What is Michael Cohen’s Net Worth?
Donald Trump’s personal attorney Michael Cohen experienced a significant rise and fall in both his career and financial livelihood. The attorney not only represented Trump, but also the Trump Organization and previously worked at the Phillips Nizer law firm, Celebrity Net Worth reports.
Cohen is at the center of massive controversy and scandal surrounding Trump. He moved into the public spotlight when he was identified as the “fixer” who paid off adult film star, Stormy Daniels to remain quiet about her affair with Trump. Since then, Cohen’s life has crumbled, along with his net worth. At one point he was worth $1 million, but today Cohen’s worth is -$1 million. How did the attorney become Trump’s legal wingman and what went wrong?
Early career
Cohen earned his J.D. from the Thomas M. Cooley Law School in Michigan in 1991, GoBankingRates reports. The school, now known as Western Michigan University Cooley Law School is considered to be the “worst law school in America.”
He entered private practice in 1992. But quickly connected with Trump while he was investing in the New York City taxi medallion business. His early dealings with Trump began early in the new century. Cohen helped Trump negotiate a tenant dispute on one of his properties and eventually joined the Trump Organization in 2006. Cohen also served as an executive vice president and co-president of Trump Entertainment as well.
Dubious dealings
Cohen’s early interest in New York City taxi medallions significantly contributed toward his net worth of $100 million, Celebrity Net Worth reports. Early in the century, a single medallion could sell for over $1 million, whereas today the worth is more likely to be around $100,000 due to the popularity of rideshare services. Cohen also co-owned several medallions with Russian investor Evgeny Freidman. Friedman owned the most taxi medallions at one point than anyone else in the city. However, by 2018 Friedman’s medallions were auctioned to cover debts.
In addition to taxi medallions, Cohen invested $1.5 million to own a portion of a Florida riverboat casino in 2003. But the investment went belly up. Cohen also invested in a Ukrainian ethanol business in 2006. He and his wife owned a $9 million penthouse in Trump Park Avenue. Plus owned 12 apartments in Trump buildings.
Stormy Daniels
Trump had Cohen so tightly in his inner circle, he had Cohen pay off the adult film star $130,000 for her silence. Trump told Cohen, “Don’t worry, I’ll pay for everything,” CNN reports. Daniels says she and Trump had a sexual affair. And she was offered hush money. And even threatened to remain quiet.
The FBI raided Cohen’s office in April 2018 when the organization caught wind of the misdealings, Celebrity Net Worth reports. And the Trump Organization fired Cohen. While Cohen pleaded guilty to charges like tax evasion, bank fraud, and campaign finance fraud in August 2018, his troubles continue.
In November 2018 he pleaded guilty for making false statements to Congress about Trump’s connection to Russia, The Daily Beast reports. Why? Loyalty. “I made these statements to be consistent with Individual-1’s political messaging and to be loyal to Individual-1,” Cohen said in court, CNN’s Erica Orden reported. Trump is Individual 1. Cohen lied about Trump’s plan to build a new Trump Tower in Moscow.
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