It's been months since prosecutors raided the home and offices of Trump's longtime henchman Michael Cohen and now we finally know what he's likely to be charged for.
The New York Times reports that investigators have identified over $20 million in potential bank and tax fraud.
The bank loans under scrutiny, the total of which has not been previously reported, came from two financial institutions in the New York region that have catered to the taxi industry, Sterling National Bank and the Melrose Credit Union, according to business records and people with knowledge of the matter, including a banker who reviewed the transactions.
Federal investigators in New York are seeking to determine whether Mr. Cohen misrepresented the value of his assets to obtain the loans, which exceed $20 million.
They are also examining how he handled the income from his taxi medallions and whether he failed to report it to the Internal Revenue Service.
In hindsight, the focus on Cohen's taxi medallions seems obvious.
Cohen reportedly obtained loans using his medallions as collateral. And that wouldn't necessarily be suspicious on its own, but Cohen valued his medallions at $1 million each and claimed they generated $1 million in income each year which is virtually impossible unless they were transporting something other than people.
The Times also reports that investigators are examining whether Cohen violated campaign finance laws by paying hush money to Trump's accusers, but it appears they're much closer to charging Cohen for financial fraud than campaign finance violations.
Federal prosecutors are expected to indict Cohen by the end of this month but, if they don't meet that self-imposed deadline, the charges may be delayed until after the midterm election.