Home Uncategorized Trump’s company gears up for expected unveiling of criminal tax charges on Thursday

Trump’s company gears up for expected unveiling of criminal tax charges on Thursday

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NEW YORK, July 1 (Reuters) – Manhattan prosecutors are expected to unveil criminal charges against former U.S. President Donald Trump’s namesake company and its chief financial officer on Thursday, a person familiar with the matter said on Wednesday.

The charges, which were filed Wednesday but remained sealed, are the first to result from a nearly three-year investigation by New York prosecutors into Trump and his business connections.

Trump himself is not expected to be charged this week, his lawyer told Reuters, although he said prosecutors told him their investigation was continuing. But the backlash from the affair could complicate Trump’s political future as he contemplates a possible White House race in 2024.

The charges are expected to focus on whether Trump Organization CFO Allen Weisselberg and other executives have received perks and perks like rent-free apartments and rented cars without properly reporting them in their accounts. tax returns, people familiar with the survey said.

They stem from the investigation into the company’s trade relations conducted by Manhattan District Attorney Cyrus Vance.

Weisselberg and the company are expected to be brought to justice on Thursday, the person familiar with the matter said, speaking on condition of anonymity.

Trump’s lawyer Ronald Fischetti told Reuters on Monday that prosecutors had suggested the charges would be related to taxes and benefits and that Trump himself would not be indicted in the indictment.

“This will be their first blow,” Fischetti said of prosecutors, adding that they said at a meeting last week that they were still continuing their investigation.

Mary Mulligan, Weisselberg’s lawyer, declined to comment on the possible charges.

In a statement on Monday, Trump called prosecutors bias and said his company’s actions were “by no means a crime.”

The Trump Organization could face fines and other sanctions if found guilty.

FOCUS ON BENEFITS, GIFTS

The charges could increase pressure on Weisselberg to cooperate with prosecutors, which he has resisted. Weisselberg is a close confidant of Trump, which makes his cooperation potentially crucial for any future case against the former president.

A private family-owned business, the Trump Organization operates hotels, golf courses and resorts around the world.

The indictment, on its own, could undermine the Trump Organization’s relationship with banks and business partners.

Trump, a Republican, was elected president in November 2016. Before entering the White House in January 2017, he placed his company in a trust overseen by his adult sons and Weisselberg, a family friend who maintained control close on the finances of the company.

Court records, public records and subpoena documents have shown Weisselberg and his son Barry received benefits and gifts worth hundreds of thousands of dollars, including many real estate benefits.

The case could be accused as a ploy by the company to pay people off the books to hide assets for many years.

Prosecutors in Vance’s office stepped up their focus on the Trump Organization’s use of the perks and perks last fall. The office of New York State Attorney General Letitia James, who had also investigated the Trump organization, said in May that its investigation had turned into a criminal investigation and that he had partnered with the office by Vance.

Vance, a Democrat, looked at a range of potential wrongdoing, including whether Trump’s company manipulated the value of its real estate to cut taxes and secure favorable loan terms.

It’s unclear what role Trump now has in the business.

Reporting by Karen Freifeld, Jonathan Stempel, Jan Wolfe, Julia Harte, Tom Hals, Brendan Pierson and Joseph Tanfani; Editing by Noeleen Walder, Rosalba O’Brien and William Mallard

Our standards: Thomson Reuters Trust Principles.

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