10 things you need to know today: August 19, 2022

Ex-CFO of Trump family business pleads guilty to tax fraud, a judge leans toward unsealing parts of Trump-search affidavit, and more

Allen Weisselberg
(Image credit: Curtis Means/Daily Mail/Bloomberg via Getty Images)

1. Ex-Trump Organization CFO pleads guilty to tax fraud

The former chief financial officer of Donald Trump's family business, Allen Weisselberg, pleaded guilty on Thursday to conspiring with the company on a scheme to avoid paying taxes by compensating executives with under-the-table perks. He didn't implicate Trump. Under a plea deal, Weisselberg agreed to testify at the Trump Organization's October trial and admit participating in the scheme, which could make it harder for the real-estate company to defend itself against the charges. If Weisselberg testifies truthfully, he will be sentenced to five months in prison. Otherwise, he could get up to 15 years. He must pay nearly $2 million in taxes, penalties, and interest on unreported perks, including leased Mercedes-Benzes, a rent-free luxury apartment, and private-school tuition for his grandchildren.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.