Prosecutors had been eyeing Cohen’s business dealings for months, and in April seized thousands of items from Cohen’s New York office and hotel room. The New York Times reported Sunday that federal authorities were looking into $20 million in loans for taxi businesses owned by Cohen and his family.

Cohen, long a trusted confidant of the president, once said he would take a bullet for Trump. But in recent months, Cohen began to signal that he could cooperate with investigators. In an interview with ABC News in July, Cohen said he put “family and country” before Trump.

Prosecutors were looking into a $130,000 hush money payment Cohen facilitated to porn star Stormy Daniels just a few weeks before the November presidential election.

Daniels, whose real name is Stephanie Clifford, is suing Trump and Cohen to void the non-disclosure agreement that bars her from discussing an alleged affair she had with Trump.

A spokesman for U.S. Attorney’s Office for the Southern District of New York did not immediately respond to a request for comment from CNBC.

A hearing related to the Cohen case is scheduled to take place at a courthouse in lower Manhattan for 4 p.m. Tuesday. Deputy U.S. Attorney Robert Khuzami will speak at the courthouse entrance following the hearing.

This is breaking news. Please check back for updates.

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