Allen Weisselberg, Trump Organization financial chief, pleads guilty to tax fraud

The Trump Organization is preparing to go to trial in October, facing similar charges of illicit business practices, and as part of the agreement, Weisselberg has agreed to testify against the company. He has refused to testify against Trump himself.

Prosecutors alleged that the company gave untaxed fringe benefits to senior executives, including Weisselberg, for 15 years. Weisselberg alone was accused of defrauding the federal government, state and city out of more than $900,000 in unpaid taxes and undeserved tax refunds.

Under state law, punishment for the most serious charge against Weisselberg, grand larceny, could have carried a penalty as high as 15 years in prison. But the charge carries no mandatory minimum, and most first-time offenders in tax-related cases never end up behind bars.

The tax fraud charges against the Trump Organization are punishable by a fine of double the amount of unpaid taxes, or $250,000, whichever is larger.

Weisselberg said nothing as he left court, offering no reply when a journalist asked him whether he had any message for Trump.

Associated Press contributed to this article