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>> President Trump's former personal lawyer Michael Cohen is already in a heap of trouble and now may be facing his most serious legal threat yet. The Wall Street Journal reports Cohen is under investigation by federal prosecutors in New York for tax fraud. Reuter's legal correspondent, Jan Wolf.>> Prosecutors in New York are looking into potential campaign finance law violations by Cohen.
Related to payments intended to silence women alleging they had sexual relationships with Donald Trump. This is a new revelation about the investigation into Cohen but aside all that surprising a business partner of Michael Cohen. Has already plead guilty to tax-related violations also related to running taxi cabs in New York City.
>> The journal report said federal authorities are assessing whether income from Cohen's taxi medallion business. Was under-reported in federal tax returns and whether obtained loans under false pretenses. Tax fraud is a felony and carries stiff prison sentences. Making it more likely that Cohen would cooperate with the Russia probe if he faced more charges, which could spell trouble for the President.
>> There's reason to think that President Trump should be worried about Cohen cooperating with prosecutors.>> Cohen, at one point, was Trump's right-hand man, his fixer. And Cohen has already said to the media that he's willing to testify that the President knew in advance about a meeting where a Russian offered dirt on Hillary Clinton.
If that's true, that would bolster allegations of the President being involved in an effort to collude with a foreign power to affect the election.>> President Trump has denied knowing about the meeting beforehand. But admitted that the meeting was about getting dirt on Hillary Clinton from the Russians.
He's repeatedly denied colluding with Russia but in recent days has argued collusion is not a crime.