Michael Cohen Image by Getty Images (8)

Federal authorities investigating whether President Trump’s former personal attorney Michael Cohen committed tax fraud are focusing on more than $20 million in loans collected by taxi businesses that he and his family own, the New York Times reported.

The bank loans came from Sterling National Bank and the Melrose Credit Union, two New York financial institutions that cater to the taxi industry, according to business records and people familiar with the matter, including a banker who reviewed the transactions.

Investigators are examining whether Cohen misrepresented the value of his assets to secure the loans. The probe includes how he handled the income from his taxi medallions and whether he failed to report it to the Internal Revenue Service.

Forwarding the News

Thoughtful, balanced reporting from the Forward and around the web, bringing you updated news and analysis each day.

Terms(Required)

I agree to the Forward's Terms of Service and Privacy Policy

Email(Required)

There is no indication that either bank suffered a loss. Nevertheless, the potential bank fraud could be charged in conjunction with other crimes — which may be what happens in Cohen’s case, the Times reported.

Investigators are also looking into whether Cohen violated campaign finance or other laws by helping to arrange financial deals to silence the women alleging they had affairs with Trump. The case is in its final stage, the Times reported, and prosecutors could file charges by the end of August.

Alyssa Fisher is a news writer at the Forward. Email her at [email protected], or follow her on Twitter at @alyssalfisher

The Forward is free to read, but it isn’t free to produce

I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward.

Now more than ever, American Jews need independent news they can trust, with reporting driven by truth, not ideology. We serve you, not any ideological agenda.

At a time when other newsrooms are closing or cutting back, the Forward has removed its paywall and invested additional resources to report on the ground from Israel and around the U.S. on the impact of the war, rising antisemitism and polarized discourse.

Readers like you make it all possible. Support our work by becoming a Forward Member and connect with our journalism and your community.

This is a great time to support independent Jewish journalism you rely on. Make a gift today!

—  Rachel Fishman Feddersen, Publisher and CEO

Support our mission to tell the Jewish story fully and fairly.

$90 $180

$360

Other amount