Michael Cohen, an American lawyer, author, and convicted felon, has a net worth of $1 million. Best known as Donald Trump’s former personal attorney, Cohen’s financial situation has fluctuated significantly over the years. At one point, he and his wife claimed a combined net worth of $40 million in a 2016 loan application. However, his ongoing legal troubles have reportedly led to severe financial problems, including significant legal bills and debt.
How Did Michael Cohen Begin His Career?
Early Life and Education
Michael Cohen was born on August 25, 1966, in Long Island, New York. He grew up in a Jewish family with a surgeon father and a nurse mother. Cohen attended American University in Washington, D.C., where he earned his undergraduate degree in 1988. He then went on to attend Thomas M. Cooley Law School in Michigan, earning his law degree in 1991.
Pre-Donald Trump Career
After completing law school, Cohen worked at several law firms before starting his own practice in 1997. Specializing in personal injury law and real estate law, he built a client base that included several Russian-American businessmen. Cohen’s early career also saw him involved in politics, serving as a delegate for the Democratic Party in 2004 and participating in various political campaigns.
How Did Michael Cohen Join the Trump Organization?
Role and Responsibilities
In 2006, Cohen joined the Trump Organization as the company’s executive vice president and special counsel. In this role, he handled legal and business matters for both the company and Donald Trump personally. Known for his aggressive and combative style, Cohen quickly became one of Trump’s most trusted advisors, managing sensitive and controversial issues on behalf of the businessman.
Compensation
While working for the Trump Organization, Cohen earned a salary of $1 million per year. He also served as co-president of Trump Entertainment and was involved in Trump’s 2016 presidential campaign. His high-profile role within the organization provided him with significant income and influence.
What Legal Troubles Has Michael Cohen Faced?
Stormy Daniels and Karen McDougal Payments
In February 2018, it was revealed that Cohen had paid adult entertainer Stormy Daniels $130,000 to keep quiet about an alleged affair with Donald Trump in 2006. He also facilitated payments to former Playboy model Karen McDougal, who also claimed to have had an affair with Trump. These actions led to intense legal scrutiny and ultimately contributed to Cohen’s downfall.
FBI Raid and Charges
In April 2018, the FBI raided Cohen’s office and home, leading to his firing from the Trump Organization in May 2018. By August 2018, Cohen had pleaded guilty to charges including tax evasion, bank fraud, and campaign finance violations. His guilty pleas resulted in a three-year federal prison sentence, which he served from 2019 to 2021.
What Financial Problems Has Cohen Encountered?
Legal Bills and IRS Debt
Cohen’s legal troubles have resulted in significant financial strain. At one point, his legal bills reportedly exceeded $100,000 per month, and in late 2019, it was reported that he and his wife owed nearly $2 million to the IRS. Cohen’s financial woes were further exacerbated by the need to obtain a $500,000 home equity loan to pay off Stormy Daniels and Karen McDougal.
Investments and Losses
In 2003, Cohen invested $1.5 million to acquire a 30% stake in a Florida riverboat casino, which quickly went bankrupt, resulting in numerous lawsuits from creditors. In 2015, he purchased a $58 million apartment building in New York City’s Upper East Side and owns a $9 million penthouse in Trump Park Avenue. Despite these investments, his financial situation has remained precarious due to mounting legal costs and debts.
How Did Taxi Medallions Impact Cohen’s Net Worth?
Initial Value and Decline
At one time, Cohen’s net worth was significantly bolstered by his ownership of over 200 New York City taxi medallions. Before the advent of ride-sharing services like Uber and Lyft, a single medallion could sell for over $1 million. However, the value of these medallions plummeted, with prices falling to around $100,000 each.
Partnerships and Lawsuits
Cohen co-owned many of these medallions with Russian businessman Evgeny Freidman. At their peak, Cohen’s share of the medallions was worth over $100 million. However, the decline in medallion value and legal issues, including a lawsuit from another partner, Simon Garber, have further complicated Cohen’s financial picture.
What Has Cohen Done Since His Imprisonment?
Books and Earnings
Since his departure from Trump’s circle, Cohen has authored two books, earning $3.4 million from their sales. These publications provide insights into his experiences and have been a source of income during his financial recovery.
Public Appearances and Commentary
Despite his legal troubles, Cohen has remained a vocal critic of Donald Trump and his administration. He regularly appears on cable news shows and has used his platform to share his experiences and opinions on current political issues.
What is Michael Cohen’s Personal Life Like?
Family and Lifestyle
Cohen has been married twice and has two children. Known for his lavish lifestyle, he has a penchant for luxury cars and expensive clothing. Despite his financial and legal troubles, he continues to maintain a high-profile presence in the media and public life.
In conclusion, Michael Cohen’s life has been marked by significant highs and lows, from his days as a trusted advisor to Donald Trump to his fall from grace and subsequent imprisonment. His financial troubles, legal battles, and continued public presence provide a compelling narrative of a complex and controversial figure in American politics.
