The Trump Organisation and its long-time chief financial officer pleaded not guilty to fraud and theft charges in the first criminal case to come out of a years-long investigation into former president Donald Trump and his business dealings.
Chief Financial Officer Allen Weisselberg and lawyers for the company appeared in a lower Manhattan courtroom on Thursday afternoon for an arraignment on 15 felony counts by Manhattan District Attorney Cyrus Vance.
Charges read out in the courtroom against both of the accused include tax fraud, scheme to defraud, conspiracy and falsifying business records.
Mr Weisselberg, 73, was individually charged with a number of counts, including grand larceny, which carries a maximum sentence of 15 years.
During the arraignment before New York state court judge Juan Merchan, Assistant District Attorney Carey Dunne said the indictment involved a “sweeping and audacious” 15-year scheme to avoid taxes on perks like cars, apartments and private-school tuition extended to the chief financial officer.
Such benefits are usually counted as compensation and an intentional failure to pay taxes on them would be illegal. Mr Dunne said Mr Weisselberg personally received $1.76 million in such benefits.
“The scheme was intended to allow certain employees to substantially understate their compensation from the Trump Organisation so that they could and did pay federal, state and local taxes in amounts that were significantly less than the amounts that should have been paid,” the prosecutor said.
Mr Weisselberg, who was led into the courtroom in handcuffs, was released on his own recognisance at the end of the hearing after surrendering his passport.
Mr Trump was not named in the charges, but the case may only be the opening salvo by the district attorney, who has been probing possible bank and insurance fraud at the company as well.
The charges against Mr Weisselberg significantly ratchet up the pressure on the chief financial officer to co-operate with prosecutors.
Cooperation from Mr Weisselberg could lead to a more expansive case against the company and raise the prospect of a historic and politically charged prosecution of a former president.
With a trial unlikely before next year, Mr Weisselberg will have months to decide whether to fight the charges or plead guilty and possibly strike a deal with prosecutors.
A Trump executive for four decades, Mr Weisselberg has unique insight into the former president’s finances and business deals.
Mr Trump has slammed the probe by Mr Vance, a Democrat, as a politically motivated witch hunt.
The Trump Organisation on Thursday issued a statement calling the indictment “a scorched-earth attempt to harm the former president”, saying Mr Vance was “bringing a criminal prosecution involving employee benefits that neither the Internal Revenue Service nor any other district attorney would ever think of bringing.
In a statement on Monday, Mr Trump called prosecutors biased and said his company's actions were “in no way a crime".
Bloomberg and Reuters contributed to this report
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GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
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The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
