Wall Street maven Carl Icahn will function an adviser to President-elect Donald Trump. Icahn, an investor and mbadive participant on Wall Street, will advise Trump on issues of regulatory reform.

File photograph taken in 2015 exhibits billionaire investor Carl Icahn throughout an look at a CNBC monetary convention.(Photo: Heidi Gutman, CNBC)

Billionaire activist investor Carl Icahn has been subpoenaed by federal prosecutors over his former function advising President Trump on renewable gasoline coverage.

Investigators from the Manhattan U.S. Attorney’s Office lately contacted Icahn Enterprises in search of data pertaining to Icahn’s actions badociated to the Renewable Fuels Standard and Icahn’s function as an adviser to Trump, the corporate disclosed in a Nov. three submitting with the Securities and Exchange Commission.

Icahn Enterprises stated it was cooperating and offering paperwork in response to the subpoena. Prosecutors have “not made any claims or allegations against us or Mr. Icahn,” the corporate stated.

The subpoena follows questions and criticism of Icahn’s former unofficial function advising Trump on regulatory points. He stepped down from the function in August in what he characterised as a mutual resolution with Trump.

In saying his departure, Icahn wrote in a letter to Trump that he “never had access to nonpublic information or profited from my position, nor do I believe that my role presented conflicts of interest.”


2/2 Here is a duplicate of the letter that I delivered to President Trump confirming this resolution.

— Carl Icahn (@Carl_C_Icahn) August 18, 2017

Nonetheless, others questioned Icahn’s twin function through which the longtime Trump affiliate served as each a casual presidential adviser and as a significant biofuel investor. He supported adjustments to the federal Renewable Fuel Standard, which requires gasoline and diesel gasoline to be blended with biofuels similar to ethanol.

Bloomberg News report that stated Icahn had proposed restructuring of a U.S. biofuel program, a transfer that not less than quickly boosted the inventory value of CVR Energy, a refinery firm through which Icahn is almost all proprietor. Unless adjustments had been made, the present rule would put unbiased gasoline refiners and small filling-station house owners out of enterprise, Icahn informed Bloomberg.

More: Follow USA TODAY Money and Tech on Facebook

“Icahn admitted that he has advocated for policy decisions that could be worth a great deal of money to him,” Norman Eisen, the chief White House ethics lawyer from 2009 to 2011, and Richard Painter, who held the identical function from 2005 to 2007, wrote in a USA TODAY opinion column in March.

While providing no different details about the subpoena, the disclosure by Icahn Enterprises stated it didn’t consider the inquiry would have a cloth affect on the enterprise, its monetary situation, operations outcomes, or money circulate.

Follow USA TODAY reporter Kevin McCoy on Twitter: @kmccoynyc

Read or Share this story: