Trump's company, CFO plead not guilty to tax fraud

Donald Trump's namesake company and longtime financial chief pleaded not guilty on Thursday to criminal charges in a sweeping indictment from a probe by Manhattan's district attorney into the former US president and his business practices.

The Trump Organisation and its chief financial officer Allen Weisselberg were charged with having schemed since 2005 to defraud tax authorities through the awarding of "off the books" benefits to company executives.

Weisselberg, who has worked for Trump for 48 years, was able to conceal $1.76 million of income from tax authorities, including rent for a Manhattan apartment, tuition and auto lease payments, according to prosecutors.

The 15-count indictment includes charges of tax fraud and falsifying business records.

"It was orchestrated by the most senior executives who were financially benefiting themselves and the company, by getting secret pay raises at the expense of state and federal taxpayers," prosecutor Carey Dunne said at the arraignment in Manhattan Criminal Court.

The indictment could undermine the relationships of Trump's company with banks and business partners.

It could also complicate Trump's political future, as he resumes holding rallies and mulls a 2024 White House run.

Cyrus Vance, the Manhattan district attorney, began his still-ongoing investigation nearly three years ago, and has been working in recent months with the office of New York Attorney General Letitia James.

Vance and James are Democrats, and both attended Thursday's arraignment. Weisselberg, 73, wore handcuffs as he was led to the courtroom.

Alan Futerfas, a lawyer for the Trump Organization, told reporters after the arraignment that the company was "very optimistic" the indictment would not significantly hurt its business.

"If the name of this company was something else, I don't think these charges would have been brought," he said.

In a statement, the Trump Organisation said prosecutors were using Weisselberg as "a pawn in a scorched earth attempt to harm the former president."

It also called Vance's case one that neither the Internal Revenue Service nor any other district attorney would ever bring.

"This is not justice; this is politics," the company said.

Trump is not expected to be charged this week, his lawyer Ronald Fischetti has said.

The former president has denied wrongdoing, and called the probe a "witch hunt" by politically-motivated prosecutors.

In a statement on Monday, Trump called prosecutors biased and said his company's actions were "in no way a crime."

The Trump Organisation could face fines and other penalties if convicted.

The charges could increase pressure on Weisselberg to cooperate with prosecutors, which he has resisted. That cooperation could become crucial to any future case against his boss.

The Trump Organisation operates hotels, golf courses, and resorts around the world.

Before entering the White House in January 2017, Trump put his company into a trust overseen by his adult sons Donald Jr and Eric, as well as Weisselberg. It is unclear what role Trump now has at the company.

Vance has been examining a wide array of potential wrongdoing at Trump's company, including whether it manipulated the value of its real estate to reduce taxes and secure favorable loan terms.