

What To Watch For

Additional charges. This month’s charges mark the first levied against Trump’s business, but it’s still unclear how wide the broader criminal probe may be. Manhattan’s district attorney Vance began investigating the Trump Organization in 2019, first focusing on a hush money payment to adult film star Stormy Daniels and since widening to include “possibly extensive and protracted criminal conduct.” Prosecutors have combed through Trump’s tax records and reportedly interviewed his business partners while probing into matters concerning asset inflation and deflation. This month’s charges only focused on a far smaller, narrower set of tax-related allegations.

What We Don’t Know

Whether Weisselberg will keep his broader role at the Trump Organization—and what that means for business. A former federal prosector told Wall Street Journal keeping an indicted finance chief in place “creates a lot of challenges for a company continuing to do business,” especially when communicating with insurers and lenders.

Surprising Fact

Grand larceny, the top charge levied against Weisselberg, carries a maximum prison term of 15 years.

Further Reading

Trump Organization CFO Removed as Officer of Subsidiaries, Records Show (WSJ) 

Trump Organization CFO Allen Weisselberg Surrenders To Authorities In New York (Forbes)

Trump Organization And Top Exec Charged With Tax Fraud Scheme (Forbes)

How A Trump Organization Indictment Could Play Out In Court (Forbes)

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