New York regulators subpoena Trump Organization’s insurer as part of big probe of business

Real Estate

New York state regulators have issued a subpoena to the insurance brokerage Aon for President Donald Trump’s company as part of a large probe into the Trump Organization’s business practices.

The nine-page subpoena to Aon was issued by the New York Department of Financial Services late Monday evening, according to a source familiar with the case, who spoke to CNBC on the condition of anonymity.

The demand for documents came five days after Trump’s former personal lawyer Michael Cohen told the House Oversight and Government Reform Committee that Trump himself had inflated company assets for insurance purposes.

“We can confirm that we received a subpoena from the New York State Department of Financial Services and, as is our policy, we intend to cooperate with all regulatory bodies,” Aon said in a statement to NBC News.

“We do not comment on specific client matters.”

The DFS probe is a civil investigation. However, any evidence of criminal activity discovered by the department can be referred to state prosecutors.

The subpoena was first reported by The New York Times.

The source who spoke to CNBC confirmed, as reported by the Times, that the subpoena to Aon seeks a raft of documents about Aon’s dealings with Trump himself and the Trump Organization going back a decade, including communications involving all three of those parties.

The White House referred CNBC to the Trump Organization for comment on the subpoena to Aon. The Trump Organization did not immediately provide comment.

Cohen has been cooperating with multiple federal and state authorities as he prepares to begin serving a three-year prison sentence for a number of crimes, some of which relate to his work for Trump.

During his testimony before the House Oversight Committee last Wednesday, Cohen was questioned by New York Democratic Rep. Alexandria Ocasio-Cortez.

“To your knowledge, did the president ever provide inflated assets to an insurance company?” Ocasio-Cortez asked.

Cohen replied, “Yes.”

“Who else knows that the president did this?” Ocasio-Cortez asked.

Cohen then named three Trump Organization executives: “Allen Weisselberg, Ron Lieberman and Matthew Calamari.”

“And where would the committee find more information on this?” Ocasio-Cortez asked. “Do you think we need to review his financial statements and his tax returns in order to compare them?”

Cohen said, “Yes, and you would find it at the Trump Org.”

The Times story on Tuesday noted that the New York Department of Financial Services previously looked at the Trump Organization.

In 2017, the department examined Trump’s company’s longstanding dealings with the lender Deutsche Bank. That probe did not result in any sanctions on the bank.

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