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Michael Cohen pleads guilty to evading income tax, lying to financial institutions and unlawful contributions

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According to Bloomberg reporter Shannon Pettypiece, Michael Cohen has been charged with false statements to a financial institution, unlawful corporate campaign contribution and evading personal income tax.

Former US Attorney Barbara McQuaude noted it’s likely that prosecutors haven’t had time to go through all of the evidence from the materials gained from his office. However, prosecutors are likely willing to “lock him in” before walking through the information with him.

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Court documents haven’t yet been released from the court hearing, however, CNN Justice reporter Laura Jarrett tweeted she has been told the tax division of the IRS signed off on the deal with Cohen.

In a statement to the press, Robert Khuzami, deputy US attorney for the southern district of New York explained the counts as follows:

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“Michael Cohen plead guilty to eight felony charges,” he told the press. “Five of those dealt with tax evasion for the years 2012 through 2016, in which he failed to report $4.1 million in reported income. Approximately $2.5 million of that was interest payments from a personal loan he failed to report.”

Khuzami said “approximately $1.3 million of that money was from the operation of his taxi medallion business,” while $100,000 was from brokerage commissions. Over $200,000 was from consulting fees.

“That’s over $4.3 million over a five-year period which translates into a loss to the United States Treasury of approximately $1.3 million,” he continued. “In count six, he plead guilty to making false statements to a financial institution in connection with an application for an equity line of credit. In that application, he failed to disclose more than $14 million in debt that he had and as a result of that concealment, he obtained that $500,000 line of credit which he would not have been entitled to had he been candid and honest.”

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Trump is ‘feeling threatened and running scared’ to cancel G-7 at Doral: ‘Art of the Deal’ co-author

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President Donald Trump announced late on Saturday evening that he was reversing his administration's decision to hold the G-7 Summit at his Trump National Doral Miami golf club.

Trump had received harsh criticism for the selection violating the constitution’s domestic and foreign emolument clauses.

Tony Schwartz, who co-wrote The Art of the Deal with Trump, said the announcement was a sign Trump is feeling threatened.

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Trump announces G-7 won’t be held at Doral after widespread criticism for it violating the Constitution

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President Donald Trump announced Saturday evening that the G-7 Summit will not be held at his Trump National Doral Miami golf club.

The selection of Doral had been widely condemned as a clear violation of both the constitution's domestic and foreign emolument clauses.

"I thought I was doing something very good for our country by using Trump National Doral, in Miami, for hosting the G-7 leaders," Trump claimed.

"I announced that I would be willing to do it at no profit or, if legally permissible, at zero cost to the USA. But, as usual, the hostile media and their Democrat partners went crazy!" Trump argued.

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Trump says illegally profiting from the G-7 Summit was him ‘doing something very good for our country’

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President Donald Trump attacked his perceived political opponents on Saturday even as he attempted to defend his decision to host the G-7 Summit at his Trump National Doral Miami golf club.

"I thought I was doing something very good for our country by using Trump National Doral, in Miami, for hosting the G-7 leaders," Trump claimed.

"I announced that I would be willing to do it at no profit or, if legally permissible, at zero cost to the USA. But, as usual, the hostile media and their Democrat partners went crazy!" Trump argued.

Ethics officials have said Trump's decision to choose Doral is a clear violation of both the constitution's domestic and foreign emolument clauses.

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