Monday, July 12, 2021

Indicted Trump Organization CFO removed as an officer from several company subsidiaries

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https://www.cnn.com/2021/07/12/politics/weisselberg-trump-organization-removed-officer-subsidiaries/index.html

Indicted Trump Organization CFO removed as an officer from several company subsidiaries

CNN Digital Expansion 2019, Kara Scannell

By Kara Scannell, CNN

Updated 7:49 PM ET, Mon July 12, 2021

Toobin: Trump Organization can try to pretend this is Weisselberg problem

(CNN)The Trump Organization has removed Allen Weisselberg, its chief financial officer, from officer positions at several of its subsidiaries, including Mar-a-Lago, after he and former President Donald Trump's namesake business were indicted for allegedly running a 15-year tax fraud scheme.

Weisselberg's role and title at the Trump Organization could change, but he will remain at the company, a source close to the Trump Organization told CNN. The source described Weisselberg's removal from the positions as "prudent corporate governance."
Weisselberg has pleaded not guilty to 15 state charges, including grand larceny.
    Other subsidiaries that he has been removed from as an officer include the Trump Payroll Corp., which was also named in the indictment, Trump National Golf Club, Trump International Hotels Management and the Trump International Golf Club in Scotland, according to publicly filed corporation documents.
      No explanation was provided in the amended corporate filings.
        The Wall Street Journal first reported on Weisselberg's removal from the officer positions.
        A lawyer for Weisselberg declined to comment. A spokeswoman for the Trump Organization did not immediately respond to CNN's requests for comment.
          After the indictment earlier this month, Trump told The New York Times of Weisselberg, "I'm with him all the way."
          Charles Elson, a professor of corporate governance at the University of Delaware, on Monday characterized the Trump Organization's move as "normal."
            "Usually when someone is indicted you put them on leave because frankly their time is going to be devoted to defending the charges or there may be certain requirements in some states where you do business, particularly operating a casino business or maintaining liquor licenses. That's normal," he said.
            This story has been updated with additional details Monday.

             

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