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Cohen will soon be parting from the lawyers who are representing him in a potentially damaging and wide-ranging federal investigation into his business dealings, according to two people familiar with the case, the New York Times reported on Wednesday.

Two days after the raids, Cohen told ABC News: "I just want my stuff back".

The Wall Street Journal quickly doused ABC's speculation with a clarification that Cohen and his legal team had simply chose to part ways after the ongoing privilege review of those 3.7 million seized documents was completed.

Cohen's move to switch lawyers is being interpreted by some legal observers as a sign he may be seeking to cooperate with federal prosecutors.

ABC's George Stephanopoulos broke the story on Wednesday, stating that as Cohen's attorneys plan to drop the case, the long-time personal attorney to the president is expected to work with criminal investigators who have been looking into alleged bank fraud and other charges for months.

Instead, the judge appointed former federal judge Barbara Jones as a "special master" who could examine the materials to resolve any disputes over attorney client privilege. There's no indication yet, that Cohen is in fact preparing to cooperate with the special counsel. Mr. Cohen also didn't respond to a request for comment.

They were anxious, experts said, because as Trump's lawyer and a member of his innermost circle, Cohen could do a lot of damage if he were backed into a corner.

While Cohen could receive a pardon for any federal crimes from Trump, he could still be prosecuted on the state level.

Cohen has been referred to as President Donald Trump's pit bull, fixer, and consigliere. Those papers are expected to include Cohen's personal financial dealings, including a $130,000 payment made to porn star Stormy Daniels on Trump's behalf before the 2016 election.

But Cohen, Hettena said, is "the guy who knows where all the bodies are buried".

The investigation into Cohen is separate from special counsel Robert Mueller's investigation into possible collusion between Russian Federation and the 2016 Trump campaign.

Whiting also pointed to previous news reports highlighting that Trump and his allies were nervous about Cohen flipping.

"If anyone can blow up Trump, it's him", an unnamed White House official told Vanity Fair.