New York New Zealand urban area has presented President Donald Trump’s longtime personal attorney, Michael Cohen, with an conditions: divest from your taxi cab medallions quickly, or have them all seized.
In a the world of letters to Cohen obtained by CNBC, a lawyer for the city’s Taxi and Limousine Commission told Cohen that the intervention plans to take his medallions in light of the five counts of felony tax deceit he pleaded guilty to earlier this week.
The TLC’s prosecuting attorney, Andrew Rabin, author a registered that the commission “intends to revoke all medallions” from Cohen unless he denudes and transfers them to someone approved by the city.
Cohen now has until Sept. 10 to consummate the transfer of 10 taxi cab medallions. But it might not be so easy to find well-disposed parties to take them.
New York’s ubiquitous yellow cabs make pricey, city-approved medallions, or licenses, in order to legally operate in the big apple.
Recent news articles say that there are fewer than 14,000 such empowers in the city, and that their value has been dropping precipitously as ride-hailing works such as Uber and Lyft take hold in metropolitan areas wide the country.
Medallions once sold for well over $1 million apiece; they’re now mostly value a fraction of that price.
Even if he can’t find willing customers for his medallions Cohen seemly has bigger problems to worry about at the moment.
On Tuesday, he pleaded delinquent to eight charges lodged by Manhattan federal prosecutors, including tax humbuggery and campaign finance violations.
Cohen was being watched by federal officialdoms for months before the investigation exploded into public view in April, when his pension room and office were raided by FBI agents, who seized thousands of describes, along with recordings and electronic devices.
As part of the deal he agreed with prosecutors, Cohen now faces up to 63 months in prison.
A spokeswoman for Cohen declined to animadversion on the letter.