Report: Michael Cohen May Be Charged With Major Fraud

President Trump's former right-hand man may soon be charged with fraud involving well over $20 million in loans, sources tell the New York Times. The insiders, including a banker who reviewed the transactions, say federal investigators are looking into whether Michael Cohen and taxi businesses owned by his family misrepresented their assets to secure loans from Sterling National Bank and the Melrose Credit Union, The Times' sources say prosecutors are considering filing charges by the end of next week, which would deal a major blow to Trump by giving his estranged former lawyer even more reasons to cooperate with Robert Mueller's investigation.

The Times' sources say the two financial institutions, known for providing services to the taxi industry, were named in a search warrant for the April raid on Cohen's office and residences. And Cohen's troubles don't end there: Sources tell CNN that he could also face charges for violating campaign finance laws with "hush money" payments to porn star Stormy Daniels and possibly other women who claim to have had affairs with Trump. According to the Times, prosecutors are trying to move fast because if they can't finalize charges by the end of August, the politically sensitive case against Cohen will likely be delayed until after the midterm elections. (Trump isn't happy about Cohen secretly recording some of their conversations.)