Mr. Cohen borrowed from a half-dozen banking companies and credit unions to acquire taxi medallions. Then he utilized the medallions as collateral to borrow more money to buy far more medallions, previous colleagues stated. He promptly amassed thirty medallions, Just about every then truly worth about $250,000, but racked up millions in financial debt.
The ventures were noteworthy, partly, mainly because they have been established at any given time when plenty of phony providers were being cropping up to exploit so-known as no-fault vehicle insurance coverage laws in The big apple and also other states.
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Whilst juggling his Trump duties, Mr. Cohen turned about administration of his cabs to Mr. Garber in 2006 and received up to $one million a year, legal records exhibit.