Michael Cohen: The Rise And Fall Of A Controversial Figure

What’s the Story Behind Michael Cohen’s Net Worth?

Let’s break it down. Michael Cohen, the former personal attorney to Donald Trump, is a name that’s hard to forget. Despite his storied past and high-profile connections, Cohen’s net worth stands at just $1 million as of recent reports. Now, you might be wondering how a guy who was once so deeply entrenched in the world of big money ended up here. Well, it’s a tale of ups and downs, legal troubles, and financial challenges.

Back in 2016, Cohen and his wife claimed a combined net worth of $40 million in a loan application. But fast forward to today, and the picture looks quite different. He’s been dealing with some serious financial strain, largely due to the astronomical legal fees that have piled up—reaching as high as $100,000 per month at one point. To make matters worse, Cohen and his wife reportedly owed nearly $2 million to the IRS by late 2019. Yet, Cohen has managed to generate some income. In 2024, during a Donald Trump criminal trial, it was revealed that Cohen earned $3.4 million from two books he penned following his departure from Trump’s inner circle.

When he was part of the Trump Organization, Cohen wasn’t exactly hurting for cash. He pulled in a cool $1 million per year as a salary. He joined the organization in 2006, eventually rising to the role of Executive Vice President and co-president of Trump Entertainment. Cohen played a significant role in Trump’s 2016 presidential campaign and served on the board of the Eric Trump Foundation. But things took a dark turn in 2018 when he became embroiled in a series of scandals, leading to his firing from the Trump Organization and a subsequent guilty plea to charges including tax evasion, bank fraud, and campaign finance violations.

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Navigating the Financial Storm

Cohen’s financial journey is nothing short of tumultuous. Way back in 2003, he dropped $1.5 million to acquire a 30% stake in a Florida riverboat casino. Unfortunately, the venture went belly-up after just a few months, sparking over 25 lawsuits from creditors. Cohen himself wasn’t a defendant in any of these lawsuits, but it was still a significant blow to his finances.

In 2006, Cohen reportedly invested in a Ukrainian ethanol business, though details remain murky. Fast forward to 2015, and Cohen splurged on a $58 million apartment building in New York City’s Upper East Side. His family also owns 12 luxury apartments in Trump buildings across the U.S., including a $9 million penthouse in Trump Park Avenue.

As federal investigations into his business dealings heated up, Cohen reportedly voiced concerns to an associate, claiming his legal bills were “bankrupting him.” These bills reportedly soared above $100,000 per month. By 2019, he owed at least $1.4 million to the IRS. To cover the payments he made to Stormy Daniels and Karen McDougal in 2016, Cohen secured a $500,000 home equity loan. Interestingly, in the same 2016 loan application, he and his wife claimed a net worth of $40 million, highlighting the stark contrast between his financial claims and reality.

The Taxi Medallion Saga

At one point, Cohen’s paper net worth soared to over $100 million, thanks to his ownership of more than 200 New York City taxi medallions. Before Uber and Lyft disrupted the industry, a single taxi medallion could fetch over $1 million. Nowadays, though, they’re lucky to sell for $100,000.

Cohen sold his stake in at least one of his taxi companies to Ukrainian businessman Simon Garber. In 2012, Garber sued Cohen, alleging he failed to pay several insurance settlements stemming from accidents involving their taxis. Arbitration documents from this case revealed that Cohen was raking in roughly $1 million annually from the taxi medallions he co-owned with Garber.

Cohen also co-owned a substantial number of taxi medallions with Russian businessman Evgeny Freidman, who once owned more medallions than any other individual in New York City. At the height of their value, Freidman was considered a “taxi billionaire” on paper. However, by 2018, the majority of Freidman’s medallions were auctioned off to pay off outstanding debts, raising approximately $24 million.

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Early Days: A Glimpse into Michael Cohen’s Beginnings

Michael Cohen was born on August 25, 1966, in Long Island, New York, into a Jewish family. His father was a surgeon, and his mother a nurse, providing him with a stable upbringing. Cohen attended American University in Washington, D.C., where he earned his undergraduate degree in 1988. He later pursued a law degree at Thomas M. Cooley Law School in Michigan, graduating in 1991.

Before Trump: Cohen’s Pre-Presidential Career

After law school, Cohen worked at several law firms before striking out on his own in 1997. He specialized in personal injury and real estate law, attracting clients that included Russian-American businessmen. Cohen also dipped his toes into politics, serving as a delegate for the Democratic Party in 2004 and working on various political campaigns.

The Trump Era: Cohen’s Time at the Trump Organization

In 2006, Cohen joined the Trump Organization, taking on the roles of executive vice president and special counsel. Here, he handled both the company’s legal and business matters and those of Donald Trump personally. Cohen quickly became known as Trump’s fierce defender and loyal confidant, often tackling sensitive and controversial issues on behalf of the businessman. His aggressive and combative style earned him a reputation as one of Trump’s most trusted advisors.

Controversies Galore: The Scandals That Defined Cohen’s Career

Cohen’s tenure at the Trump Organization was rife with controversies and legal entanglements. In 2018, he pleaded guilty to several charges, including campaign finance violations, tax fraud, and lying to Congress. These charges arose from his involvement in paying hush money to two women who claimed to have had affairs with Donald Trump, as well as his role in a failed attempt to build a Trump Tower in Moscow.

Cohen’s guilty pleas resulted in a three-year prison sentence, which he served from 2019 to 2021. While behind bars, he cooperated with federal investigators, providing damaging testimony about Trump’s business practices and personal behavior.

Beyond the Headlines: Michael Cohen’s Personal Life

Cohen has been married twice and is the father of two children. Known for his extravagant lifestyle, he has a penchant for luxury cars and high-end fashion. Despite his legal troubles and controversies, Cohen remains a vocal critic of Donald Trump and his administration. He’s become a regular presence on cable news shows and authored a memoir titled “Disloyal: A Memoir,” chronicling his experiences working for Trump.