Investigators Focused On $20 Million-Plus In Loans Obtained By Cohen

NEW YORK, NY - JULY 27: Michael Cohen, former personal attorney for U.S. President Donald Trump, exits the Loews Regency hotel and walks toward a taxi cab, July 27, 2018 in New York City. According to recent news re... NEW YORK, NY - JULY 27: Michael Cohen, former personal attorney for U.S. President Donald Trump, exits the Loews Regency hotel and walks toward a taxi cab, July 27, 2018 in New York City. According to recent news reports, Cohen is prepared to tell special counsel Robert Mueller that then-candidate Trump knew about and approved the 2016 Trump Tower meeting between campaign officials and a Russian lawyer who promised dirt on Hillary Clinton. (Photo by Drew Angerer/Getty Images) MORE LESS
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August 20, 2018 8:09 am
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Federal investigators probing when President Trump’s former lawyer Michael Cohen committed bank or tax fraud to obtain more than $20 million in loans, an amount previously unreported, according to The New York Times.

According to people familiar with the matter who spoke to the Times, authorities are looking at whether Cohen lied about the value of his assets to get the loan for his taxi business. The two financial institutions that Cohen used to obtain the loans are Sterling National Bank and Melrose Credit Union, according to the Times’ review of the business records.

In addition to the possible bank fraud, Cohen is also being investigated for potential tax fraud over how he reported the income from his taxi business, as well as potential violations of campaign finance laws stemming from the payments he made to silence women who claimed to have had affairs with Trump.

The investigation into Cohen’s financial dealings is reportedly nearing completion and prosecutors may file charges at the end of August, according to the Times and CNN. 

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