Special counsel Bob Mueller has issued a subpoena for Deutsche Bank to turn over their data on President Donald Trump’s accounts, as well as those of his family members, Reuters reports.
While Mueller has been investigating Russia’s interference in the 2016 election, the latest move suggests that he’s also looking into Trump’s shady business past.
Deutsche Bank has loaned the Trump organization hundreds of millions of dollars toward their real estate ventures.
According to Reuters, the bank received the subpoena several weeks ago, asking for information on certain transactions. The bank said they had handed over the requested documents.
The bank previously rejected a demand by House Democrats to provide information on Trump’s finances in June, citing privacy laws.
“Deutsche Bank always cooperates with investigating authorities in all countries,” the lender said in a statement to Bloomberg, but did not provide further information.
According to a financial disclosure published by the US Office of Government Ethics, Trump has at least $130 million in liabilities to Deutsche Bank Trust Company Americas.
According to Reuters, the bank is one of few that was still willing to lend Trump large sums of money.
“A string of bankruptcies at his hotel and casino businesses during the 1990s made most of Wall Street wary of extending him credit,” Reuters adds.
In 2011, Deutsche Bank lent Trump $106 million to buy the Doral golf resort in Miami. According to Trump’s filings, the loans mature in 2023.
In a separate deal, the bank lent Trump as much as $170 million for the Old Post Office, a historic Washington DC property where Trump recently opened a new hotel.
According to a 2012 property filing, Trump also got a $640 million loan from the bank for his Trump Int’l Hotel and Tower in Chicago.
According to Bloomberg, Trump is on the hook for roughly $300 million owed to the bank, which accounts for about half of all of his outstanding debt.
While the subpoenas are targeting records related to Trump’s businesses, it’s possible that this information relates to the Russia investigation.
In January, Deutsche Bank agreed to pay $630 million in fines after they were busted organizing $10 billion in fake trades that could have been used to launder money out of Russia, according to Reuters.
According to Bloomberg, “Representative Maxine Waters of California and other Democrats have asked whether the bank’s loans to Trump, made years before he ran for president, were in any way connected to Russia. The bank previously rejected those demands, saying sharing client data would be illegal unless it received a formal request to do so. Trump has denied any wrongdoing.”
According to the Bloomberg report, the bank’s “internal investigation” did not find any connections between Trump and the trade scandal.
Regardless of any possible connections, the move is sure to anger Trump who threatened Mueller that it is a “violation” if he looks at his business past as part of the investigation into the election.
According to Bloomberg, Mueller is not only looking at Trump’s business dealings but also those of son-in-law Jared Kushner and Commerce Secretary Wilbur Ross.