What is Michael Cohen's net worth and salary?
Michael Cohen is an American lawyer, author, and convicted felon with a net worth of $1 million. He is best known for being Donald Trump's former personal attorney and an attorney for The Trump Organization. In a 2016 loan application, Cohen and his wife claimed a combined net worth of $40 million. However, he has faced severe financial issues due to significant legal bills, which at one time were exceeding $100,000 monthly. In late 2019, Cohen and his wife owed nearly $2 million to the IRS. During a 2024 Donald Trump criminal trial, it was disclosed that Michael earned $3.4 million from two books written post-departure from Trump's circle.
When working for the Trump Organization, Cohen received a salary of $1 million per year. Joining the Trump Organization in 2006, he served as Executive Vice-President and co-president of Trump Entertainment. He played a role in Trump's 2016 presidential campaign and was a board member of the Eric Trump Foundation.
In February 2018, it was revealed that Cohen paid adult entertainer Stormy Daniels $130,000 to keep quiet about an alleged affair with Donald Trump in 2006. He also facilitated payments to former Playboy model Karen McDougal, who also claimed an affair with Trump. In April 2018, the FBI raided Cohen's office and home, leading to his dismissal from the Trump Organization in May 2018. By August 2018, he pleaded guilty to charges including tax evasion, bank fraud, and campaign finance fraud and was sentenced to three years in federal prison in December 2018.
Financial Problems
In 2003, Cohen invested $1.5 million to own a 30% stake in a Florida riverboat casino, which went bust after a few months, leading to over 25 lawsuits from creditors. Cohen was not personally a defendant in those lawsuits. In 2006, he reportedly invested in a Ukrainian ethanol business.
In 2015, Cohen reportedly purchased a $58 million apartment building in New York City's Upper East Side. His family members also own 12 apartment units in Trump buildings around the country. Cohen and his wife own a $9 million penthouse in Trump Park Avenue.
When Cohen became a subject of federal investigation, he complained that his legal bills were "bankrupting him," reportedly exceeding more than $100,000 per month. He owed at least $1.4 million to the IRS. When he paid Stormy Daniels and Karen McDougal in 2016, he used funds from a $500,000 home equity loan. In the 2016 loan application, Cohen and his wife claimed a net worth of $40 million.
Taxi Medallions
At one point, Cohen's net worth topped $100 million due to his stake in over 200 New York City taxi medallions. Pre-Uber and Lyft, a taxi medallion could easily sell for over $1 million. Today, selling for around $100,000 would be fortunate.
At their peak value, Cohen's medallion collection was worth at least $100 million. He reportedly sold his stake in at least one taxi company to Ukrainian businessman Simon Garber. In 2012, Garber filed a lawsuit claiming Cohen failed to pay insurance settlements resulting from taxi accidents. Arbitration documents showed Cohen made roughly $1 million annually from the medallions.
Cohen co-owned numerous taxi medallions with Russian Evgeny Freidman, who once owned more medallions than anyone in New York City. Pre-Uber, Freidman was virtually a taxi billionaire on paper. In 2018, most of Freidman's medallions were auctioned off to satisfy debts, raising approximately $24 million.
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Early Life
Michael Cohen was born on August 25, 1966, in Long Island, New York. He grew up in a Jewish family with his father, a surgeon, and his mother, a nurse. He attended American University in Washington D.C., earning his undergraduate degree in 1988, and later attended Thomas M. Cooley Law School in Michigan, where he received his law degree in 1991.
Pre-Donald Trump
After law school, Cohen worked at several law firms before starting his practice in 1997, specializing in personal injury and real estate law, with clients including Russian-American businessmen. Cohen was also involved in politics as a Democratic delegate in 2004 and worked on various political campaigns.
The Trump Organization
In 2006, Cohen joined the Trump Organization as Executive Vice-President and special counsel. He handled legal and business matters for the company and Donald Trump personally.
Cohen became known as a fierce defender of Trump, handling sensitive and controversial matters. His aggressive style quickly earned him a reputation as one of Trump's most trusted advisors.
Controversies
Cohen's time at the Trump Organization was riddled with controversies and legal troubles. In 2018, he pleaded guilty to charges, including campaign finance violations, tax fraud, and lying to Congress.
These charges were related to his role in paying hush money to two women alleging affairs with Trump and involvement in a failed attempt to build a Trump Tower in Moscow.
Cohen's guilty pleas resulted in a three-year prison sentence served from 2019 to 2021. While in prison, he cooperated with federal investigators, providing damaging testimony about Trump's business practices and personal behavior.
Personal Life
Cohen has been married twice and has two children. He is known for his lavish lifestyle, enjoying luxury cars and expensive clothing.
Despite his legal issues, Cohen has remained critical of Donald Trump and his administration. He has become a frequent commentator on cable news shows and authored a memoir, "Disloyal: A Memoir," detailing his experiences with Trump.
