New York City Taxi Regulator Orders Michael Cohen To Give Up Medallions
The New York City’s Taxi and Limousine Commission demanded Cohen withdraw his interest in 10 taxi medallions, or they could be nullified, Politico reported.
A commission rule stipulates that it can strip licenses from owners with felony convictions. It “intends to revoke all medallions in the attached ‘Exhibit A,’” according to a letter from commission attorney Andrew Rabin.
Exhibit A lists 10 taxi medallions owned by Cohen, including Golden Child Cab Corp., Sir Michael Hacking Corp. and Mad Dog Cab Corp. He has the option to sell the medallions by Sept. 10 to squeeze some value from them.
However, he’ll have to sell the medallions, which give people the right to drive their yellow taxis, at the lowest price in decades as their value has dropped significantly in New York City since the rise of Uber, according to Politico.
Cohen pleaded guilty on Tuesday to evading personal income taxes, making an unlawful corporate campaign contribution, making a false statement to a financial institution and making an excessive campaign contribution in October 2016.