President Trump’s former lawyer Michael Cohen is being investigated for over $20 million in bank fraud, according to a report from the New York Times.
The New York federal investigators looking into Cohen for bank and tax fraud are reportedly focusing on loans associated with taxi businesses owned by him and his family. They are scrutinizing whether Cohen obtained the more than $20 million in loans by misrepresenting the value of his assets, the Times reported.
Investigators are also looking into whether Cohen failed to report the total income from his taxi businesses to the Internal Revenue Service, according to the Times.
Loans from two financial institutions, Sterling National Bank and the Melrose Credit Union, totaling $20 million from December 2014 are part of the inquiry, according to the Times. Cohen reportedly used 32 taxi medallions, the permits allowing taxi drivers to operate, as collateral for the loans from Sterling National Bank.