Ex-Trump adviser Carl Icahn hit with subpoena


Icahn: I'm against the stupidity of some regulations

Carl Icahn’s agency has been subpoenaed over the billionaire’s position as President Trump’s particular adviser on deregulation.

Icahn Enterprises stated in a latest submitting that it is cooperating with the demand for data by the U.S. Attorney’s workplace for the Southern District of New York. The agency is managed by Icahn, who additionally serves as its chairman.

Authorities need data referring to “Mr. Icahn’s role as an advisor to the President,” the November three submitting stated.

Icahn, one in all Trump’s earliest and loudest backers on Wall Street, stepped down out of the blue in August as Trump’s particular adviser on regulatory reform.

Additionally, Icahn Enterprises (IEP) stated authorities are trying into actions taken by each the agency and Icahn referring to the Renewable Fuels Standard — an EPA regulation that has been hurting a small oil refinery Icahn owns.

“The U.S. Attorney’s office has not made any claims or allegations against us or Mr. Icahn,” the submitting stated.

Icahn Enterprises additional stated that it maintains a “strong compliance program” and doesn’t consider this inquiry can have a “material impact” on its enterprise.

Neither Icahn Enterprises nor the White House responded to requests for remark.

Related: Carl Icahn steps down as adviser to Trump

Icahn had been strongly criticized by Democrats, who stated his advisory position created a battle of curiosity as a result of he took a proper authorities job whereas nonetheless operating his enterprise.

Some Senate Democrats urged federal authorities in May to research whether or not Icahn violated insider buying and selling and anti-market manipulation legal guidelines. They pointed to “mbadive” income reportedly reaped by Icahn available in the market for renewable gasoline credit.

The controversy surrounds CVR Energy (CVI), an oil refiner wherein Icahn holds an 82% stake. CVR has been damage by the Renewable Fuel Standard, which requires oil refiners to both mix their oil with renewable fuels or purchase credit.

Icahn was a vocal opponent of these guidelines, telling CNN in December 2016 they’re “natural stupidity” and will value CVR $200 million in 2017.

According to Reuters, CVR Energy generated an “extremely rare profit” on biofuels credit by betting in opposition to them within the months earlier than Trump took workplace.

Biofuel credit score costs plunged after Icahn grew to become a particular adviser to Trump. They took one other hit after Bloomberg News reported that Icahn and a commerce group offered the White House with a deal to revamp the renewable gasoline customary.

Icahn has repeatedly denied conflict-of-interest accusations.

“Contrary to the insinuations of a handful of your Democratic critics,” Icahn wrote in his resignation letter, “I never had access to nonpublic information or profited from my position, nor do I believe that my role presented conflicts of interest.”

Icahn informed CNNMoney again in March that it is “absurd” that Democrats accused him of a battle of curiosity.

“I think that’s completely ridiculous. I don’t talk to Donald that often,” Icahn stated.

–CNNMoney’s Jackie Wattles contributed to this report.

CNNMoney (New York) First printed November eight, 2017: three:41 PM ET

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