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Trump’s Former Lawyer Alleged for Bank Fraud Exceeding $20 Million

Michael Cohen, American President’s former personal lawyer, is under investigations for a bank and tax fraud for his and his family’s taxi businesses. The loan amount is said to be of $20 million, as stated by several reports. The exact value of those scrutinized loans had not been previously reported that was from two financial institutions, namely Sterling National Bank and Melrose Credit Union, as per business records.

Federal authorities are profoundly looking for any traces of Mr. Trump’s former lawyer breaking any laws by organizing deals with women who have claimed to have affairs with Mr. Trump. It is likely for the prosecutors to file charges by the end of August, as reported in The New York Times.

Having served as Vice President of the Trump Organization and a special counsel to Donald Trump, Cohen was Mr. Trump’s most loyal and noticeable advisors and was his personal lawyer as soon as Mr. Trump took charge of the presidency.

Cohen is said to be investigated, as per the reports, due to Mr. Freidman’s deal with state prosecutors in order to avoid elongated imprisonment. Mr. Freidman, once known as Taxi king, has managed Cohen’s taxi medallions from 2012 to 2018, was found to have transferred more than about $60 million into offshore trusts for avoiding debts. He is now barred to manage medallions by the New York City regulators. To avoid imprisonment, Mr. Freidman hit a deal with state prosecutors for cooperating with the federal authorities who are into investigations with Cohen.

Cohen’s attorney Lanny Davis, the former advisor of Hilary Clinton, had denied giving a statement on Cohen’s matter since the investigation is still in process. Meanwhile, Cohen’s case is diligently tracked by Politics watchers because, he can, possibly, sort an agreement with prosecutors for leniency in exchange of his cooperation in Robert Mueller’s inquiry about the involvement of Trump’s campaign with Russian attempts to tweak the 2016 U.S. presidential race.