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How Allen Weisselberg Achieved a Net Worth of $1 Billion

Allen Weisselberg

If you haven't heard the name Allen Weisselberg, you're not alone. However, that doesn't mean that you won't recognize who he is, at least to a certain extent. As it turns out, he is the individual responsible for taking care of assets associated with President Donald Trump and his family. Word has it that he has a net worth of approximately $1 billion. The question is, how does an accountant make that much money? As you will soon see, there's been quite a lot of evidence that things have been going on behind the scenes for years that probably shouldn't have been.

The Early Days

Weisselberg first started working for the Trump family back in the 1970s when he became an accountant for Fred Trump. At the time, he was supposed to be managing the business deals that Fred Trump was making. This made sense, especially when you consider the fact that Trump was considered to be something of a real estate mogul in the New York area. As time passed, he would be promoted to control what was then known as the Donald J Trump Trust. Once Donald Trump himself became a prominent businessman, Weisselberg was promoted throughout the ranks, eventually becoming the Chief Financial Officer of the Trump Organization. This was something that became well-publicized during Trump’s election procedures to become president, and it continued to be in the news a great deal throughout his presidency.

Managing Family Funds

Eventually, Weisselberg was put in charge of managing virtually all of the incoming and outgoing funds for the entire Trump family. This even included controlling the household expenses for the family, approving large purchases and the smaller everyday purchases alike. In addition to that particular rduty, he was also closely involved with all of the business dealings that Donald Trump was involved in. It didn't matter if it involved hotels, casinos or something else entirely, he was the person who was essentially responsible for knowing exactly how much money was coming in and exactly how much was being paid out. He also paid the employees of the organization, something that would eventually come back to haunt him. As you might already be aware, Trump's financial records became something of great concern throughout his presidency, largely because he all but refused to release his tax returns for examination like virtually every other presidential candidate before him. As a result, investigators started to look into things a bit more closely. Of course, it didn't take long for that to trickle downhill. When they started looking at Trump, they also started looking at the person who was largely responsible for running his various businesses, especially considering the fact that he has filed for bankruptcy more than most people would ever even imagine possible. All of this activity attracted the attention of the New York State Attorney General and it wasn't long until that attention turned into something far more serious, a full-blown criminal investigation.

Net Worth

What does all of this background information have to do with Weisselberg’s net worth? Suffice it to say, he was paid a great deal of money by Trump in order to keep things running smoothly. Many people, including the New York State Attorney General, believe that he was also paid this money to keep things quiet in order to keep Trump himself out of the news as well as legal crosshairs. As a result, he had a tendency to do whatever was asked of him, even to the point of paying people with things like real estate, cars and bonuses so that they couldn’t be taxed as easily. This was the subject of the investigation that the New York State Attorney General started, something that has since seen Weisselberg charged with at least fifteen different counts of tax evasion that reaches well beyond an amount of $1 million. The point is, Trump paid him a great deal of money in order to keep these things out of the public eye. However, it turns out that it was the very activity he was doing to try to keep things under the radar that finally tripped him up. For his efforts, he was paid a cumulative amount of $1 billion by Trump. It's also likely that he has amassed such a significant net worth because he's been working for the same organization for roughly the last 50 years. That said, his net worth of $1 billion is currently under review as a direct result of the criminal investigation.

Money, Money and More Money

Obviously, it would only stand to reason that Trump would pay Weisselberg an enormous amount of money to handle virtually all of his finances. While he may not be known for paying everyone else as generously, this situation was different. He was essentially paying Weisselberg to keep him out of trouble with the IRS as well as take care of any other issues that might crop up. For example, Weisselberg was also the individual responsible for setting up regular monthly payments to porn star Stormy Daniels, who Trump was accused of having an affair with. He set these payments up as a form of keeping her quiet because Trump didn't want the information getting out to the public during his presidential election. Ultimately, that effort failed as well. There is no doubt that $1 billion is a great deal of money. Most people can never even dream of making that much, no matter how hard they work throughout their lifetime. Unfortunately, this is a perfect example of the 1% using their financial power to convince other people to get involved in things they shouldn't be involved with to begin with, all at the expense of virtually everyone else involved. While Weisselberg’s net worth is currently still standing at $1 billion, there's a better than average chance that this amount will take a rather significant hit once he is forced to pay restitution and court costs. By the time it's all said and done, it could potentially cost him more than $2 million, not to mention significant jail time. For now, who knows how it will ultimately play out.

Allen Lee

Written by Allen Lee

Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language.

Read more posts by Allen Lee

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