Trump Org could be ‘extinguished’ and he could lose liability protections for his properties: tax expert
Donald Trump speaking at CPAC 2011 in Washington, D.C. (Gage Skidmore/ Flickr)

Donald Trump may lose his Trump Organization empire following the disposition of a legal case in Manhattan.

Longtime Trump Organization Chief Financial Officer Allen Weisselberg pleaded guilty on Thursday to 15 charges stemming from a tax avoidance scheme at the former president's company.

Weisselberg attorney Nicholas Gravante Jr. told The New York Times, "rather than risk the possibility of 15 years in prison, he has agreed to serve 100 days."

CNN's Erin Burnett interviewed Pulitzer Prize-winning journalist David Cay Johnston about Weisselberg agreeing to testify in the Trump Organization trial. Johnston, who has taught taxes at Syracuse Law, is one of the few journalists who has obtained parts of Trump's tax returns.

"What happens to the Trump Organization, to the real estate company here, when this is all said and done?" Burnett asked.

"Well, it's possible in this case or the Letitia James civil case, that the Trump Organization at the top will be extinguished," Johnston replied.

"Donald can still own his properties, but own them directly and the liability shield from having a corporation goes away," he explained. "So something horrible happens, his liability personally goes way up. This is bad news for him."

"Now that Weisselberg has confessed that he's a thief, a felon, a serial felon, there may be difficulty with banks and trying to get any new financing," Johnston noted.

Watch below or at this link.

David Cay Johnston