The inquiry opens a new front in the scrutiny of Deutsche Bank, one of the few lenders willing to do business with Donald J. Trump in recent years. The bank is already the subject of two congressional investigations and was examined last year by New York banking regulators, who took no action.
The new inquiry, by the office of the attorney general, Letitia James, was prompted by the congressional testimony last month of Michael D. Cohen, President Trump’s former lawyer and fixer, the person briefed on the subpoenas said. Mr. Cohen testified under oath that Mr. Trump had inflated his assets in financial statements, and Mr. Cohen provided copies of statements he said had been submitted to Deutsche Bank.
The inquiry by Ms. James’s office is a civil investigation, not a criminal one, although its focus and scope were unclear. The attorney general has broad authority under state law to investigate fraud and can fine — or in extreme cases, go to court to try to dissolve — a business that is found to have engaged in repeated illegality.
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