Investigators examine over $20 million in
loans by former Trump lawyer Cohen: New York Times
Send a link to a friend
[August 20, 2018]
WASHINGTON (Reuters) - Federal
prosecutors are focused on over $20 million in loans obtained by U.S.
President Donald Trump's former personal lawyer Michael Cohen from taxi
businesses owned by him and his family, the New York Times reported on
The loans are part of an investigation into whether Cohen committed bank
and tax fraud, and for possible campaign law violations linked to a
$130,000 payment to adult film star Stormy Daniels. He has not been
charged with any crime.
Citing people familiar with the matter, the newspaper said the loans
were from Sterling National Bank and Melrose Credit Union, two New York
institutions that do business with the taxi industry.
Neither Cohen nor his lawyer immediately responded to a request for
comment. Nicholas Biase, a spokesman for the U.S. Attorney's Office in
Manhattan, which is investigating Cohen, declined to comment.
A spokesman for Sterling National Bank, which is the principal
subsidiary of Sterling Bancorp <STL.N>, declined to comment. Melrose
Credit Union did not immediately reply to emails.
The investigation is trying to determine whether Cohen misrepresented
the value of his assets to obtain the loans, the newspaper said.
They are also examining how he handled the income and whether he failed
to report it to the Internal Revenue Service, the Times said.
The probe is in its last phase and prosecutors are considering filing
charges by the end of August, the newspaper said, citing two people with
knowledge of the matter.
[to top of second column]
President Donald Trump's personal lawyer Michael Cohen leaves
federal court in Manhattan, New York, U.S., May 30, 2018.
The two lenders were named in search warrants for raids that
searched Cohen's office, home and a hotel room where he was staying,
several of the people familiar with the matter told the newspaper.
Sterling received a grand jury subpoena seeking records related to
the loans, one of the people said.
The Federal Bureau of Investigation seized documents and files as
part of investigations by federal prosecutors in New York stemming
from a referral by the U.S. special counsel's office, which is
looking into possible coordination between Trump 2016 campaign aides
Moscow denies interfering in the U.S. election and Trump denies
collusion by his campaign, describing the probe as a political witch
(Reporting by Lesley Wroughton and Karen Freifeld; Editing by Peter
[© 2018 Thomson Reuters. All rights
Copyright 2018 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.