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Allen Weisselberg, the Trump Organization’s top financial officer, watches as then-presidential candidate Donald Trump speaks. Donald Trump, the Republican presidential nominee in the United States, speaks at a news conference at Trump Tower in Manhattan, New York, on May 31, 2016. REUTERS/File Photo/Carlo Allegri Reuters, NEW YORK, July 1 – A person familiar with the situation said on Wednesday that prosecutors in Manhattan are set to file criminal charges against former US President Donald Trump’s namesake firm and its chief financial officer on Thursday. The accusations, which were filed on Wednesday but remain sealed, are the first to emerge from a nearly three-year investigation of Trump’s business practices by New York prosecutors. Trump is not expected to be prosecuted this week, according to his lawyer, though prosecutors have warned him the probe is still ongoing. However, the case’s fallout might hamper Trump’s political future as he explores a presidential candidacy in 2024. According to persons familiar with the investigation, the accusations are expected to center on whether Trump Organization CFO Allen Weisselberg and other officials obtained perks and privileges such as rent-free homes and leased cars without properly disclosing them on their tax returns. They derive from Manhattan District Attorney Cyrus Vance’s inquiry of the company’s financial operations. According to a source familiar with the situation who spoke on the condition of anonymity, Weisselberg and the corporation are set to be arraigned on Thursday. Prosecutors hinted the accusations might be connected to taxes and fringe benefits, according to Trump’s lawyer Ronald Fischetti, who told Reuters on Monday that Trump himself would not be charged in the indictment. “This will be their first blow,” Fischetti said of the prosecutors, who had stated in a meeting last week that their probe was still ongoing. Weisselberg’s lawyer, Mary Mulligan, has declined to comment on probable accusations. Trump labeled prosecutors “biased” and said his company’s activities were “in no way a crime” in a statement released on Monday. If convicted, the Trump Organization could face fines and other penalties. FOCUS ON BENEFITS AND GIFT OPTIONS The charges may put more on on Weisselberg to cooperate with prosecutors, which he has previously refused to do. Because Weisselberg is a close Trump loyalist, his assistance could be critical in any future lawsuit against the former president. The Trump Organization is a private family-owned company that owns and runs hotels, golf courses, and resorts all over the world. The indictment could jeopardize the Trump Organization’s connections with financial institutions and commercial partners. In November 2016, Trump, a Republican, was elected president. He put his company under a trust controlled by his older sons and Weisselberg, a family friend who retained strict control over company finances, before joining the White House in January 2017. Weisselberg and his son Barry have received perks and gifts totaling hundreds of thousands of dollars, according to court papers, public records, and subpoenaed documents, including several real estate benefits. The matter could be investigated as a corporation conspiracy to pay people off the books in order to hide assets over a long period of time. Last October, prosecutors in Vance’s office intensified their investigation into the Trump Organization’s use of perks and incentives. In May, the office of New York state Attorney General Letitia James said that its inquiry into the Trump Organization had morphed into a criminal investigation and that it had teamed up with Vance’s office. Vance, a Democrat, has looked into a number of possible wrongdoings, including if Trump’s corporation altered the value of its real estate to save money on taxes and get better credit conditions. Trump’s current position with the company is unknown. Karen Freifeld, Jonathan Stempel, Jan Wolfe, Julia Harte, Tom Hals, Brendan Pierson, and Joseph Tanfani contributed reporting; Noeleen Walder, Rosalba O’Brien, and William Mallard edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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