The longtime financial chief of the Trump Organization is being subpoenaed to testify before a federal grand jury in the criminal investigation of President Trump Donald John TrumpSteele Dossier sub-source was subject of FBI counterintelligence probe Pelosi slams Trump executive order on pre-existing conditions: It 'isn't worth the paper it's signed on' Trump 'no longer angry' at Romney because of Supreme Court stance MORE's former personal lawyer, Michael Cohen, according to The Wall Street Journal.

Cohen mentioned Allen Weisselberg in the widely circulated audio recording released on Tuesday night, the Journal noted.

In a conversation with Trump, Cohen can be heard saying he had spoken to Weisselberg about setting up a company to make a payment aimed at silencing a former Playboy model's allegation of an affair with Trump.

In the audio recording, Cohen seems to urge Trump to buy the rights to Karen McDougal's story, which was purchased by American Media Inc. (AMI) in 2016 but never ran.

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"I've spoken with Allen Weisselberg about how to set the whole thing up," Cohen says on the tape.

Weisselberg has served as the executive vice president and chief financial officer of the Trump Organization for decades, according to the Journal, which added that he was Trump's longtime personal financial adviser, and even helped compile Trump's tax returns for years.

Last year, he arranged for the Trump Organization to pay Cohen a $35,000 monthly retainer, the newspaper noted.

Cohen admitted that he made a $130,000 "hush" payment in October 2016 to Stormy Daniels, an adult-film star, in exchange for her silence about an alleged affair with Trump in 2006. He is under criminal investigation in New York for possible crimes including potential bank fraud and campaign finance violations.

A source told the Journal that Weisselberg didn’t know about the payment to Daniels, whose real name is Stephanie Clifford, when he authorized Cohen's retainer.

--This breaking news report will be updated.