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Trump Organization and its CFO indicted by Manhattan grand jury

Trump Organization and its CFO indicted by Manhattan grand jury

July 9, 2021: -The offices of the Manhattan District Attorney and New York Attorney General have obtained indictments against the Trump Organization and its finance chief Allen Weisselberg, two people familiar with the matter told NBC News.

On Thursday, the indictments against the organization and Weisselberg, handed up by a New York grand jury, are expected to be unsealed in court in Manhattan, a Trump representative told NBC.

On Thursday, Weisselberg is expected to surrender, The Washington Post reported earlier, citing sources. The Post said he is scheduled to be arraigned in front of a state judge later. The Trump Organization is also expected to be prosecuted.

Previously, NBC reported the charges center around allegations of Weisselberg and other Trump Organization executives receiving benefits without saying them correctly on their tax returns.

Former President Donald Trump is not expected to be charged this week, the Post’s sources said, but the indictments can bring possible fines and legal problems to his company.

However, prosecutors are hoping Weisselberg will exchange testimony against Trump for reducing his own risk, another source told the Post.

The investigation of the Trump Organization initially was focused on how the New York company accounted for a hush-money payment Trump’s former personal lawyer Michael Cohen paid to porn star Stormy Daniels before the 2016 presidential election shortly.

But since then, the probe expanded into allegations by Cohen that the Trump Organization did not state the value of various real estate assets to benefit from lower tax obligations or to receive favorable terms on loans and insurance related to those properties.

In recent months, the Manhattan DA’s office has looked at how the company accounted for various fringe benefits received by Trump Organization executives and if executives paid taxes on those benefits.

Last week, Fischetti, in an email to CNBC, said, “In my above 50 years of practice, never have I seen the District Attorney’s Office target a company on employee compensation or fringe benefits before.”

“The IRS would not, and has not, brought a case such as this,” Fischetti said.

“Even the financial institutions responsible for causing the year 2008 financial crises, the worst financial crisis since the great depression, were not prosecuted.”

Cohen pleaded guilty in 2018 to multiple federal crimes, has met with investigators from the Manhattan DA’s office to assist them with their probe of the Trump Organization.

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