New York regulators subpoena Trump Organization insurance broker
March 5 (UPI) — New York state regulators have issued a subpoena to the Trump Organization’s insurance broker as the first step of an investigation into the company’s business practices.
Aon, the longtime insurance broker for President Donald Trump‘s family business, was issued a 9-page subpoena by the New York Department of Financial Services late Monday evening, an individual familiar with the case told The New York Times.
The subpoena seeks materials regarding Aon’s business with Trump and the Trump Organization dating back to 2009, including copies of all communications between the parties and all internal Aon documents relating to Trump and the companies.
Its requests be met until March 19, after which the state may issue additional requests and subpoenas based on its findings.
Aon confirmed it received the subpoena in a statement to CNBC.
“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,” the broker said. “We do not comment on specific client matters.”
The probe is a civil investigation, however the department can refer any criminal activity discovered to state prosecutors.
Under New York insurance law, the department can also take action against the companies and individuals it regulates, including issuing fines and revoking licenses to do business in the state.
The investigation comes after Trump‘s former lawyer Michael Cohen said Trump provided inflated assets to an insurance company while being questioned by Rep. Alexandria Ocasio-Cortez, D-N.Y., during his testimony before the House oversight committee last week.