The guilty plea of Allen Weisselberg, the Trump Organization CFO, marks a blow to the former president's family business as it prepares for trial on related charges.
The CFO of the Trump Organization pleaded guilty to tax fraud.
Weisselberg, who was indicted on tax fraud charges last summer, is accused of grand larceny and avoiding tax payments on more than 1.7 million in corporate benefits from the Trump Organization.
Under the plea deal, Weisselberg, who was facing up to 15 years behind bars, now faces five months in prison, and is likely to serve as little as 100 days for good behavior.
Donald Trump isn't accused of anything in the criminal investigation.
Weisselberg, who previously pleaded not guilty, also agreed in the plea deal to testify on his role in the corporate benefits scheme at trial in October, but did not implicate Trump or his family.
Forbes inquired about the Trump Organization.
Weisselberg started working for the Trump family in 1973. He was charged with tax fraud along with the company. In February, Trump and Weisselberg asked a judge to throw out the criminal charges. Their request was turned down. The New York Times reported that Weisselberg and his lawyer surrendered to authorities in New York.
Less than a week ago, Trump pleaded the Fifth Amendment in a civil investigation into allegations that he inflated the value of his hotels and golf clubs. The FBI raided Trump's Mar-A-Lago estate this month. The New York investigation gave Trump no choice but to plead the Fifth, he said in a post on his social media network.
Allen Weisselberg, a top Trump executive, is going to plead guilty.
The CFO could become a prosecution witness.
The criminal case against the Trump organization can move forward.
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