Michael Cohen and his wife, Laura Shusterman, are both very rich. They earned their wealth primarily from taxi medallions, which are a class of licenses awarded to drivers in the New York City taxi industry. The pair acquired more than 30 medallions, with a combined value of millions of dollars, and managed them with Gene Friedman.
After being introduced to Donald Trump by his father-in-law, Fima Shusterman, Cohen worked in the Trump Organization for about a decade. He earned a salary of $1 million a year. However, in the last few years, the couple has found themselves embroiled in a series of federal tax scandals.
When a new investigation of Michael Cohen’s finances was underway, his family’s tax woes were revealed, along with the news that he was involved in a series of shady deals and investments. It was also alleged that he had taken out a loan from a taxi company, using their assets as collateral. As a result, Cohen’s legal bills hit the roof.
Earlier this year, the FBI raided the home of Michael and Laura Cohen, along with their office in Manhattan. There were several documents seized by the bureau. In response, the couple complained to one of their associates that their legal bills were “bankrupting them.” This isn’t the first time the couple has been targeted by the authorities, as they were also accused of shady business dealings in the past.
Michael and Laura have two children. Their son, Jake, is studying at the University of Miami, while their daughter, Samantha, is a graduate student at the University of Pennsylvania. While the former hasn’t publicly spoken about her family’s income and fortune, she’s been known to be an investor, a businesswoman, and a socialite.
According to some reports, the pair’s net worth has decreased by at least a half million bucks since the political saga started. Despite this, they own 12 apartments in Trump buildings across the country. Among other things, Michael bought a Bentley for his collection of luxury vehicles.
Laura is a Ukrainian-American entrepreneur and investor who has been married to Michael for more than three decades. She has earned a significant amount of money over the years, but the media doesn’t report on her. She prefers to keep her personal life private. Besides her husband, she has two children, but they are not the primary source of her income.
The couple has been subject to various tax scandals and the latest was Michael’s arrest for lying to Congress. He has been convicted of campaign finance violations, bank fraud, and tax evasion. Although the couple’s fortune has dwindled, they still have a positive net worth. That’s because they made an effort to keep their finances under wraps during the political saga, citing their role in the government as an excuse.
Whether or not Michael and Laura have paid off their debts to the IRS is still unknown, but it is possible they have. If they haven’t, it’s a sign that they might have borrowed a considerable sum from Morgan Stanley.
