The Treasury Department has opened an investigation into possible Michael Cohen banking leaks
The Treasury Department inspector general's office has opened up an investigation into whether confidential banking documents for Essential Consultants LLC, Michael Cohen's shell company, were leaked, spokesman Rich Delmar said Wednesday. On Tuesday, Michael Avenatti, a lawyer for porn star Stormy Daniels, released a seven-page dossier listing payments to Essential Consultants from several companies, including the U.S. subsidiary of Russian oligarch Viktor Vekselberg's Renova Group, AT&T, Novartis, and Korea Aerospace Group.
The New York Times confirmed the gist of Avenatti's research, and the companies acknowledged they that had paid Cohen, President Trump's personal lawyer, purportedly for consulting advice on health care, real estate, and "insights" into the Trump White House. Delmar said Inspector General Eric Thorson's investigation, which will look for violations of the Bank Secrecy Act, was sparked by the New York Times report. On Wednesday, Cohen's legal team contested some of Avenatti's findings and said it appears Avenatti has access to Cohen's bank records, and Cohen "has no reason to believe that Avenatti is in lawful possession of those records."
Experts say Avenatti's language suggests he had access to confidential Suspicious Activity Reports (SARs) that banks file when they see an unusual or suspicious transaction. "This has the appearance of a leak," former Treasury deputy general counsel Daniel Stipano told The Washington Post. He said hundreds or thousands of law enforcement and government officials have access to a database of SARs.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
On MSNBC Wednesday night, Avenatti wouldn't tell Rachel Maddow where he got his information, but he argued that the Treasury Department should just release the three SARs filed on Essential Consultants. "Normally SARs are confidential, and the reason why they're confidential is because you don't want to tip off the target of the SAR," he said, but when The Wall Street Journal spilled the beans in March, "Michael Cohen became aware that at least one SAR had been filed." Watch below. Peter Weber
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Indie film's 'very brief' use of AI sparks backlash and calls for boycotts
Talking Points Did the creators of a new horror movie make a deal with the artificial intelligence devil?
By Rafi Schwartz, The Week US Published
-
Could Taylor Swift swing the election?
Today's Big Question The pop star has outsized influence — and that extends beyond the music industry
By Anya Jaremko-Greenwold Published
-
Kevin Hart awarded Mark Twain Prize
Speed Read He is the 25th recipient of the prestigious comedy prize
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published
-
New York may seize Trump's assets for $450M penalty
Speed Read The former president likely owes $600 million from two civil judgments in New York
By Peter Weber, The Week US Published